94 O'Connell Street, Limerick City, Limerick

Description

Rooney Auctioneers (Limerick) Ltd. and JLL are delighted to announce the sale of a prime development site at 94 O’Connell St. Limerick. This exceptional property, positioned in the heart of Limerick City, offers a rare opportunity for developers with full planning permission for a mixed use development comprising of 24 modern apartments and ground floor commercial space. PLANNING This site presents a ready to go development opportunity, with planning permission granted in August 2023 (planning ref. 22/1367) for a mixed-use development comprising of 24 apartments and 593 sqm (6,383 sq ft) of commercial space. The proposed scheme will be laid out over two blocks. The newly constructed block will incorporate 21 apartments and café space of 135.2 sqm (1,455 sq ft). It is proposed that the existing bank building will undergo a refurbishment and conversion to incorporate 3 apartments and 458.2 sqm (4,932 sq ft) of commercial space. Total gross floor area of the proposed development equates to 3,246 sqm (34,940 sq ft) across 3 to 7 storeys over basement. ZONING The subject site is zoned “City Centre” - to protect, consolidate and facilitate the development of the City Centre commercial, retail, educational, leisure, residential, social and community uses and facilities, under the Limerick Development Plan 2022 – 2028. This zoning allows for a variety of uses (subject to planning permission). Furthermore, the site is located within the inner city area, which has been identified as an area suitable for possible height variation. RESIDENTIAL MARKET COMMENTARY The residential property market has continued to see an upward trend in demand with limited supply resulting in an increase in both sale and rental prices from 2023 into 2024. Strong population growth is contributing to this increased demand. As of the 2022 Census, the population of Limerick grew by 8% to 209,536 people with this expected to grow up to 256,500 by 2031. Additionally, recent job announcements in facilities such as Eli Lily, Regeneron and Analog Devices has created in the region of 1,400 new jobs. Ongoing developments such as 1BQ (which will welcome tenant Verizon and 400 new staff), Eli Lilly and numerous residential housing estates are seeing an influx of construction workers to the area, creating a further surge in demand, and creating upward pressure on sale/rental prices. As of Q1 2024, Limerick now ranks as the second most expensive city to rent in the country behind Dublin, increasing 17.5% from Q4 2023 to €1,933 per month on average. Sales prices continue to rise also, and although not at the above scale, there has been a steady increase in house prices for a number of years now. With limited ongoing and pipeline developments for private housing in particular, this is expected to continue in the short to medium term. (Source: CSO) (Source: Daft.ie)

Accommodation

The property is broadly rectangular in shape and extends to approx. 0.20 acres (0.079 ha). The site comprises of a 3-storey over basement listed office building with a modern extension, benefitting from full vacant possession. The listed office building, dating from the 1850s, is a protected structure and the former Bank of Ireland premises.

Features

SUPERB, SHOVEL READY, DEVELOPMENT SITE WITH FULL PLANNING PERMISSION FOR 24 APARTMENTS & 6,383 SQ FT OF COMMERCIAL SPACE (1,455 SQ FT CAFÉ). OUTSTANDING LOCATION AT THE INTERSECTION OF O’CONNELL STREET AND GLENTWORTH STREET Prime city centre development site extending to approximately 0.20 acres (0.079 ha) Full planning permission for residential development of 24 apartments, alongside 593 sqm (6,383 sq ft) of commercial space (ref. 22/1367) Former Bank of Ireland premises comprising of a 3-storey protected office building with modern extension. Zoned City Centre ‘to protect, consolidate and facilitate the development of the city centre’ under the Limerick Development Plan 2022 - 2028. Excellent location at the commercial and cultural heart of Limerick City

BER Details

BER: Exempt

Directions

The property is on the south west corner of the junction of O’Connell Street and Lower Glentworth Street and is accessible from both of these streets. The site is bound by Theatre Lane to the west and 93 O’Connell Street, currently in use as offices, to the south. O’Connell Street has undergone a significant enhancement in recent times, creating a dynamic and revitalised area. Being Limerick City’s main thoroughfare and high street destination, there is a host of amenities in the immediate area including shops, cafes, restaurants and pubs. The nearby People’s Park and Arthur’s Quay Park provide ample green space for leisure activities and outdoor recreation. The majority of Limerick City Centre is accessible within a 10-minute walk, with public transport providing excellent connectivity further afield. This includes Limerick Colbert train station, local bus services and City Link express bus services all of which are within walking distance.

Disclaimer

DISCLAIMER: The particulars and information contained in this brochure are issued by Jones Lang LaSalle Limited and Rooney Auctioneers (Limerick) Ltd. on the understanding that all the negotiations are conducted through them. Whilst every care has been taken in the preparation of the particulars and information they do not constitute an invitation to treat, an offer or a contract of any nature whether expressed or implied. All descriptions, dimensions, maps, plans, artists’ impressions, references to condition, permissions or licenses of use of occupation, access and other details are for guidance only and may be subject to change, without prior notification. The particulars and information are given in good faith but no intending purchaser/tenant should rely on them as statements or representations of fact and is specifically advised to undertake its own due diligence (at its own expense) to satisfy itself as to the accuracy and/or correctness of the particulars and information given. None of Jones Lang LaSalle Limited, their employees, agents or aliate companies, makes any warranty or representations whether expressed or implied with respect to the particulars and/or information and which are to the fullest extent permitted by law, disclaimed: furthermore, such parties accept no liability in respect of any loss suffered by any intending purchaser/tenant or any third party arising out of the particulars or information. Prices are quoted exclusive of applicable taxes such as VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser/lessee shall be liable for any applicable taxes or VAT arising out of the transaction.