Event management company buys derelict building from Wexford County Council for €70,000 above asking price
A property purchased by Wexford County Council (WCC) via compulsory purchase order (CPO) has been sold to an event management company for €70,000 over its asking price. The council acquired 111 North Main St through the Derelict Sites Act on October 11, 2024 from a Mr Martin Ryan and is now set to be sold to Lantern Events Limited for €195,000 who are required to 'substantially complete works on the property, so as to render it non-derelict and return it to productive use' within 24-36 months of the sale.
111 North Main Street was identified as being suitable for acquisition under the Urban Regeneration and Development Fund (URDF) programme. The intention of this programme is to have local authorities, in this instance WCC, act as the conduit for getting long-term vacant and derelict properties into the ownership of those who will return them to use.
Properties acquired by local authorities under this programme must be offered for sale on the open market so as to bring them back in to use in a timely fashion. Accordingly, WCC appointed an independent sales agent to value and manage the sale of the property on the open market. This property was valued at €125,000 and was advertised for sale through the estate agent's website. A best and final offer of €195,000 was received on April 11 of this year.
The proposed purchaser has confirmed that it is their intention to return the ground floor of the property to commercial use and residential use on the upper floors.
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