Limerick council earned 6 cent annual rent on commercial property

David Hurley

Reporter:

David Hurley

The freehold relating to the commercial premises was generating an annual rental income of just six cent

The freehold relating to the commercial premises was generating an annual rental income of just six cent

MEMBERS of the Limerick Metropolitan District have approved the disposal of a freehold interest relating to a commercial premises which is generating an annual rental income of just six cent.

Casabella Furnishings Limited (trading as James Clery Furniture and Flooring) acquired a 99-year leasehold interest in the property at Clare Street in September 1970 for an annual rent of just six cent.

According to documentation circulated to councillors, Limerick City and County Council is to receive €1,425 from the company as well as a €615 contribution towards its valuer’s fees.

Separately, the council is to dispose of five local authority houses which have been purchased under the Tenant Purchase Scheme.

Council officials have confirmed the occupants of the houses, which are located at various addresses, now wish to acquire the freehold interest (relating to the land) from the council.

Another Council-owned house in Southill is to be disposed of as part of a swap arrangement which will enable the local authority to demolish a house in O’Malley Park as part of the ongoing regeneration programme.

While approved by members of the Metropolitan District, the proposed disposal of the council’s interests in the various properties will now go before a meeting of the full council in November for ratification.