Tuesday 27 September 2016

€33m in property for sale in Allsop online auction

Donal Buckley

Published 25/08/2016 | 02:30

Grove Village in Dublin 6 is included in the auction
Grove Village in Dublin 6 is included in the auction
Tynan's Bridge House Bar
The Four Roads
The Killinarden House

More than 220 commercial and residential properties, with combined guide prices totalling more than €33m, will go for sale at Allsop's online auction on September 13.

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The commercial offering features 118 properties with a total reserve of over €17m. These include 12 pubs, of which two are in Dublin and which are now being pitched well below the price tags which they had earlier this year.

In addition, there are 12 office properties, of which four are in Dublin; 36 industrial Units, of which 23 are in Dublin and 55 retail properties, of which 12 are in Dublin. Double digit gross yields are being flagged for some of the investment properties.

The most valuable lot in the catalogue comprises two adjoining office investments in Youghal, Co. Cork, which are going to auction for the third time this year and the guide price has been slashed by €250,000.

Because one of these properties is let to the Government's Court Service and is home to a district court generating €97,000 a year from a lease with about 28 years to run, it is considered a strong covenant. Last March its guide price was in a range of €890,000 to €1m. Then it was dropped to €850,000, but still failed to sell. Now its guide price has been slashed to between €650,000 and €700,000.

Located at South Main St and Quay Lane, the three-storey buildings include the 6,448 sq ft court house as well as a 3,584 sq ft office building which is vacant. However, at the latest guide price the gross yield from the court rent alone is more than 14.3pc, a very attractive yield considering the potential for further rental income, as well as the fact that prime Dublin offices are yielding a net 4.65pc.

Pubs in the auction include The Four Roads, at a prominent corner on Sundrive Road, Crumlin, Dublin 12, with a reserve range of €495,000 to €505,000. It was previously offered for sale in 2013 by joint receivers Stephen Tennant and Paul McCann of Grant Thornton for €600,000.

The same receivers are also selling Killinarden House, in Tallaght Dublin 24, with a €425,000 to €450,000 guide price, a reduction of more than €100,000 on the €550,000 they were asking last April.

Also being sold by receivers is a Kilkenny pub which got a good write-up on the Lonely Planet website. It reviewed Tynan's Bridge House Bar, saying: "The best traditional bar in town. There's barely a right angle left in the place, with its granite-topped horseshoe bar, original wood panelling, wonky shelves and loyal clientele of crusty locals - and no TV!"

The 2,680 sq ft building comprises an open plan public house at ground floor level together with cold room at basement level and storage overhead. It also has a rear garden area and its guide price is €240,000 to €290,000.

Unusually at a time when investors are showing good demand for portfolios of apartments, Allsop has decided to sell three flats and two shops in the same Grove Village development in Harold's Cross, Dublin 6, in four separate lots.

The two shops, Unit 1 & 2 Grove Village, Grove Road, extend to a combined 1,984 sq ft and are in shell and core condition and their combined guide price is €230,000 to €270,000.

A penthouse apartment, 10 Grove Village, accommodates three bedrooms within 1,184 sq ft and comes with two parking spaces for a €390,000 to €410,000 guide price.

The other two apartments each accommodate one bedroom within 430 sq ft and each has a €190,000 to €220,000 guide price. All three flats have balconies overlooking the Grand Canal.

Double digit yields are also available for a Georgian mixed-use investment at 17 Eyre Square in Galway's city centre. This five storey building has a total current rent reserved of €71,360 a year and its second floor office is vacant. With a €520,000 to €570,000 guide, this suggests a gross initial yield of more than 13pc.

A takeaway investment property in the heart of south Dublin's 'flat land' also offers double digit yields. Located at 46 South Richmond Street, Dublin 2, the end of terrace ground floor takeaway investment is let to an individual trading as Aprile Take-Away and its current rent reserved is €41,600 a year. At its €380,000 to €420,000 guide price this suggests a gross yield of 10.4pc.

An even higher yield of 13.2pc is suggested for two adjoining modern warehouse investments Units 10 & 11 Block B, Greenogue Square, Greenogue Business Park, Rathcoole, Co. Dublin. Both come with two-storey office accommodation and total current rent reserved of €44,880 a year. Their combined guide price ranges between €330,000 and €350,000.

The residential catalogue totals 110 properties with a total reserve of over €16m. Over a third of these lots are located in the capital.

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