LIMERICK’s landmark Savoy Hotel, along with an 84 unit apartment block and half a dozen retail units on Henry Street, has sold for in excess of €17million.
The 94 bedroom purpose built hotel developed to a 5-star standard is managed by Ronan Brannigan and Michael Roche who are understood to be part of the consortium that purchased the property and will continue to operate the hotel.
The apartments are fully occupied, yielding rental income of approximately €660,000 per annum. The retail units which include Laura Ashley, Schuh and Hamptons Restaurant as tenants, produce a further €575,000.
According to Gordon Kearney of Rooney Auctioneers, who put the properties on the market three months ago,there were several realistic ‘expressions of interest’ from investors Ireland based and especially, overseas.
The sale was conducted by William O’Riordan as receiver for Fordmount Developments Ltd (in receivership) through joint agents BNP Paribas Real Estate and Rooney Auctioneers Limerick.
