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Nick Rabbitts, 10 May
A DERELICT red brick Georgian building that couldn’t be viewed by
interested parties has sold for more than double the guide price.
10 Lower Hartstonge Street in the city was acquired by Limerick City
and County Council under the Derelict Sites Act.
The property, which comprises five one bed apartments, was subsequently
put up for sale at public auction. To be able to bid you had to deposit
€20,000 first which 12 people did.
Tom Crosse, auctioneer who handled the sale, said they were guiding at
€150,000.
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His gavel fell at €310,000 after interested purchasers, both online and
in the room, fought it out.
“We were pleasantly surprised with the reaction and the level of
interest. We could probably see it breaking the €200,000 mark but we
didn't see it breaking €300,000. It is all the more surprising because
we couldn't actually show the building because it was deemed to be a
dangerous site,” said Mr Crosse, of GVM which has recently been
appointed agents and valuers for Limerick City and County Council.
He said the interested parties were mainly developers and business
people.
The Leader understands the new owner is a city-based business person
who plans to restore the Georgian building to its former glory as
residential living accommodation.
Mr Crosse said the level of interest in 10 Lower Hartstonge Street,
Limerick is a vote of confidence in Limerick city.
“It will bring life back into the city. The more scaffolding I see up
in the middle of town the happier I am as an agent.
“It will provide more accommodation, be good for footfall, local
businesses and help with the rejuvenation of the city centre,” said Mr
Crosse.
He said Limerick City and County Council don't want properties lying
idle in a derelict state.
“They want to put them into use. They want to see them developed and
provide either commercial or residential accommodation for people in
the city,” said Mr Crosse.