Vulture fund sells apartments in Doughiska for €2m

The apartment block at Sraith Fhada in Doughiska.

A portfolio of 20 apartments in Doughiska has been sold by a US vulture fund for just over €2 million, despite attempts by one of the owners to halt the sale.

The apartments at Sraith Fhada on the Doughiska road had a reserve price range of €2m to €2.25 when they were sold in the online auction by BidX1 last week.

They were put on the market by Ken Fennell, who was appointed receiver of some assets of Kieran and Celine Burke of Claregalway by Promontoria (Aran) Ltd, a subsidiary of US vulture fund Cerberus.

The apartments involved in the sale are 81, 84-88 and 94-107.

Celine Burke, in a solicitor’s letter sent just days before the auction, pointed out that she fitted-out and furnished apartments 94-107 “and the same are not to be included in any sale by the receivers of the goods of Kieran Burke”.

She put the value of the furniture at €200,000.

There was one bid on the portfolio, at €2.05 million, and it sold at that price.

The two-bed apartments are fully let and producing a total annual rent of just over €173,000 – rents vary from €600 to €900 per month. The properties range from 861 square feet to 1,076 square feet.