Limerick apartments 'within walking distance' of new €400m Lilly Raheen plant site

Sixteen fully-let apartments  have an income of €252,300 pa and are being sold by 'best bids' by March 10, guiding €3.75 million

Heridan Crescent Sixteen contemporary two and three bedroom apartments and duplexes in Dooradoyle, Limerick, have been brought to market in a single lot by O’Connor Murphy with Property Partners, with a guiding price of €3,750,000.

A FULLY-let residential development, said to be within walking distance of Limerick’s Raheen Business Park where a €400m investment has been confirmed by the IDA, is up for sale.

Set to be sold this day next week by a Best Bids process, it is a mid-2000s scheme of 16 apartments on the Dooradyle Road, just south of the city centre, and near an access roundabout to the M20.

Offered in one lot are what is described as 16 contemporary-style, two- and three-bedroom apartments plus duplexes, with parking, at Heridan Crescent, by the Dooradoyle Medical Centre, Collins bar, shops, and restaurants in what is a largely residential hinterland.

Pitched squarely at investors in search of a rent return, the fully-occupied properties generate an annual rent of €252,300, offering a net initial yield of 6.5%

Selling agents are O’Connor Murphy with Property Partners de Courcy O’Dwyer, who give a guide price of €3.75m.

They describe the location as a popular residential one “within walking distance to University Hospital Limerick, Crescent Shopping Centre and Raheen Business Park”.

In two blocks, with arched connection front to back and with 19 car spaces, it has eight two-bedroom apartments of 65-67 sq m, and eight three-bedroomed units/duplexes of 106-132 sq m, fully furnished and let at monthly rents averaging €1,314 per month, or ranging from €1,050, up to to €1,800 for the three-beds.

Agents Michael O’Connor and Geoff de Courcy say it is 4.4km from Limerick City centre and 4.3km from Raheen Business Park, where current occupants include Regeneron, Stryker, and Analog Devices.

The IDA earlier this year confirmed a €400m greenfield development at the Raheen Business Park for US biopharm corporation Eli Lilly, with planning permission being sought for a complex to be constructed by 2025 and set to employ 300, and provide 500 construction jobs along the way.

In Ireland since 1978, Lilly already employs 2,500 in Munster, with the majority at its plant in Dunderrow, Kinsale, Co Cork, and it also has a global business services centre at Little Island, just east of Cork City.