Cork golf resort back on the market at €2.5 million

The John Daly designed Blarney Golf Resort in Co. Cork has been put on the market for €2.5 million. The sale is being handled by Savills on behalf of the receivers, PricewaterhouseCoopers.

The championship par 71 golf course, which is located on 168 hectares about 13 kilometres from Cork city, was developed at a cost of between €30-€40 million.

The hotel, which opened in phases between December 2005 and July 2006, comprises 61 bedrooms, a bar, restaurant and conference and banqueting facilities, as well as a leisure centre. The golf club is currently offering annual membership from €1,200.

"The quantum and quality of the property relative to the guide price creates an interesting proposition," saud Tom Barrett, head of the hotels and leisure team at Savills Ireland.

The property was put into receivership by AIB in 2009, and was later put on the market by the receiver in 2010 at €12.5 million, but this was then cut to €10 million and subsequently to €3.9 million.

The sale is the latest in a line of well-known, but financially challenged, golf resorts to go on the market. Last October, the Heritage in Killenard, Co.Laois was offered for sale at €2 million, while Moy Valley in Co. Kildare was put on the market in September at a guide price of between €4-5 million.