Com­pany linked to Comer broth­ers emerges as buyer of 111 acre D15 site

The Irish Times - Thursday - Property - - The Market -

A com­pany linked to bil­lion­aire broth­ers Brian and Luke Comer has bought up yet an­other size­able slice of Dublin, with its pur­chase of Kil­martin House, a 111 acre (44.9 hectare) work­ing farm in Hollystown, Dublin 15. Com­pris­ing mostly tillage land, the prop­erty also fea­tures a two-storey main house, with a staff apart­ment to the rear, and a two-bed­room gate lodge.

The prop­erty came on the mar­ket a year ago through Ganly Wal­ters with an ask­ing price of ¤2 mil­lion, or around ¤18,000 per acre, but is listed in the prop­erty price reg­is­ter as hav­ing sold for just ¤350,000. But this only rep­re­sents the price paid for the house and a small el­e­ment of the land, while a price much closer to, or more than, the ask­ing price is likely to have been paid for the en­tire prop­erty.

The pur­chaser of the prop­erty is Cav­al­cade Prop­erty, an in­vest­ment ve­hi­cle whose di­rec­tors are Luke Jnr and Barry Comer, sons of Luke Comer, who man­age the fam­ily’s Ir­ish in­ter­ests. Cav­al­cade’s sole share­holder is a com­pany based on the is­land of Tor­tola in the Bri­tish Vir­gin Is­lands, which is be­lieved to be owned by the Comer broth­ers.

The Comers are among the most pro­lific ac­quir­ers of land in the greater Dublin area, and have amassed sev­eral land­banks and stately homes, in­clud­ing the 400-acre Cour­town Demesne and 668-acre Palmer­stown House estate, both in Kil­dare.

In Dublin, they own sub­stan­tial prop­er­ties such as the 300-acre Kil­ter­nan ho­tel and coun­try club and more than 200 acres near Dublin air­port. In ac­quir­ing Kil­martin House, the broth­ers are un­doubt­edly bank­ing on the land be­ing re­zoned in fu­ture to ac­com­mo­date high-den­sity hous­ing sim­i­lar to nearby mod­ern hous­ing de­velop- ments un­der­way at Hol­ly­woodrath, which would re­sult in the land’s value sky­rock­et­ing from agri­cul­tural to res­i­den­tial val­ues.

An­other ma­jor player, Ir­ish-listed house­builder Glen­veagh, re­cently an­nounced its ac­qui­si­tion of nearby Hollystown Golf Club, where it re­port­edly paid about ¤15 mil­lion for 162 acres of land, 19 acres of which is zoned for res­i­den­tial use with scope to ac­com­mo­date around 200 houses in the com­ing years.

They are no doubt bank­ing on the re­main­der of lands, cur­rently zoned as open space, be­ing re­zoned for res­i­den­tial use in the fu­ture.

Kil­martin House, a 111 acre (44.9 hectare) work­ing farm in Hollystown, Dublin 15

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