Shannon Key West Hotel sells for €400k

There’s no official indication yet as to the identity of the new owners of the Shannon Key West Hotel, which was sold at auction for €400,000 last Wednesday.

There’s no official indication yet as to the identity of the new owners of the Shannon Key West Hotel, which was sold at auction for €400,000 last Wednesday.

The 39-bedroom hotel in Rooskey was one of 110 properties that sold at the latest Allsop Space property sale in the Shelbourne Hotel last week. The hotel, which was previously owned by the Flynn family, exceeded its reserve price by €100,000.There was huge interest in the hotel, which was liquidated last October with debts of more than €3 million. “The great thing about auctions such as these is their transparency,” Robert Hoban, Auction Director at Allsop told the Leader. “We advertised these properties as much as possible and there was plenty of interest in it with the end result being that we now know the market value of a 39-bedroom hotel in Rooskey is €400,000,” he said.

Allsop could not reveal the identity of the new owner of the hotel, which was valued at €5 million less than a decade ago. Another local property, a three bedroom house at Ardnacassa, went for just €32,000 (€12,000 greater than the reserve price). “This was certainly at the lower end of the scale in terms of pricing at this auction, but we have such a broad range of properties that it lets you really see the trends in market value emerging,” Robert added. Another three-bedroom house, this time at Tarmonbarry Harbour, took the organisers somewhat by surprise, eventually going for €141,000 – nearly three times its reserve price of €55,000. “This property definitely took us by surprise – not at how much the property sold for – but the immense interest in it on the day. It’s a very strong price for the area,” Robert said.

The new owners of the 134 sqm house will also enjoy a long-lease marina berth and a water view.

The headline story of the day, however, was the sale of 23 Northumberland Road in Dublin which sold for €685,000, a figure €135,000 more than was paid for it just three months ago. According to Robert Hoban the record attendance of 2,700 people on Wednesday is testament to the popularity of the process with the buying public. “While many buyers admitted to exceeding their intended limits, they were comfortable to do so in a transparent, fair and open environment,” he added.