“From all over the country, even from the UK”, say buyers of Limerick’s 13 flats for sale.
BOC Properties has listed ten flats in Fishermans Quay, Grove Island, and four in Rice’s Corner, Thomondgate. GBP 2,150,000 (approx).
Fishermans Quay rentals are all two bedroom. Rice’s Corner has one four-bedroom, two three-bedroom, and one two-bedroom home. Both projects were built in 2004.
Brendan O’Connor, auctioneer, says they’re a great investment.
“The 14 flats generate a total of €178,332. All have nice tenants. “Note to tenants,” Mr O’Connor remarked.
The vendors may be retiring. Mr O’Connor’s properties have already been sold.
“They are a great buy. It’s not like selling a three-bedroom semi-detached where everyone wants to see it tomorrow, but the buyers I have are serious.
The Nenagh auctioneer is confident of exceeding the €2m guiding price.
“The new owners would get roughly 8% on our asking price. “Anyone obtaining an 8% yield is a good investor,” said Mr O’Connor.
According to the Daft Rental Report Q3 2021, rents in Limerick rose 8.9% last year. Avg. rent is now €1373
Rents were 13.2% higher in Limerick County in the third quarter of 2021. The average posted rent is now €1,067, up 89% since the low.
Mr. Lyons, an economist at Trinity College Dublin and author of the Daft Report, says that while some may object to the construction of huge numbers of rental dwellings, any solution to the persistent shortage must include new construction.
“We have interest from all around the country and even the UK,” Mr O’Connor added.