AN INCOMPLETE housing development at one of the cityâ€™s most desirable addresses is to be sold for a figure thought to be in the region of â‚¬1m or less, the Limerick Leader can reveal. The 11 houses were once offered for sale at â‚¬1.2m each.
A sale has been agreed for Shelbourne Square, a development site consisting of luxury 2,800 to 3,200 square foot properties on the North Circular Road. Chesser Auctioneers, selling agents for the site, which is adjacent to the Holy Rosary church, confirmed that a sale has been agreed by private treaty, but declined to comment on the price.
Informed sources have told the Leader it is around â‚¬1m, or just under that figure.
The development was placed in receivership in January 2009, with Ernst and Young appointed by Anglo Irish Bank as receivers. It was subsequently placed on the list of properties subject to enforcement by the National Asset Management Agency.
The Leader understands that the potential buyer is from Limerick and could finish the development for a figure slightly in excess of â‚¬1m.
The houses were close to 75 percent finished when the development went into receivership.
*A full version of this story was published in the print edition of Limerick Leader, dated October 1, 2011