Will Kildare Town benefit from the sale of Magee Barracks?

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Last February 2016, Magee Barracks in Kildare Town sold to a mystery bidder at auction for €8.2million – a little above the guide price of just €2.5million. Before the auction Magee Barracks was in the ownership of The Department of Defence.

So, will Kildare Town benefit from it’s sale?

Well, the good news is that although it was a mystery bidder who bought the site, this was completed through BBF Capital Partners who have stated that the site was indeed bought by an Irish client who has “extensive property development experience”.  BBF Capital Partners will work with Kildare County Council to develop the site and The Councils’ development plan is quite clear about stating that anything built within the town must be a welcome addition (so no skyscrapers then!).

Financially, the town should also do well from this sale.  In 1998, the Department of Defence made a written agreement to Kildare Town that they will pass on some of the proceeds of the sale of Magee Barracks to the community. This should amount to €1.64million. It remains to be seen if this agreement will be honoured but we will certainly be watching the process and will keep you informed as to its progress.

 

Sources: BusinessWorld.ie / Kildare Now

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