Limerick developer’s €20m site for sale for €8m

Anne Sheridan

Reporter:

Anne Sheridan

Bank not affected: No 125 O'Connell Street, home to Bank of Ireland for another 19 years, is up for sale
A PRIME retail property on O‘Connell Street has been put on the market for €8m - just six years after it was bought for some €20m by a local developer.

A PRIME retail property on O‘Connell Street has been put on the market for €8m - just six years after it was bought for some €20m by a local developer.

The property agents Knight Frank are selling two properties in Limerick with a combined asking price of over €9m.

Ross Fogarty of Knight Frank is quoting in excess €8m for the Bank of Ireland building at 125 O’Connell Street, which was bought by local developer Robert Butler in 2008, and over €1m for 36 Cruises Street, currently home to the British chain Ann Summers. Many of Mr Butler’s assets have since been transferred to the National Asset Management Agency.

Number 125 O’Connell Street, a three-storey building located at the junction of O’Connell Street and Bedford Row, is approximately 2,095 sq.m. The basement consists of bank vaults, storage and staff facilities. The property is let to Bank of Ireland on a 25-year full repairing and insuring lease from December 1, 2006. The rent is €685,736 per annum with upward only rent reviews every five years and offers a secure rent roll for more than 17 years. No 36 Cruises Street is under a 25 year lease to Ann Summers until 2020. Further properties in Limerick will come under the hammer at two Allsop Space auctions in Dublin this week.