Derelict Wexford property sells for more than twice its advised market value

By Simon Bourke, Wexford People

A derelict property in Kilmuckridge, Co Wexford is to be sold for more than twice its market value after the local council acquired it via a compulsory purchase order (CPO). Back in 2022 Wexford County Council (WCC) took over management of 7 Grotto Terrace as part of the Vacant to Valued Project. The “reputed” previous owner of the property was a Mr Peter O’Flaherty.

Having reviewed the property WCC decided that it did not represent a viable housing site and, accordingly, it was decided to place the property for sale on the open market. Quinn Property assigned an advised market value to the property of €75,000 in July 2023 and, following consultation, it was decided to list the property at that price so as “to garner interest from the offset”.

The property was advertised for sale on July 17 of this year and, following a competitive bidding process, went sale agreed on August 8 at €160,000. The prospective purchaser owns a neighbouring property in Grotto Terrace.