Derelict home in Limerick sells at double its guide price
Twelve bidders push value of unit up
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.
His gavel fell at €310,000 after interested purchasers, both online and in the room, fought it out.
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.