Prime Limerick investment opportunities for €14m

Two prime Limerick investments are on the market for a combined €14 million through agent Cushman & Wakefield.

The more valuable of the two assets, with a guide price of €9.5 million, is the residential element of the Carlton development at Henry Street in the city centre. All of the 67 apartments are occupied and produce a combined rent roll of €586,800 a year.

These high-spec one- and two-bedroom apartments are in one modern block designed around a central atrium which is accessed off Cecil Street.

Residential rents in the city have seen large year-on-year increases, according to the agent, who says the availability of rental accommodation within Munster is at its lowest since 2006.

"There is potential to increase the rent roll, especially considering limited supply and the increase in recent job announcements for Limerick city centre," says John Buckley of Cushman & Wakefield.

Retail area

The other asset, which is for sale at €4.5 million, is number 1 Bishopsgate which is also on Henry Street. This modern office building is within walking distance of the principal retail area around Cruises Street and O’Connell Street.

Bishopsgate is a five-storey over-basement block with 1,711sq m (18,424sq ft) of Grade A office space and 10 parking spaces. It is fully let to Holmes O’Malley Sexton Solicitors under a 31-year lease from October 2003 with 18 years unexpired. The property is producing a rent roll of €274,667 a year.

This area of the city will see significant investment in the coming months with the completion of the Gardens development by Limerick City Council and a planned mixed-use scheme of 24,423sq m (262,887sq ft) by Kirkland Developments which adjoins number 1 Bishopsgate.