New 'floating fund' aims to revitalise Georgian Limerick

A BRAND new floating fund will be used to restore and renovate historic buildings into living spaces in Georgian Limerick.

The Limerick Civic Trust has unveiled the renaissance fund, a funding source that will be used to support the revamping of derelict and under-used properties in the Newtown Pery area of Limerick through redevelopment for use as commercial and residential.  

Speaking at the launch of the scheme in the Civic Trust’s newly-acquired  premises in Pery Square​, David O’Brien, its chief executive, said the inspiration for the fund is to ensure Limerick is a “magnet city”.

“Limerick’s Georgian Quarter is an architectural gem and the biggest in Ireland outside Dublin but it needs an overarching plan in regards investment, preservation and restoration, enabling it to be repurposed and used for modern living and commercial activity.

“The potential of Georgian Limerick is well-documented, so are the hindrances,” said Mr O'Brien.

“The Limerick Renaissance Fund will breathe new life into historic buildings, thereby securing their future but also bringing life back into the city centre and improving the attractiveness of the area as a destination.”

The Trust will work closely with Limerick City and County Council, government bodies and private property owners to identify suitable buildings for development. 

“Through the fund we will work with the owners of derelict and underused properties, some of whom may not have the resources to restore the buildings and find that developers are not offering them the necessary incentive.

“We can narrow the gap and offer a viable solution.  Some owners would get a greater portion of the market value when the building is repurposed or sold and are reassured by working with a local heritage-focused body,” Mr O’Brien noted.

Dr Rosie Webb, senior architect for economic development at the council added: “The Georgian Neighbourhood is not just a place - it’s a new way of living.

“People are waking up to the value inherent in these buildings, both in terms of heritage, and in terms of the possibilities they hold for the future.  We welcome the launch of the Limerick Renaissance Fund, it is a much needed incentive and will enhance and support the measures we have already put in place to help people renovate or refurbish a Georgian building.”  

The fund will source derelict building projects from the both national and regional public bodies and state agencies, private individuals, and in the case of abandonment, will claim title to properties under existing regulations. All net development proceeds will be reinvested in it.