Derelict New Ross property sells for €290,000 after council acquires it under compulsory purchase order

By Simon Bourke, Wexford People

23 North Street, New Ross has been sold for €290,000 after Wexford County Council (WCC) acquired it via a Derelict Sites Act Compulsory Purchase Order (CPO). Formerly owned by a Mr Robert O’Neill, the property was acquired by WCC on February 7 of this year and placed on the market with an asking price of €220,000 on March 14.

A best and final offer of €290,000 was received on April 25 from a Mr Stephen McManus of Carrigbyrne, New Ross.

The purchaser is required to substantially complete works on this property so as to render it non-derelict and fit for residential use within 24-30 months of the date of closing of the sale. There will be a buy back option for the council should the works not be completed within the required timeframe.

This property was identified as being suitable for acquisition under the Urban Regeneration and Development Fund (URDF) programme which enables local authorities to get long-term vacant and derelict properties into the ownership of those who will return them to use. Properties acquired by local authorities under this programme must be offered for sale on the open market so as to bring them back in to use in a timely fashion.