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Private island with seven luxury properties sells for over £5 million

15 July 2020 | Investment

A private island off the west coast of Ireland has been sold off-market for over £5 million to an unnamed Ultra-High-Net-Worth buyer from Europe.

The purchase was facilitated by Mayfair-based broker Montague Real Estate, which was first instructed to source a suitable island for the buyer in December 2019.

The 157-acre Horse Island, located off the cost of Schull in West Cork, boasts three sandy beaches populated by seals, farming pastures and extensive natural wildlife.

Private island with seven luxury properties sells for over £5 million

It has seven luxury properties, including a six-bedroom main house, two three-bedroom guest houses, two two-bedroom guest houses and two one-bedroom cottages – all of which have views over the Atlantic and Roaring Water Bay.

The main house has over 4,500 sq ft of floor area, double height ceilings, a guest wing, extra large panoramic windows, a roof terrace and alfresco courtyard.

Features such as saunas, en-suite bathrooms and private gardens can be found at the other six properties.

Horse Island also offers a private pier for mooring ferries and private boats, a helipad, a games and gym house, a tennis court and a shipwreck play house.

Private island with seven luxury properties sells for over £5 million

Entirely contained, the island also has its own electricity, water and sewage systems, as well as private roads providing access all around the island.

Months of the negotiations for the deal were carried out during the Covid-19 lockdown, with the majority of communications carried out over WhatsApp – although it is noted that the buyer does not speak English.

Montague Real Estate sourced a range of suitable islands that met the buyer’s criteria, instructed the legal teams to complete the deal, provided comprehensive tax advice and undertook all the negotiations between buyer and seller.

Other parties involved in the transaction included Alex Robinson from Knight Frank’s Private Office, Ron Krueger of Engel & Völkers and Callum Baines, a selling agent from Colliers International.

Private island with seven luxury properties sells for over £5 million

“Horse Island is a unique trophy asset; sourcing the land off-market and getting the sale over the line during Covid-19 has been a challenge, so naturally we are delighted with this result,” says Thomas Balashev, founder and chief executive of Montague Real Estate.

“We work on trust, not retainers, and will always be willing to go the extra mile to meet our clients’ bespoke needs. We look forward to working on more projects of this scale in the future.”

Alex Robinson of Knight Frank’s Private Office adds: “The sale of Horse Island is a great example of some significant deals that have taken place during lockdown and we are thrilled to have been part of it.”

“It highlights a trend that is becoming more apparent as the impact of Covid-19 is felt and people look to purchase property or land in remote locations.”

Private island with seven luxury properties sells for over £5 million

Horse Island boasts a rich history, having been home to a thriving copper industry between 1820 and 1874.

In 1841, the population of the island peaked at 137 people, most of whom were employed in the mines.

By 1965, all the inhabitants had left; some of the ruins of the old village and mangers’ houses can still be found on the island.

This post has originally been featured in Property Investor Today.