AN exclusive 650-year lease for a parcel of land and car parking spaces at the landmark Opera Square in the city was proposed at a special meeting of Limerick City and County Council this week.
Council members supported the call on Monday for a site, including use of a portion of underground car parking area, to be disposed to the Office of Public Works (OPW) at a one-off charge of €6million.
The Council’s Director of Housing, Vincent Murray, explained to councillors attending the special meeting that the Opera site is split up into three different folios.
One of these, The Granary, he revealed, was given a 999-year lease back in the 1700s, with only around 660-years left on that lease. Legal advisors have now informed the Council that in the interest of “dotting i’s and crossing t’s”, to change the lease from 999-years to 650-years for this parcel.
“This applies to the particular site that the OPW are taking to build a 14-storey building, which will become government buildings in Limerick. It will house the Revenue Commissioners but it will also house other sections of government, as space allows for it,” Mr Murray said.
The OPW, he revealed, are ready now to have a contractor on site in January to commence building and have asked for the terms of the lease to be changed. As well as the 14-storey building, a refurbishment project is also due to take place at The Granary, upgrading it into modern-day energy efficient standards.
Mr Murray went on to tell councillors that this was a good news story for the Opera site and the regeneration of the city centre.
“By approving this amendment to the lease of 650-years we’re effectively rescinding the 999-year option. All the other items remain the same,” he added.
Fianna Fáil councillor Michael Collins formally proposed the new terms of the lease which he deemed a “legal box ticking exercise”.