Sunday 25 August 2019

Multi-unit lots among highlights at public auction in Limerick

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Donal Buckley

Donal Buckley

TWO multi-unit residential lots in Munster sold for more than their guide prices at the recent REA O'Connor Murphy public auction in Limerick.

The more valuable of them was a group of four holiday homes at Ceann Mara Court, Gortamullen, Kenmare, Co Kerry, which sold for €502,000 in one lot, or €34,000 over their combined AMV.

Located in a terrace at 1, 2, 3 and 4 Páirc Na Gloine, they comprise three three-bedroom houses of about 106 sq m each, and one four-bedroom house.

In Nenagh, Co Tipperary, four units at Apartments 6, 8, 10 and 12 Barr An Cnoic, Ormond Street, sold as one lot for €136,000, or €36,000 more than its guide. This suggests that the price equates to an average of €34,000 each. Apartment 10 was occupied, with a current monthly rent of €495. The other three are vacant.

All two-bedroom units, they range in size from 581 sq ft to 656 sq ft. Units 8, 10 and 12 also require refurbishment.

One of the commercial investment properties in the auction was 7a and 7b Annacotty Village, Co Limerick, and it was under negotiation as this newspaper went to press.

It had a €148,000 AMV, which was a reduction of €37,000 on the AMV when previously offered for auction earlier this year. Extending to 187 sq m, the property is in two units, which generate combined annual rent of €18,000, suggesting a gross yield of over 12pc. Its occupants operate a sports physio clinic under the name IMST (Institute of Massage and Sports Therapy).

A two-bedroom unit, Apartment 907, Riverpoint, Limerick City sold for €181,000, or €11,000 over its AMV. This ninth-floor apartment, with views over the city, extends to 60 sq m.

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