Developer Gerry Gannon's 74-acre parcel of land at Straffan, Co Kildare, opposite the entrance to the K Club, is likely to sell for €20,000 to €25,000 an acre, writes JACK FAGAN
PROPERTY developer Gerry Gannon is to offer 74 acres of land directly opposite the main entrance to the K Club in Co Kildare for sale.
The announcement of the sale comes six weeks after he also sought a buyer for his 49 per cent shareholding in the internationally renowned golf resort and Ryder Cup venue.
James Meagher, of estate agents HT Meagher O’Reilly, who is handling both sales, said Gannon had decided to offload his land holdings in the Straffan area now that there was significant overseas interest in his stake in the K Club and the likelihood that it would be disposed of in the not too distant future.
Businessman Dr Michael Smurfit, who holds the remaining 51 per cent shareholding in the club, has the right to buy Gannon’s stake provided he matches the highest bid.
Gannon is expected to secure in the region of €60 million for his interest in the club, the premier country club in Ireland.
He will have to settle for considerably less when it comes to selling the Lodge Park farmland opposite the club.
The land bank has more than 200m of frontage onto the Straffan Road and backs onto the river Liffey to the east.
It is available for sale in a single lot but the selling agents will also consider breaking it into various lot sizes ranging from five to 10 acres.
North Kildare is noted for the large number of new houses built on extensive grounds, similar to the Colts Neck area of New Jersey. The Straffan land is likely to sell for €20,000 to €25,000 an acre, depending on location and lot size.
Meagher said Lodge Park offered the perfect location for a house on the entire 74 acres with potential for equestrian facilities. “There would be huge cachet in living opposite the gates of the K Club.”
Gannon’s decision to dispose of his shareholding in the K Club will have received the approval of Nama, which has taken over responsibility for loans and assets held by the Gannon Group.
As one of the largest owners of development land in the Dublin area, it has put forward a plan to Nama to trade out of its present difficulties.
Even when he sells his interest in the K Club, Gannon will retain all development rights on the 560-acre estate where there is scope to build a further 250 homes.
Dr Smurfit, who spends much of his time in Monaco, is entitled to 25 per cent of the profits from any residential development in the club. Further development of private homes on the grounds is unlikely for several years because house values in the club have fallen in line with those in Dublin and elsewhere.
The facilities at the club include two golf courses designed by Arnold Palmer, the 64-bedroom luxury hotel and the Ryder Cup village which houses a second clubhouse and a ballroom.
