A sale has been agreed for the Cuan Na Ri complex on Sheephaven on the Wild Atlantic Way between Carrigart and Lackagh Bridge.
The Oceanfront Complex with a guide price of €2.6 million attracted widespread interest in the trade with brisk bidding reported.
The Tirconail Tribune today reports the process of sale is now finalised and significant contracts of exchange will be signed before the end of October.
However, the new owner’s name has not been publicly identified by the auctioneers representing the US based commercial property agency, Cushman & Wakefield.
The resort includes 27 holiday villas, a bar/restaurant complex and boardwalk on 186 acres, overlooks Sheephaven Bay and the area is a well-known holiday destination for Northern and UK families; golf and water pursuits, fishing and sightseeing on the Atlantic Drive.
The highly popular Boardwalk provides direct access to Trá Mór Beach and there is planning permission for a further 47 holiday homes and a 32-bedroom hotel and leisure centre.
A spokeswoman said the location offered real potential to further develop the resort and already the complex lends itself to offer yoga retreats, meditation retreats, corporate challenge packages, outdoor activity holidays, fishing, hillwalking, kayaking, surfing, cycling and angling to name but a few.
Cushman & Wakefield said the development of Cuan na R is an exceptional opportunity to acquire this freehold interest and its current facilities.
The development and holiday homes were built by T&G Properties after it acquired the site in 2007. The 27 villas opened for business in 2012 and the Oceanfron Complex was opened for business in 2015.
The exact net value of the property is not known but one villa put on the market last year had a guide price of €229,00 – the price was advertised as being €60,500 less than what was previously sought.
All the villas are fully fitted out and decorated. A previous bid by Ryder Cup captain Paul McGinley to develop a golf resort on the site was refused planning permission.
The centre had been the setting for protests by local people back in 2014 who claimed their right of way to the local beach had been cut off by developers.
Failte Ireland confirmed that their grant assistance to the Cuan n Ri development Carrigart was €1,508,339.
A Failte Ireland spokesperson said: “The owners of the project are aware of their strict and specific obligations under the terms of the grant and Fáilte Ireland’s professional advisers are in contact with them in this regard,” said a Failte Ireland spokesperson.
The spokesperson added: “For capital grants of this size it is Fáilte Ireland’s policy to acquire a charge on the grant aided property and Fáilte Ireland’s permission would be required for any sale. Fáilte Ireland would only consider agreeing to a sale where the prospective purchaser consents to adhere to the terms and conditions of the original letter of offer for the remaining term of the grant period (normally ten years from final grant payment date), and provides appropriate security to Fáilte Ireland during that period.
In the event of a breach of the original agreement Fáilte Ireland would become entitled to seek the immediate repayment of the grant.”
Right of Way dispute continues
The local Aghadachor Action Group who battled to have a ‘right of way’ reopened near the beachfront complex says the issue is not settled and intend to pursue their cause until a solution is put in place.
The matter has been the subject of public debate, marches, meetings and heated confrontations since September 2013.
During a Council meeting in Lifford a year later, Cllr. Ian McGarvey took issue with a claim by management at Donegal County Council that ‘they have privileged legal information’ that prevents them from taking any action at Sheephaven Bay in relation to the closure of a right of way last year.
The then Cllr Mick Quinn of Sinn Fein who backed the call for a public enquiry said the situation at Aghadachor was akin to ‘landlordism by stealth’.
Cllr. McGarvey made his comment in the light of the meeting where a majority in the Chamber voted to defer his motion seeking public enquiry into all aspects of developments at Aghadachor pending legal advice.Tags: