Seller of prime site in Limerick city for €950k 'banking' on its success on property market

AN IDEAL present for a property developer came on the market on Christmas Eve.

HPS Real Estate are the agents for a prime development opportunity located on Lower Glentworth Street, just off O’Connell Street, in Limerick city.

The site adjoins the former Bank of Ireland building and comprises a brownfield development site with full planning permission in place. It is for a mixed-use development over seven floors, comprising 21 residential apartments over a ground-floor commercial unit, with the commercial element approved for café use. The asking price is €950,000.

Last February, Limerick Live revealed that the former Bank of Ireland building and the adjoining site was sold for €1.75m. 

It now appears that the new owner is keeping the former bank, which has planning for three apartments on the upper levels with commercial use at ground floor level, and selling the adjoining brownfield development site.

READ NEXT: An exclusive first look at €20m Limerick GAA centre of excellence project

HPS Real Estate, which has offices in Galway and Dublin, say in promotional material that Limerick city continues to experience significant demand for residential accommodation, driven by sustained population growth, major public and private sector investment, and the ongoing expansion of key employment hubs including the city centre, docklands, and surrounding business districts. 

“The shortage of high-quality, centrally located apartments has resulted in strong rental demand and investor interest, particularly for well-designed city centre schemes.

“Full planning permission is in place for a mixed-use development comprising 21 residential apartments over a ground-floor commercial unit, with the commercial element approved for café use. 

“The scheme has been carefully designed to deliver a strong mix of unit types ideally suited to Limerick’s urban living market, professionals, and long-term investors,” they say.

The site’s location within Limerick’s central business district places it within immediate walking distance of O’Connell Street, public transport links, retail, dining, cultural amenities, and major employers, reads the promotional material. 

“This central positioning significantly enhances both rental and resale potential and aligns with national and local planning objectives encouraging compact urban growth.

“There is already strong interest from a number of parties in the completed scheme, underlining the depth of demand for well-located residential stock in Limerick city centre.

“This is a rare opportunity to acquire a fully consented, high-density city centre development site in a market with proven demand fundamentals and a clear delivery pathway,” concludes the promotional material.