Simply known as The Island, the 310-acre landmass sitting in the middle of the Suir estuary, now home to Waterford Castle Hotel and golf course, attracted its earliest settlers around the time of the sixth century. Years later, during the Norman invasion of Ireland, Maurice Fitzgerald, a cousin of Strongbow, sailed past the island and landed in Waterford.

Fitzgerald decided to make his home on the island and constructed a castle that has been reconstructed, added to and redeveloped over the years. The link with the Fitzgerald family was finally broken in the late 1950s, when the Igo family, natives of Rhodesia, purchased the property.

The Igos installed a five-acre complex of glasshouses, where they produced fruit and flowers that they sold locally, as well as exported.

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In 1978, the island was rented to a Waterford pedigree dairy farmer named Roger Shipsey, who later bought the island outright. It was then acquired in 1987 by Eddie Kearns, who developed the Castle and lands into a luxury hotel and country club, opening it to the greater public for the very first time.

Waterford Castle Hotel’s most recent owners purchased the property in 1997 and, like with many luxury investments, it has been a victim of the recent economic collapse. The property has been in receivership for a number of years and is for sale on the instructions of NAMA.

The Castle Hotel

Adorned with ivy on the exterior, the modern four-star hotel is a magnificent structure that “has a reputation as a wedding destination and fine dining venue”. You enter through imposing studded oak doors to an elegant interior of 16th century oak panelling and Portland stone.

There are 19 deluxe bedrooms in the hotel, five of which are luxury suites, that combine the old traditions of the castle with modern comforts. Although the castle’s function room, the Munster room, can accommodate a maximum of 120, full planning permission has been granted to increase function capacity.

The property also includes 48 three-bedroom holiday lodges that are used by the hotel as guest accommodation, mainly during the busy summer period. However, three of the lodges are in private ownership and another two require minor finishing works.

The lands

The land area of the island extends to 310 acres and was productively farmed up until the late 1980s, when around 200 acres was used to create a championship golf course. Waterford Castle Golf Club was designed by former Ryder Cup player Des Smyth and was officially opened in 1992.

At its peak, the club boasted a 640-strong membership. The recession has resulted in a reduction in green fee revenues and a fall in membership numbers, with a total of 430 in 2014.

The remaining 110 acres of the island is in a mix of farmland, callows and woodland. An old farm and stable yard, along with a two-storey house, remains at the centre of the island, as well as a range of out-offices and stables in need of repair.

Investment

Waterford Castle & Island is a truly singular property. It offers any potential investor the opportunity to acquire a landmark castle that operates as a working hotel, a cluster of holiday homes and a championship golf course, all located on this unique plot in the middle of the Suir estuary.

The sale is being handled by Colliers International, Dublin 2, at an asking price of €4.5m.