Arthurstown inn sells for €220,000
Published 24/12/2016 | 00:00
A part-listed Georgian Inn at Arthurstown, with sea views over King's Bay, has sold at auction for €220,000.
Wexford auctioneer Adrian Haythornthwaite from Sherry Fitzgerald Haythornthwaite said the King's Bay Inn, which includes a full publican's license, had been bought by a purchaser who intended to to re-open it and maintain it, while at the same time bringing it forward.
Mr Haythornthwaite said that vendors Brendan and Michelle Palmer, had bought the premises in the 1980s and were retiring due to ill health. The King's Bay Inn, which hasn't traded for the past five years, is housed in a set of Georgian buildings in a row. It includes a commercial section, a self contained residential unit and a two-storey listed property built circa 1840.
The auctioneer said the AMV on the premises was €195,000 and he put it on the market at €185,000 with bids going up €5,000 at a time, topping out at €220,000, with only €5,000 separating the successful- and under bidder. He said the new owner did not want their name revealed at this time. 'Everybody is delighted.. the purchaser is delighted, the vendor is delighted that the premises, into which they out a lot of love over the past 35 years, is being brought forward by a new generation,' he said. Mr Haythornthwaite said there were clear signs that market activity in Wexford had profoundly recovered. 'Property values are still low, but improving.
'The proof of the pudding as to where things are is that in 2010 there were only 700 open market sales in Wexford and the median sale price was €160,000.
'By 2013 that median had plummeted to €100,000 and a year later was up to €110,000.. by the end of this year it's going to be around €135,000 and more inportantly the number of maket sales will be at 1,675,' said the auctioneer.