Friday 24 November 2017

Rush Credit Union property for €950k

The Rush Credit Union has been fitted to the highest standard
The Rush Credit Union has been fitted to the highest standard
Ronald Quinlan

Ronald Quinlan

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.

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