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€4.3m worth of commercial property in Limerick city sold

River House on Charlotte Quay sold for �3.25m

River House on Charlotte Quay sold for �3.25m

  • by Anne Sheridan
 

OVER €4.3MILLION of commercial property in Limerick city sold at a major auction in Dublin yesterday, while new figures show that the value of houses sold across Limerick this October soared to over €13m.

In a further sign of investor confidence in Limerick, River House on Charlotte Quay sold for €3.25m - some €600,000 above its reserve.

One of the biggest sellers of the day among 150 lots at the Allsop Space auction, the property is currently let to the Office of Public Works (OPW), a government tenant who form part of the Department of Finance, for a term of ten years from June 2012.

The building has a current rent of €345,320 per annum, rising to €370,952 per annum in June 2016.

The quayside city centre location comprises a ground floor entrance Lobby and four storeys of offices extending to approximately 3,307 square metres.

Another property on Cruises Street, occupied by Specsavers, sold for €1.05m - again surpassing its reserve by over €200,000.

A two-bedroom apartment on Lower Gerald Griffin Street failed to meet its reserve of €60,000, after a bid of €50,000 was registered.

On Hartstonge Street, a five-bedroom mid-terrace period house carried a reserve of €90,000 for a long leasehold, with 862 years remaining. The result of this property, one of the final lots of the day, was not known at the time of going to print.

Over 1,000 people attended the auction, where the director of auctions, Robert Hoban reiterated his company’s pledge to not sell repossessed family homes following protests at earlier auctions.

Meanwhile, listings with the Property Price Register show that October was one of the busiest months of the year to date for the sale of houses, with 97 homes sold across Limerick city and county, amounting to total sales of €13,422,000.

By comparison, sales for September amounted to over €7m from the sale of some 60 houses.

One of the cheapest properties to sell in October was No. 16 Hyde Avenue, Ballinacurra Weston, the former stronghold of the McCarthy Dundon gang, which sold for a mere €7,000.

A property on the same avenue had a market price of more than three times that figure four years ago.

As earlier revealed by the Limerick Leader, the most expensive property to sell that month was Cragfield on the North Circular Road for €1m.

Figures for November are not fully up to date, but the sale of 48 houses have been registered for stamp duty purposes.

 

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