Davy Rea Estate has bought a prominent banking hall with overheads office facilities at 130/131 O'Connell Street in Limerick for €1.5 million.

The building, located almost directly opposite Brown Thomas, was originally occupied by Ulster Bank and Art & Hobbies.

When it became vacant it was let to Permanent TSB by local estate agent Pat Chesser at €125,000 per annum.

DTZ Sherry FitzGerald advised the vendor.

Close by at 6 William Street, Chesser has also sold the four-storey over basement building for €550,000. The ground floor shoe shop is producing rental income of €120,000 while the remainder of the building is vacant and in need of upgrading.