by Rose Rushe
A MIXED commercial property in the city centre, priced in excess of €13.5million, is on the market.
The 94-bed Savoy Hotel, 84 apartments and six street level retail units are being sold as a whole or as three individual lots by Rooney Auctioneers on the instructions of receiver William O’Riordan of PWC.
“What we are excited about is the international investment interest coming out of Dublin,” comments Gordon Kearney, managing director of Rooney Auctioneers. “We hear what these investors want are best in class properties in other cities and suburbs. We consider this portfolio to be best in class in Limerick”.
This he weights on the Savoy Hotel “being in superb condition throughout. This was built to five star Marriott Hotel quality and has been maintained well by current operators [Ronan Brannigan and others]. All of the 84 apartments are occupied and the building is run to high standards.
“It’s one of Limerick’s success stories”.
Fordmount Group, under Michael Daly, built it for a reputed €100million seven years ago but by December 2009
it was in receivership.
The hotel which has five suites, 89 bedrooms, various lounges, bars and a small basement leisure centre, is selling for in excess of €3.75m. The apartment block and retail is yours for close to €10m; the retail units, comprising Shuh, Laura Ashley, Hamptons Restaurant, Tailor of Blue, the vacant Tom Tailor and Unit 8.
“We are in negotiation with incoming tenants for the two vacant units,” Gordon confirms. “The hotel is licensed for business and trading as normal. I’ve already had calls from US investors on this portfolio as they knew it was coming down the line.
“These sort of opportunities do not come up a lot”.
Enquiries to Rooney Auctioneers or joint agent BNP Paribas Real Estate.
