Premises at prime Limerick location fails to attract any buyers
ONE of the prime restaurant and bar locations in Limerick city didn’t receive one bid when it went up for auction.
Most recently home to The Establishment - and a number of other eateries over the years - the property at Bishop's Quay, Limerick city, went under the hammer on Friday, September 22 at noon.
It was brought to the market by O’Donnellan and Joyce Auctioneers. It had been due to be sold at auction on July 21 but it was postponed until the next available auction date in September.
There was an advised minimum value of €590,000.
Speaking earlier in the summer, tThe Galway-based auctioneers said they were “delighted to offer for sale a high profile commercial unit located in the heart of Limerick city”.
Mary Fahy, senior auction sales negotiator, told the Limerick Leader in July that it was only advertised for sale for a short period of time but they had already received a number of enquiries from interested parties.
“There seems to be strong interest from the parties that have called thus far,” said Ms Fahy, who confirmed they were from Limerick and one was a restaurateur.
“It is a wonderful opportunity, it is in a great location and it could be used for a restaurant / bar again,” said Ms Fahy, who spoke of the stunning views of the River Shannon.
It could also be redeveloped for retail, she added.
Interest from the parties appears to have waned over the summer as when its lot number was called on September 22 there were no bids for The Establishment.
It remains on the market and is for sale by private treaty with O’Donnellan and Joyce Auctioneers. They say Riverpoint is a landmark Limerick city centre building which includes various commercial businesses along with overhead apartments.
Neighbouring occupiers include the Limerick City Hotel, McGettigan's bar and restaurant and Henry Street garda station.
Bishop's Quay is also home to 1BQ - the ongoing €80m development on the site of the former ESB building.
Once completed, the nine-storey building will comprise 110,000 square feet of high-spec office space, 34 luxury apartments, retail space for hospitality businesses and more than 100 underground car parking spaces.
The Establishment is located a stone’s throw away - the ground floor is entirely open plan with a glass facade fronting onto Bishop's Quay with ample seating capacity along with relevant staff facilities.
The first floor extends to an open plan bar and lounge area with an external balcony terrace area overlooking The River Shannon.