Vacant property in New Ross sold to bidder in Meath for almost €40,000 above asking price
Wexford PeopleA long-term derelict property in New Ross has been sold to a purchaser in Co Meath following Wexford County Council’s (WCC) acquisition of the building. 22 High Hill Street was acquired by the council on October 11 following a Derelict Sites Act Compulsory Purchase Order (CPO) and will now be sold to Arben Kalemasi, Navan, Co Meath for €77,000.
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.
The property was marketed for sale with an asking price of €40,000. A best offer of €86,000 was received, however, it was ultimately withdrawn and the estate agent subsequently engaged with the underbidders and a final offer of €77,000 was agreed.
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.