International real estate advisor Savills advised in the sale of a 3.5-acre commercial site in the heart of Limerick's city center to Limerick City Council for approximately 12.5 million.
The brownfield site, previously known as the site for the planned 'Opera Centre', only went on the market six weeks ago and has been acquired by the local council to help regenerate the city center.
The asset is made up of a range of former commercial and industrial buildings as well as the old Limerick town hall. It has the capacity for a substantial mixed use development to anchor the city center.
Peter O'Meara, of Savills Cork office, says: "This sale is great for the city. Limerick is one of Ireland's key retail and commercial markets and this site is of strategic importance. It has the potential to accommodate large retail, commercial, residential and leisure facilities which are much needed for the city center."