Te­trarch buys Howth Cas­tle and 470 acres in mul­ti­mil­lion deal

Sale in­cludes for­mer Deer Park Ho­tel and golf cour­ses Some of the site might lend it­self to res­i­den­tial de­vel­op­ment

The Irish Times - Business - - FRONT PAGE - CIARÁN HAN­COCK Busi­ness Ed­i­tor

Ir­ish in­vest­ment group Te­trarch has agreed a deal in prin­ci­ple to ac­quire Howth Cas­tle and demesne from the Ga­is­ford-St Lawrence fam­ily in a mul­ti­mil­lion euro deal.

The sale in­cludes the Deer Park Ho­tel and golf cour­ses, and is sub­ject to the par­ties agree­ing legally-bind­ing con­tracts and com­plet­ing due dili­gence.

Te­trarch plans to re­de­velop and re­open the Deer Park Ho­tel as a lux­ury prop­erty, and to trans­form the golf cour­ses, draw­ing on its re­cent ex­pe­ri­ence in re­de­vel­op­ing the Mount Juliet es­tate in Co Kilkenny.

It is un­der­stood that some of the site might lend it­self to res­i­den­tial de­vel­op­ment.

Cook­ery school

Howth Cas­tle and demesne cov­ers more than 470 acres of walled gar­dens, wood­land, heath and rhodo­den­dron gar­dens, and has views over Dublin Bay and Howth har­bour.

It in­cludes a cook­ery school, and is open for tours dur­ing the sum­mer.

The es­tate has been owned by the St Lawrence fam­ily for more than 840 years.

The 16 staff em­ployed on the es­tate were in­formed of the deal yes­ter­day evening. Com­ment­ing on the deal, Ju­lian Ga­is­ford-St Lawrence said: “The op­por­tu­nity to sell the es­tate to a suit­ably ex­pe­ri­enced in­vestor whose man­age­ment is com­mit­ted to main­tain­ing the in­tegrity of its his­tory, her­itage and ar­chi­tec­ture, while re­al­is­ing its full po­ten­tial as one of Ire­land’s lead­ing his­toric tourist des­ti­na­tions, is one that we wel­come.

“We be­lieve we have iden­ti­fied a part­ner in Te­trarch, who has the am­bi­tion and the re­sources to de­liver an ex­cit­ing and se­cure fu­ture for this unique lo­ca­tion in a man­ner that would greatly ben­e­fit our many vis­i­tors, staff and the lo­cal com­mu­nity.”

Te­trarch chief ex­ec­u­tive Michael McEl­lig­ott was “ab­so­lutely de­lighted” to se­cure the deal. “We have worked with Ju­lian and his fam­ily on this very ex­cit­ing op­por­tu­nity for sev­eral years. Howth Cas­tle and demesne is a truly stun­ning prop­erty, lo­cated close to Dublin city and air­port.

“We in­tend to progress with our very ex­cit­ing plans for the rede­vel­op­ment of the for­mer Deer Park Ho­tel and golf cour­ses, sub­ject to re­ceipt of the nec­es­sary plan­ning per­mis­sions.

‘Track record’

“Te­trarch’s track record work­ing on sig­nif­i­cant projects re­quir­ing plan­ning, rede­vel­op­ment, and strong as­set and op­er­a­tional man­age­ment skills would en­sure that we are able to re­alise the sig­nif­i­cant po­ten­tial that Howth Cas­tle and demesne of­fers.”

Deer Park Golf Club cur­rently has an 18-hole and a nine-hole golf course, an 18-hole pitch and putt course, a nine-hole par 3 course, and an 18-hole golf course.

The golf club will re­main open for busi­ness fol­low­ing com­ple­tion of the sale and through to the end of 2019, pend­ing a de­ci­sion by Te­trarch on its long-term plans for rede­vel­op­ment of the lands.

Te­trarch has a hos­pi­tal­ity port­fo­lio com­pris­ing 1,231 bed­rooms in­clud­ing Pow­er­scourt Ho­tel, Re­sort & Spa, the Mount Juliet es­tate, the Ci­ty­west Ho­tel and Con­ven­tion Cen­tre in Sag­gart and the Kil­lashee Ho­tel.

■Howth Cas­tle and demesne sold by the Ga­is­ford-St Lawrence fam­ily in a mul­ti­mil­lion euro deal

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