Mercy Convent goes under the hammer

The former Mercy Convent at Seatown Place. (12 Dec 2012 Margaret Roddy)

THE FORMER Mercy Convent and St Joseph’s Orphanage at Seatown Place are for sale with a reserve price which would hardly have bought an apartment at the height of the property boom.

Anyone with €275,000 to spare could purchase the historic building which is for sale through local estate agents REA Gunne Property, with Michael Gunne saying that it represents a great investment opportunity.’At today’s prices, it’s about the same as two town houses so it’s a great bargain, even if someone just sat on it until prices go up again.

The imposing three storey over basement building stands on a three-quarter acre corner site and is zoned for town centre mixed commercial use.

‘It has so much potential and could be used for a variety of purposes,’ says Michael.

‘It is widely recognised in the property industry that the market is actually ‘over corrected’ and this is due to the ongoing difficulty in securing the required finance,’ he continues.

‘ There has been a notable increase in activity over the last six to nine months proving things have at last ‘ bottomed out’.

‘Ireland is once again on the international radar for investors and a key factor in this, is value. We anticipate, however, that there will be little development in the short term and have factored this into our pricing of this extensive property.’

‘ The pure scale and prime location of this offering ensures profit to any investor and will no doubt raise a few eyebrows from astute would be purchasers, especially those who have a working knowledge of the commercial market . There are a number of obvious ways to immediately add value such as breaking up the holding into multiple units and applying planning permission and holding for a few years, or indeed simply holding will almost guarantee any investor a sizeable return.

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