Ghost estate in Mullingar sells at auction for €810,000

A ghost estate in Mullingar has been sold for €810,000, almost 35 per cent above the asking price.

The Coill Rua site, located 3km outside Mullingar town, includes 12 homes in various stages of completion.

It also contains an adjoining 1.9 hectare site with planning permission for a 36 further houses.

It was sold yesterday to an unidentified bidder. It had been guiding at €600,000.

Property advisors CBRE had been instructed by receiver Declan McDonald of PWC to sell the site.

The company said there was a large attendance at the auction which was held in the Mullingar Park Hotel.

It said the attendees included local developers and investors .

The bidding opened at €625,000 and the property eventually sold for €810,000.