Killykeen to get €4M investment

Killykeen is set for a €4M investment and upgrade after an Irish-owned company agreed a deal to purchase the 74-acre holiday complex last week with a view to developing the site as a bespoke excursion destination.

CABÜ, a UK-based modular housing company, has pledged to pump several million euro into developing Killykeen to include new cabins, a spa and boating facilities with an Easter 2018 opening date envisaged.
Coillte successfully agreed the sale to CABÜ of the former outdoor retreat, with its Scandi-style 28-log cabins, equestrian centre and a selection of leisure facilities set across 1.7 kilometre of Lough Oughter shoreline.
The agreed price is understood to be close to the recently revised guide price of €750,000
Owned by JP Ledwidge and Olivia Hutchinson of Cowley Timber & Partners, CABÜ has, to date, created a portfolio of unique and popular cabin hideaways across the UK.
'We are really looking forward to bringing it to life. We hope to open for visitors by April 2018 with a view to developing the site further over a period of three years. Ireland has so much to offer in this space and we would certainly be looking to the future and possibly expansion right across the island,' Ms Hutchinson told the Celt.

Plans
As part of their intended €4 million investment at Killykeen, the company plans to reinstate the lapsed planning consent for additional holiday accommodation, as well as a new spa, amenity buildings and chill out spaces.
It’s expected the works will be carried out on a phased basis over a three-year period, with an initial opening date for new visitors earmarked for Easter 2018.
'The site at Killykeen is absolutely breathtaking and we were able to recognise the potential there instantly,' Ms Hutchison said in a statement to The Anglo-Celt earlier this week.
Aiming to deliver an 'entirely different' tourism holiday experience, Ms Hutchison thanked Coillte’s Land Solutions (CLS) team for assisting CABÜ in finding the right locational fit for their visionary project.
CABÜ, who were hand-picked from at least six confirmed bidders as a result of their concrete commitment to invest further in the site, also intend to upgrade the existing facilities including the boathouse with its 10 boat berths.
The Killykeen complex was listed for sale by joint agents CBRE, and locally by Crotty Auctioneers last year at a price of €1 million, well below guides previously set in 2007 and 2009 at €4.75m and €3.5m respectively. However, the recent reduction in the asking price sparked a flurry of interest, which ultimately led to the sale being concluded.
Mark Foley, Managing Director of CLS, meanwhile stated: 'Coillte Land Solutions is delighted that the sale of land at Killykeen will facilitate the development of this bespoke holiday experience and ultimately strengthen Cavan’s tourism offering. The Coillte Land Solutions team is committed to maximising the value of the Coillte estate and identifying opportunities and partnerships that can generate long-term benefits that are in line with national policy. It is always exciting to see foreign direct investment in tourism in this region and I wish CABÜ all the best in their development.'
After a deal for the property was revealed by the Celt to be close-at-hand earlier this year, there was a significant push from local stakeholders determined any such sale should be done in the best interest of the public. That led to assurances being given in the Dáil by Minister of State at the Department of Agriculture, Food and the Marine Andrew Doyle, while a motion seeking transparency on the selling process is to be tabled at the June monthly meeting of Cavan County Council by Fine Gael's Winston Bennett, the Celt can reveal.
The Killykeen sale to CABÜ represents a major step forward for the beleaguered section of the local forestry site, first built back in the late 80s as a showcase for the potential of Irish timber.
It operated at a reasonable level of financial success until the foot-and-mouth outbreak in 2002 and its sale last week demonstrates the continued resurgence in popularity of holiday villages in forest parks as part of the developing tourism landscape.