THE 465-ACRE Milverton Demesne along the coast close to Skerries in north county Dublin is to be offered for sale by private treaty at €9.5 million – a substantial reduction on the €20 million paid for it five years ago. It is one of the largest parcels of land to go for sale in the Dublin area in recent years.
The estate is held by a REO subsidiary company and is being sold on behalf of Treasury Holdings, whose loans have been transferred to Nama. Treasury said the proposed sale is part of their “ongoing business” which also includes the development of selected projects and strategic partnerships.
Milverton has full planning permission for an integrated tourism and recreational facility, including a 300-bedroom hotel, two 18-hole golf courses, a nine-hole putting course, a short game academy and practice range and two golf club houses with changing facilities, bar, restaurant and professional shop. The planners also approved the development of 58 homes on the estate.
Even considering that the asking price works out at just over €20,000 per acre – about €5,000 per acre more than the value of good farming land in north Dublin – it is unlikely that a promoter would embark on a major golf facility at this stage given the serious financial difficulties facing many of the long-established clubs. Club revenues from entrance and membership fees have fallen significantly since the onset of the present economic crisis while those who bought homes on courses have seen their values fall in line with those in other parts of the country.
Nevertheless, north Dublin has some of the most successful and enterprising farmers in the country, specialising in the vegetable market. Any number of them would have the capacity to pitch for Milverton, which is 2km west of Skerries and just off the M1 motorway. It is about ten minutes’ drive from Dublin airport.
The estate has been exceptionally well managed by the Wentges family over the past 40 years, with the planting of thousands of trees alongside three small lakes, wetlands and wildlife habitats. Much of the land is elevated, with superb views along the coast and extensive road frontage. The sale includes the two disused old houses, a modern dwelling, five gate lodges and two cut-stone courtyards.
The area includes a Holy Well reputed to be 4,500 years old and St Mobhi’s graveyard. Knight Frank is the selling agent.
