Derelict property in Wexford town sold for €87k as purchaser confirms he will renovate it and offer it for rent
Wexford PeopleA derelict property in Wexford town has been sold for €87,000 after the local council acquired it via compulsory purchase order (CPO). In February of this year Wexford County Council (WCC) took ownership of 6 King Street Upper from Laurence O’Connor by way of CPO and put it up for sale on the open market.
Although a best and final offer of €93,000 was accepted on April 4 of this year, that offer was subsequently withdrawn and the second highest bidder, a Paddy Hagan from Navan in Co Meath, was contacted. His offer of €87,000 was accepted and a sale was agreed.
Mr Hagan is required to substantially complete works on this property so as to render it non-derelict and return it to residential use within 24-30 months from the closing of the sale. There will be a buyback option for the council should the works not be completed within the required timeframe.
He has advised that it is his intention to renovate the property and offer it for rent.
6 King St Upper was identified as being suitable for acquisition under the Urban Regeneration and Development Fund (URDF) programme. The intention of this programme is to have local authorities act as the conduit for placing 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.
In March, Wexford County Council announced it had proceeded with a CPO and acquired a total of seven derelict properties in Wexford town under URDF, including 6 King St Upper.
King Street featured prominently in the priority list for URDF, with No. 4 King Street listed in March as “vesting” with a view to a purchase, while engagement was ongoing with property owners at 12 and 14 King Street and the council was awaiting engagement with the owner of 8 King Street Upper.