GOING FOR A SONG … MITCHELSTOWN BUILDINGS SELLING AT HALF PRICE
How times have changed - Two well known buildings in Mitchelstown will go under the hammer with dramatically reduced reserves in a firesale to take place later this month.
Taking their lead from the NAMA sales in Dublin recently that saw €148 million worth of property sell within six hours, estate agent’s GMAC Property Ltd are hoping to find buyers for Bank Place, a protected structure, situated on the main road next to the Amber Filling Station, which has a maximum reserve asking price of €230,000 while the Gate Lodge at the Old Presentation Convent is up for sale with a maximum reserve price of €55,000.
Both properties are in need of repair but at price tags less than half what would have been expected back in 2008 Bank Place and the Gate Lodge could be of interest to buyers who have ready cash to invest.
“In 2007 Bank Place could have reasonably been expected to sell for more than €500,000. Similarly the Gate Lodge, which is town centre zoned, would have sold for a figure of not less than €120,000 back then,” Noel Forde of GMAC Property said.
The sale, which also includes properties in Fermoy, will take place in the Radisson Hotel, Little Island, on Friday June 24 at 12 noon. For more information contact GMAC Property on 027-50063 or log on to www.macestateagents.ie.
Friday 10th June 7:05pm