Cois Luachra, Dooradoyle is the largest in the portfolio with two four bedroom duplexes, 13 two bedroom apartments, two three bedroom duplexes and one three bedroom apartment.
HUNDREDS of Limerick tenants in the city and county are set to have a new landlord in the near future as their rented properties are up for sale.
A total of 36 units in Caherconlish, Dooradoyle and Castletroy are being sold by REA O’Connor Murphy Auctioneers on the instructions of the receiver - KPMG.
They comprise four four bedroom semi-detached houses and four three bedroom terraced homes in Cois Rioga, Caherconlish; seven two bedroom apartments and three four bedroom duplexes in Cois Ghruda, Castletroy, and two four bedroom duplexes, 13 two bedroom apartments, two three bedroom duplexes and one three bedroom apartment in Cois Luachra, Dooradoyle.
The auctioneers say it is “a unique opportunity to purchase a diverse range of investment properties in prime locations in Limerick city and county”. They say there is “good rental return and capital growth due to the current lack of supply of rental properties and the location of these developments within the Limerick area”.
Michael O’Connor, REA chairman, said the three lots are to be sold individually or as one. Expressions of interest are to be submitted in writing to REA O'Connor Murphy by noon this Friday, November 9. Then the “best and final” bids are to be submitted by contract to REA O'Connor Murphy by noon on Friday, November 23.
Mr O’Connor said they have been on the market for a number of weeks and reports strong interest.
“We have people interested in each of the developments singularly and we have got people interested in the whole portfolio. We have a mix of private investors and self administered pensions - that is the mix of interest to date. There are a lot looking at them at the moment. The private investors are generally in the property business and they are property managers,” said Mr O’Connor.
The three estates were constructed by the Roche Group. Mr O’Connor says they are guiding between €3.8 million and €4 million for the 36 properties in total. Individually, Cois Rioga, Caherconlish is being guided at €840,000; Cois Ghruda, Castletroy €1,455,000 and Cois Luachra, Dooradoyle €1,910,000. The total “passing rent” is €286,800 with estimated market rent €385,000, according to REA.
“It originally was an investor that had these properties and we are selling them on behalf of the receiver, KPMG,” said Mr O’Connor.
The vast majority of the properties are rented and tenants will not be affected while the sale process is ongoing.
Looking at the overall housing situation, Mr O’Connor said: “While there is still a huge shortage in Limerick I think next year we will see a greater supply coming to the market as there is a number of new developments due to commence next year. There are some ongoing already but there is a number more due to the start. I would say there are about six or seven developments due to commence throughout next year.”