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Asking price for Limerick property portfolio os €19.5m

Riverstone House, which is home to Irish Aid, is one of the buildings for sale
SEVEN investment and development properties in Limerick city have been listed for sale with an asking price of €19.5 million.

SEVEN investment and development properties in Limerick city have been listed for sale with an asking price of €19.5 million.

The portfolio, which produces an annual rental income of €1.7m, includes two commercial buildings on Henry Street, Eastpoint Retail Park, and a development site at the Coonagh Road, among others.

Fergal Burke of GVA Donal Ó’Buachalla is handling the sale of “the Treaty Portfolio” for private investors.

The main investment in the sale is a mixed use development at Henry Street in the city centre comprising two commercial buildings, Riverstone House and Hartstonge Gate, as well as 36 apartments.

The Office of Public Works occupy 3,031sq m of offices on the six upper floors at €833,112 per annum.

The lease is due to run for a further nine years and seven months. Four ground floor retail units brings the overall footage in the building up to 4,952sq m.

Hartstonge Gate, a six-storey office building with a floor area of 1,953sq m is vacant. The 36 two-bedroom apartments in the same complex are all let and producing a rent roll of €216,000.

The sale also includes an entire retail park, Eastpoint Retail Park, at the Ballysimon Road, which includes six retail units in the six acre park, five of which are vacant, and 300 car parking spaces.

The portfolio also includes Barnakyle Logistics Centre in Raheen Industrial Estate and Nicholas House in Crossagalla Industrial Estate. Barnakyle is producing rents of €302,720 while the rental income from Nicholas House comes to €251,000. The Barnakyle property also includes 10 acres of development land.

An additional office and retail building in Raheen Industrial Estate, Pearse House, is producing rents of €37,000 per annum.

The portfolio also includes a 10-acre development site at the Coonagh Road, just off the Ennis Road, and a further two acres at Crossagalla Industrial Estate on the Ballysimon Road.

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