THE SALE of a former Bank of Ireland building in the city centre has been closed after a cheque in the region of €1.75m was signed, the Limerick Live has learned. The protected structure at 94 O’Connell Street came complete with planning permission for 24 high-quality apartments.
Selling agent Gordon Kearney, managing director of Rooney Auctioneers, said it was bought by an Irish developer who is new to Limerick. Mr Kearney reported strong interest in the “landmark building on O’Connell Street” because of the demand for apartments in the city, both from an owner occupier and rental point of view. “The developer sees the potential that Limerick has.
He's very positive about Limerick. “He bought it, amongst other sites he has acquired in Limerick, with the intention of building out the planning that has been granted - 24 apartments and some commercial accommodation at ground floor level,” said Mr Kearney, who confirmed the price agreed was in the region of the asking price of €1.75m.
The auctioneer said the developer is commencing a separate project in Limerick and expects work to begin on the former Bank of Ireland site in 2026. “It is a little bit more challenging because you're not dealing with a brownfield or greenfield site. “There's a lot of people that have concerns dealing with a protected structure but this building demonstrates that even though part of the property is a protected structure, you can still get planning and you can still develop it .
