Historic Limerick hotel sold 18 months ago is back on the market for €250,000 more

THE OWNERS of the Railway Hotel in Limerick city appear to be going in another direction as they have put it back on the market a year-and-a-half after purchasing it.

The “sold” sign went up outside the Parnell Street property, which has planning in place for 116 student bed spaces, in March 2024. When contacted by the Limerick Leader at that time, property director of GVM Auctioneers, Tom Crosse remained tight-lipped about the details of the sale.

“All parties were happy with the price obtained,” said Mr Crosse.

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The Railway Hotel is the oldest hostelry in Limerick dating back to 1871, and is one of the few listed hotels in the city. It was once an old coaching inn with bedrooms, as well as the bar. It has lain idle since 2016.

According to local sources at the time, the new owner hailed from County Tipperary and has a background in the accommodation and hostelry business.

When it was put on the market last year, the Railway Hotel was guided at €1.75m. It is understood the price achieved was in or around the figure. It is now back on the market with a guide of €1,995,000.

Selling agents HPS Real Estate, with offices in Galway and Dublin, say the Railway Hotel is a substantial three-storey protected structure extending to 32 bedrooms. 

“The property has been stripped internally, leaving a clean shell suitable for immediate refurbishment or redevelopment.

“The hotel benefits from full planning permission for a purpose-built student accommodation development comprising 116 bed spaces across 25 apartments. The scheme is designed to integrate the historic hotel facade with modern new-build elements ranging from three to seven storeys,” reads promotional material.

The approved student accommodation scheme includes 25 apartments providing a mix of studios and multi-occupancy units, ground-floor café with direct street frontage to Parnell Street, on-site laundry facilities and secure bicycle and bin storage for residents.

“This consented scheme provides an immediate, ready-to-activate pathway for development, addressing the acute shortage of dedicated student housing in Limerick. With over 35,000 students across University of Limerick, Technological University of the Shannon, and Mary Immaculate College, demand is consistently outpacing supply, underpinning strong long-term rental performance,” reads the promotional material.

HPS Real Estate say the two adjoining three-storey commercial units with rear access present further redevelopment potential. They are being guided at €500,000.

“These units previously had planning permission (since lapsed) for the demolition of the existing buildings and construction of a four-storey mixed-use scheme extending to 1,040 sqm.

“The permitted scheme provided for a ground-floor retail unit of 210 sqm with direct access from Parnell Street and 10 apartments across three upper floors comprising eight one-bedroom units and two two-bedroom units.

“Although this permission has expired, the precedent demonstrates the viability of intensifying residential and commercial use on the site, further strengthening the overall development potential of the holding,” say the estate agents.

The entire holding - Railway Hotel and retail units - is being guided at €2,495,000.

HPS Real Estate say Limerick has become one of Ireland's fastest-growing cities, benefiting from major investment in education, healthcare, life sciences, technology, and infrastructure. 

“Its growing student population, vibrant cultural scene, and central position on the Wild Atlantic Way continue to drive demand for quality accommodation and hospitality.”