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19/09/2021

Derelict properties in Limerick sell at more than twice the guide price

Derelict properties in Limerick sell at more than twice the guide price

The derelict properties in St Gerard Street

TWO derelict properties in Limerick are to sell at more than double the price sought for them.

At this week's metropolitan district meeting, councillors noted the proposed sale of numbers 6 and 7 St Gerard Street in the city centre for €360,000 - to a cash buyer.

In a briefing note from head of property Jayne Leahy, it's stated the homes are "derelict and in need of complete refurbishment works".

She added the structures and surrounding lands have been vacant and derelict for a number of years, with the property on the Derelict Sites Register since November 2019.

Council bought them in 2020.

The local authority then brought the homes to market with a guide price of €155,000. The sale drew 95 enquiries, and there were a number of bids.

The party who purchased the property, Ms Leahy said, has acquired it with "full knowledge" of the derelict sites notices, and is aware he must complete the works to bring it up to standard.

Metropolitan councillors noted the sale, and it will be up to the full 40-members to approve it at September's meeting.

Elsewhere, members also noted two of property swaps in Moyross and St Mary's Park to facilitate the ongoing regeneration programme.

Last month, the Limerick Leader outlined how one home just off St Joseph's Street, in a similar derelict state, was sold for over 50% above the asking price.

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