Limerick office block sells for €3.25m at auction

A four-storey office block in Limerick city, which has the Office of Public Works as a sitting tenant, sold for €3.25m at an Allsop’s auction at the RDS yesterday.

River House at Charlotte’s Quay had been set at a reserve of €2.8m. The OPW is renting the 3,300sq m property as part of a 10-year lease that began last year. It paid rent of €341,760 last year but by 2016 that is set to rise to €370,952 per year.

Another Limerick property at Cruises St went for €1.05m despite a reserve of €850,000. The retail unit is rented to Specsavers and has a rental income of €200,000 per year.