Cheque for €1.75m signed for former Bank of Ireland building in Limerick

THE SALE of a former Bank of Ireland building in the city centre has been closed after a cheque in the region of €1.75m was signed, the Limerick Live has learned.

The protected structure at 94 O’Connell Street came complete with planning permission for 24 high-quality apartments.

Selling agent Gordon Kearney, managing director of Rooney Auctioneers, said it was bought by an Irish developer who is new to Limerick.

Mr Kearney reported strong interest in the “landmark building on O’Connell Street” because of the demand for apartments in the city, both from an owner occupier and rental point of view. 

“The developer sees the potential that Limerick has. He's very positive about Limerick. 

“He bought it, amongst other sites he has acquired in Limerick, with the intention of building out the planning that has been granted - 24 apartments and some commercial accommodation at ground floor level,” said Mr Kearney, who confirmed the price agreed was in the region of the asking price of €1.75m.

The auctioneer said the developer is commencing a separate project in Limerick and expects work to begin on the former Bank of Ireland site in 2026. “It is a little bit more challenging because you're not dealing with a brownfield or greenfield site. 

“There's a lot of people that have concerns dealing with a protected structure but this building demonstrates that even though part of the property is a protected structure, you can still get planning and you can still develop it into apartments,” said Mr Kearney, who describes it as a “beautiful old stone building”.

It served the banking needs of generations of Limerick people until 2010 when Bank of Ireland concentrated its operations at its anchor branch at number 125 O’Connell Street. It was then home to an insurance company for a number of years.

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Mr Kearney said that once completed the apartments will be home to between 50 and 80 city dwellers and be a further boost to  the local economy.

“It feeds into what everyone has been trying to do in Limerick for the last 10 years - repopulate our city with people that are gainfully employed and will spend time and money in our city.

“The Georgian Quarter in Limerick has seen incredible changes to the derelict buildings and semi-derelict buildings that we've sold over the last three years. I think I sold twelve in total over the last three years.

"Every one of them, bar one, has been repurposed, or in the process of being repurposed into good quality residential apartments. And this development of 94 O'Connell Street is the exact same with 24 apartments planned,” said Mr Kearney.

The new owners or renters will have a claim to fame as scenes of a new movie, 4 Kids Walk into a Bank, starring Liam Neeson, was shot in the  old bank vaults in the basement.

“It's a movie about a bank heist. They utilised this bank and the former Ulster Bank across the road. So it will be forever in the Hollywood archives,” said Mr Kearney.