Rush Credit Union property for €950k
The Joint Liquidators of Rush and Lusk Credit Union have appointed estate agents Kelly & Co to offer both credit union premises for immediate sale.
With offers in excess of €650,000 being sought for the Rush building and €300,000 being guided for the Lusk premises, the two sales are likely to deliver in excess of €1m.
The building in Rush is a landmark building with a high-profile location in Rush town centre adjoining the Church, Library and Tesco. It has an imposing frontage with a stone façade and nine car parking spaces.
As with many credit union buildings, it has been built and fitted to a very high specification. Its accommodation extends to approximately 400 sq m (4,305 sq ft) over two floors, and includes a banking hall, board room, director's office and other managers' offices and open-plan offices. The property is serviced by a lift, air conditioning and includes other fittings suited to a financial operation or company headquarters.
The agents believe it would also suit other uses such as a medical centre, educational facility or health support services, call centre. They are quoting a guide price of €650,000 with an invitation for bids in excess of that.
Rush is a seaside commuter town within about 20 minutes drive of Swords, the M1, M50 and Dublin airport. There is a commuter line rail connection to the city centre in nearby Rush and Lusk railway station.
Commenting on the premises, agent Shea Kelly of Kelly & Co said: "This is one of, if not the, finest modern buildings in the area".
The building in Lusk is smaller but is a well-built and attractive unit which enjoys an excellent location in the village centre opposite the SuperValu Centre. It is also fitted and finished to a high standard and its accommodation extends to 165 sq m (1,776 sq ft) overall. Kelly & Co are guiding a price of €300,000 for the property.
The sale of both buildings has been necessitated by the liquidation of Rush Credit Union on November 21 last. It was found to have a hole in its reserves of €4.7m and net liabilities of €2m at the time of its winding up.
Apart from disposing of its premises in Rush and Lusk, joint liquidators McStay Luby are seeking bids by noon tomorrow for its €13m loan book. The loan book is understood to comprise performing loans of about €8m and delinquent borrowings of approximately €5m.
There are no deposits or savings attached to the loans. The liquidators are expected to consider offers for the entire loan book, or for one of the books as a separate lot.