Prime Limerick building sells for €1.5m

Anne Sheridan

Reporter:

Anne Sheridan

Prime Limerick building sells for €1.5m

Davy Real Estate has bought 130/131 O’Connell Street - opposite Brown Thomas - for the six-figure sum

ONE of the country's largest real estate investors has purchased a building on O'Connell Street for €1.5m.

Davy Real Estate has bought 130/131 O’Connell Street - opposite Brown Thomas - for the six-figure sum.

The building was originally occupied by Ulster Bank and Art & Hobbies.

It was later let to Permanent TSB by local estate agent Pat Chesser at €125,000 per annum.

Davy Real Estate is one of the largest real estate investors in Ireland and has acquired over €468m since 2012.

Close by at 6 William Street, Chesser has also sold the four-storey over basement building for €550,000. 

The ground floor shoe shop is producing rental income of €120,000 while the remainder of the building is vacant and in need of upgrading.

Mr Chesser was also involved in handling the sale of the White House pub on O'Connell Street/Glentworth Street for in the region of €600,000.

The landmark pub is set to close on July 20 for several months for renovations.

Agents QRE are guiding €900,000 for a ground floor betting office rented by Paddy Power at 32/33 William Street.

The 142sq m (1,528sq ft) facility is rented at €90,000 per annum under a 25-year lease from 2006. The lease will expire in September 2031. The lease provides for upwards-only rent reviews every five years.

Katy Daly's bar, restaurant and hotel on Castle Street is up for sale for €350,000 through GVM auctioneers.

Number 40-41 O'Connell Street, described as an investment opportunity, is for sale for €1.1m. The property comprises of two four-storey over basement mid terraced buildings.