Sale of derelict Wexford property to Singaporean bidder falls through as council will now ‘return to underbidder'
The sale of a long-term derelict property in Wexford town to a buyer in Singapore has fallen through. 55 Davitt Road South had been purchased by Wexford County Council (WCC) for approximately €140,000 using funding made available through the Department of Housing. Bought under a Compulsory Purchase Order (CPO) this government funding tranche is designed to allow local authorities to purchase and then sell vacant properties on the private market.
And when a bid for €170,000 came from a party with an address in Singapore it appeared as if WCC had made a tidy profit on the house, money which would subsequently be reinvested to purchase derelict houses.
But at the April meeting of the Wexford Borough District (WBD) it was revealed that the buyer in Singapore had pulled out of the deal. Confirming that the buyer was no longer interested, executive planner Graham Hunt said WCC would now return to the underbidder to gauge their interest.
'They have indicated that they still want property,' said Mr Hunt. 'We will bring this issue forward for the members' consideration.'
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