Distressed Limerick properties up for auction

Anne Sheridan

Reporter:

Anne Sheridan

FOUR ‘distressed’ properties in Limerick will go under the hammer with dramatically reduced pricetags at an auction next month in Dublin by UK firm Allsop.

FOUR ‘distressed’ properties in Limerick will go under the hammer with dramatically reduced pricetags at an auction next month in Dublin by UK firm Allsop.

Among the four, are lots number 26 and 39 – two apartments in Riverpoint, Limerick’s towering residential and commercial block which was built during the boom years.

Lot number 39 is a one-bed apartment in the 10th floor of Riverpoint on Bishop’s Quay, which is available for a maximum reserve of €50,000 on a 999-year lease. It includes a parking space.

The current rental equivalent of the apartment is €7,200 per year, or €600 a month.

It is estimated that one-bed apartments in Riverpoint would have sold for in the region of €150,000 to €180,000 a number of years ago, with two-beds priced up to €350,000, depending on their size and view.

The second Riverpoint apartment is described as an “investment flat”. This two-bedroom eighth-floor apartment has a maximum reserve of €75,000. It is again available on a long leasehold of 999 years. The current rental price of the property is €9,000 per annum, or €750 per month.

Viewings at both Riverpoint apartments began this Wednesday, August 24, and are set to continue each Wednesday until the sale. It is understood both properties do not have full views of the river, which may account in part for the reduced price.