‘Distressed’ Limerick properties set for auction

Anne Sheridan

Reporter:

Anne Sheridan

IT IS set to be the largest sale of distressed property to date this year, with nine Limerick lots going under the hammer next month at dramatically reduced prices.

IT IS set to be the largest sale of distressed property to date this year, with nine Limerick lots going under the hammer next month at dramatically reduced prices.

The next Allsop Space auction on October 3 in the Shelbourne hotel, Dublin, will feature 127 lots, 60 per cent of which are residential, and varying in price from a reserve of €15,000, for land in Kells, county Meath, to €850,000 for a house and mews at Fitzwilliam Place and Leeson Close in Dublin 2.

Nine Limerick lots will feature in the sale, including a swathe of residential property on the Old Cratloe Road.

Similar to the litany of past auctions, apartments in the city will also be for sale.

However, the most expensive lot in Limerick are three buildings on Parnell Street, numbers 47-49, which are available for a reserve of €210,000.

Numbers 48 and 49 are vacant, while No 47 is occupied by Dempsey’s pharmacy, which has an annual rental income of €29,000.

The next most prominent Limerick property is the site of the former Esso site on Mulgrave Street, which is for sale through the instructions of the receiver, Mazars, for a reserve of €75,000.

The property also comprises a convenience store, extending to approximately 0.097 hectares (0.24 acres), and has 40 metres of road frontage.

An apartment in Mahon House, William Street is available through the instructions of the receiver, HWBC.

The two-bed apartment on the second floor is available for €35,000, on a long leasehold of 992 years. It currently has an income of €6,600 per annum through tenants.

Lot 120 is a three-bedroom house on Bourke Avenue, Edward Street for €30,000, number 1, 2, 3 and 4 in Mayorstone Court, Old Cratloe Road, are each up for auction, at €35,000 apiece.

Lot 116 is another three-bedroom semi-detached house on Mayorstone Avenue, Old Cratloe Road, which has a reserve of €90,000.

Separately, three industrial properties are to be auctioned on September 25.

One of the properties extends to 2,787 sqm at Crossagalla Industrial Estate, Ballysimon, Limerick, and it has a €250,000 guide price.

Formerly occupied by Castle T Furniture, it is located on a 1.5-acre site.

It was constructed in 1980 and incorporates offices, a canteen, and toilet facilities.

Auctioneer Tom Crosse of GVM says the guide price of €8.30 per square foott is only a fraction of the €60 per square foot that it would cost to build the premises.

Bay 86/87, Shannon Industrial Estate, Shannon, Co Clare, extends to 4,087sqm and has a €300,000 guide price or €6.80 per square feet.

The premises accommodates offices and a production area.

An enclosed yard is located to the rear and there is forecourt parking to the front with access from front and rear.