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Limerick Property: Impressive city centre mid-century property

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Limerick Property: Impressive city centre mid-century property

The two buildings at John’s Square include ground floor retail unit and 11 apartments with a passing rent calculated at €114,320 representing attractive Yield of 9.5%

Numbers 3 & 4 John’s Square were originally built in c1751 as part of what is arguably the most important classical building scheme of the mid eighteenth-century in Limerick city and was designed by Francis Bindon.

The property comprising of 11 apartments and one commercial unit is within walking distance of St John’s Hospital and St John's Cathedral off the R858 and south of Lower Gerald Griffin Street. It is immediately surrounded by a dental practice, doctor surgery, pharmacy, and dance studio in John's Square itself.

The busy thoroughfare of William Street is a two minute walk away, providing a wealth of choice of cafés, bars and restaurants and various retail stores. Properties in the vicinity are predominantly in residential use.

Description

No 3 & 4 comprise of a well maintained mid and corner terraced three storey over basement limestone townhouses with a yard to the rear which can be accessed via Brennan's Row. This yard provides car parking which is accessed via fob controlled gate shared with neighbouring properties.

The residential accommodation comprises of eleven 1&2 bedroom apartments. The ground floor also comprises of a commercial unit which is currently occupied and operating as a church supplies store. This building was constructed in circa 1751 and recently refurbished to a high standard, extending to an impressive circa 471 sq m (5,063 sq ft).

It is also worth noting that refurbishment of this property will qualify for the Living City Initiative Scheme with further scope to possibly renovate the basement area which can be explored. The entire building is being sold with tenants in situ. Tenancy agreement available on request.

The Living City Initiative is a scheme of property tax incentives designed to regenerate both historic buildings and other buildings in specified cities. The scheme applies to certain “special regeneration areas” (SRAs) in the centres of Dublin, Cork, Limerick, Galway, Waterford and Kilkenny. These areas have been designated for the purposes of the scheme by order of the Minister for Finance. The maps and boundaries of these SRAs can be found on the websites of the respective local authorities.

AT A GLANCE
Location: 3/4 John’s Square, Limerick city
Description:
Commercial Unit x 1, 11 Apts (9 one bed and 2 two-bed apartments)
Price:
€1,200,000
Seller:
O’Connor Murphy Auctioneers
Contact:
Eoin Hogan, 061 279300