A HOTELIER’S home on Limerick’s North Circular Road has had €3m shaved off its price in a bid to lure a buyer.
The property of former hotelier Brendan Dunne, of the Dunne Hotel Group, was withdrawn from the property market three years ago after failing to attract its guide price of €4.5m.
It went back up for sale for €2.7m last year, but has now been reduced again to €1.5m, as six-figure palatial homes struggle to command their prices in the boom.
Another property on the North Circular Road also sold for a third of its former value in recent months. Derravoher house and Coachhouse, which would have commanded €6m during the heyday of the Celtic Tiger, has been sold for €2m to Villiers school next door to allow for the expansion of the fee-paying school.
Some 37 properties on the North Circular Road have sold in the past three years, according to the Property Price Register, though few have gone for more than €500,000. Mr Dunne’s three-storey property, Shamrockville, is set on 1.3 acres, on what its estate agents describe as “Limerick’s most sought-after address”. This “landmark residence”, covering approximately 4,600 sq. ft, features five bedrooms, four bathrooms, a games room, library, study, conservatory, drawing room, dining room, living room and coat room.
“It boasts superb accommodation combined with stunning period features throughout including a host of impressive fireplaces, original doors, feature stained glass window, to mention but a few details,” outlines the advert from agents DNG Dunne Cusack.
It is understood Shamrockville was formerly owned by Limerick solicitor Niall Gaffney, who passed away in 1986.
It was then bought by Brendan Dunne, of the financially troubled Dunne Hotel Group, which was forced to sell the Two Mile Inn on the Ennis Road for a knockdown price, amongst others in the west of Ireland.
The former hotel is now due to become a nursing home, while Patrick Punch’s hotel continues to operate, after it was saved from the liquidation process. A liquidator was appointed to a number of his hotels in October 2008 by the High Court, after a short period of examinership. His family-owned hotel group once enjoyed revenues of over €36m and employed about 200 people.