Limerick apartment complex is a real ‘bargain’ at €3.75million
AN ENTIRE development of sixteen apartments up for sale in Limerick city for €3.75m is expected to draw international attention as bidding begins.
The complex, Heridan Crescent, is located on the Dooradoyle Road and is within walking distance to University Hospital Limerick (UHL) and Raheen Industrial Estate.
“We haven’t seen something like this coming to the market in Limerick for years,” said Auctioneer Geoffrey de Courcy, of De Courcy O’ Dwyer Property Partners, who is leading the sale.
The €3.75 million price tag includes 40 beds and 32 bathrooms over 16 own door apartments. This is divided into eight two-bed units and eight three-bed units, along with 19 parking spaces.
The city-east apartment complex dates back to 2008 and since has been refurbished to “an exceptionally high” standard, as per the online listing.
The sixteen units together let a rental income of €252,300 per annum.
“For the investment, at guide price, it is a fantastic yield,” Geoffrey told the Limerick Leader, adding that it is “very rare” to come across a such a tidy development in the city, ready to go.
The Limerick city based auctioneer said that it is unlikely that any approved housing body will make the purchase, as the units are already fully occupied.
He added that Heridan Crescent, which is for sale by private treaty to the highest bidder, is more likely to go to a fund or a private investor. He expects local, national and even international bidders to join the race.
The 16 apartments are to be sold as one lot only and not per individual unit, however, Geoffrey said that if enough people get together to pool their funds, then they could work it out after.
Under EBS’ mortgage calculator, a first-time buyer looking to make the €3.75 million complex their own, would first pay a deposit of €375,000, with repayments over a 35-year loan term, at a 2.75% interest rate over three years.
This amounts to monthly repayments of €12,522.42.
Bids must be submitted by interested parties to Geoffrey de Courcy by 12 noon on March 10, 2022.