€20m shopping centre under hammer for €225,000
Published 11/06/2013 | 05:00
A WATERFORD ghost shopping-centre once valued at €20m is to go for auction next month at a fraction of its value during the boom.
The Ross Abbey Town Centre in Ferrybank features in the Allsop Space catalogue with a guide price of between €225,000 and €275,000. It has 20 units built to shell and core level.
It is being sold on behalf of Kavanagh Fennell, receiver to Jaytar Ltd, a development company which is reported to have spent €7m building the 2.35-acre centre.
In all, 121 properties will feature in the bumper auction on July 4 at Dublin's Shelbourne Hotel. The estate agents are hoping to raise more than €12.1m if each of the properties achieves its target guide price.
Residential property accounts for 63 of the lots, split between 33 houses, 26 apartments and also includes three apartment blocks. Commercial property accounts for 40 lots including 19 retail units and seven pubs.
One of the more valuable properties to go under the hammer is Nancy Hands on Parkgate Street, Dublin 8. It has a €650,000-€700,000 guide price which is 13.5pc of the €5m which was paid for it in 2005 when it was bought by publican/developers Larry Crowe, Brian Flannery and Robin Payne, who are best known for their ownership of the Camden Deluxe hotel in Camden Street, Dublin.
Two brothers, David and John Boles, are selling a period house on the seafront in Blackrock, Co Dublin which has a €250,000 guide price. David explained they bought the house, 8 Seafort Parade in Blackrock, in 1971 for IRE£3,900 (€4,953).
"We went to an auction to buy a different property but when I saw this one failed to sell under the hammer I took a closer look at it and felt it offered very good value.
"It had been in four bedsits so we converted it into two self-contained apartments and let it out. It retains many of its period features and we kept the staircase between the two in storage if anyone wishes to restore it into a family home," he added.
"Unfortunately we didn't sell it during the boom but we decided to opt for the auction now because we felt that this is the best way to get a good price for a property in a desirable location."
In Co Tipperary a group 12 traditional thatched holiday cottages at Puckane, near Lough Derg is for sale with a €300,000 guide price. Each has three bedrooms and eight of them are detached and four semi-detached.
Reflecting some of the strong prices seen for Dublin residential properties the guide price for a duplex apartment at Hogan Square, Hogan Place near Holles Street Hospital has increased by the equivalent of 39pc compared to another apartment which sold in another auction in the same development 12 months ago.
In July 2012, a three-bedroom, 1,044sq ft apartment, 14 Hogan Square, had a €160,000 guide price which was the equivalent of €153 per square foot. Now a two-bedroom duplex apartment, 17 Hogan Square, has the same €160,000 guide price but as it's a smaller 750sq ft, this works out at €213 per square foot. – a 39pc increase in the equivalent guide price.
Robert Hoban of Allsop says that No 14 sold for €246,000 which works out at €235 per sq ft and so the new guide price is still below the last sale price.