€8m marina for over €550,000

The Lough Derg Marina at Killaloe, Co Clare, is to be offered for sale at a fraction of its value before the property crash.

Joint agents CBRE and Costelloe Estate Agents are seeking offers in excess of €550,000 for the 250-berth marina which changed hands in 2006 for €8 million.

The marina has fallen into disrepair in recent years and is in need of refurbishment, according to the agents. It has more than 500 metres of water frontage and panoramic views over the lake and adjoining countryside. The facility extends to 3.17 hectares (7.18 acres) and with its zoning for a mixed-use development, the planners may well allow a new marina to be built or the facilities to be put to a variety of uses including private and public berthing, cruiser rental, leisure/water related activities, holiday apartments and houses or perhaps a small hotel. The Kilcora Hall Hotel in Killaloe was sold last year by CBRE.

Robert Colleran of CBRE said that as it was exceptionally rare for a marina to be offered for sale on the open market he expected genuine interest in it from investors who would redevelop it and possibly use part of the extensive site for new apartments and houses.

Killaloe has become a preferred residential location in the region and is easily accessible to a first rate national road network including the M7 motorway which is only 8km away. Killaloe is located on the Co Clare side of the Shannon, across from Ballina, its twin town on the eastern side in Co Tipperary.