Lough Derg Marina bought for €1.7 million

The little-used Lough Derg Marina in Killaloe, Co Clare, has been bought by a local investor for €1. 7 million – well ahead of the guide price of €550,000 set by joint selling agents CBRE and Costelloe Estate agents when they first offered it for sale last March.

In spite of the better-than-expected selling price, the latest valuation is still a long way from the €8 million paid for the 250-berth marina in 2006.

The sharp decline in its valuation is largely attributed to the fact it has fallen into disrepair in recent years and is in need of considerable refurbishment.

It has more than 500m of water frontage and panoramic views over the lake and adjoining countryside.

The property extends to 3.17 hectares (7.18 acres) and, with its zoning for mixed-use development, the planners may well allow a new marina to be built if that is the intention of the new owner.

Huge potential

Similarly, other options might include private and public berthing, cruiser rental, leisure/water-related activities or perhaps even holiday apartments.

Robert Colleran of CBRE said that it was exceptionally rare for a marina to be offered for sale on the open market.

An area of considerable beauty, Killaloe has become an extremely popular residential location in the region.

This is helped perhaps by its close proximity to a national road network, including the M7 motorway which is only 8km away.