International investors expected to show in interest in £10m Lough Erne Resort
Sarah Saunderson • Published 21 Sep 2012 10:10
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The Lough Erne Golf Resort outside Enniskillen, on sale this week for £10 million, has the only authentic Thai Spa in Ireland.
The agent looking after the sale of the Lough Erne Golf Resort has said he has already received many enquiries about the five star resort which went on the market this week for £10 million.
"We have had a lot of calls and emails and people enquiring about it. We had a good start to the campaign. It is very early days yet. I did expect quite a number of calls in early interest in the property," said Mr. Paul Collins, of Dublin-based CBRE Hotels.
He said he expected international interest in the resort outside Enniskillen as there is the perception there is "value" in the Irish market.
"That does not preclude an interest from the local market. I believe there is great interest within Ireland and the UK equally. A lot of international parties have been looking at Ireland for example the last hotel we sold in Dublin, the Morrison, went to a Russian buyer. A previous hotel went to a Swiss buyer.
"There is a view out there, that we would concur with, that there is real value in Ireland. Some buyers look at the replacement value and the discount on the replacement value. In the case of the Lougn Erne it is significantly below the cost to put it there. That, in itself, is an attraction."
He said legal issues involving right of way at the Resort "have been sorted out".
"Everything has been resolved over the past number of months," he said.
The Resort, which was developed by Mr. Jim Treacy in the 2000s, cost a reported £35 million to develop.
In May, 2011, against Mr. Treacy's wishes, Bank of Scotland (Ireland) called in the administrators.
Speaking to The Impartial Reporter this week, Mr. Treacy pointed out that the business was only in its infancy when the administrators were called in.
The hotel has 120 bedrooms and suites, conference and banqueting facilities for 400 people, restaurants and bars and the only authentic Thai Spa in Ireland. The purpose-built Resort also has a feature golf course designed by Nick Faldo.
This article appeared in Impartial Reporter 21 Sep 12