260 lots go under hammer at five autumn auctions
Published 29/09/2016 | 02:30
The last seven days saw as many as five bumper auctions, with more than 260 properties offered for sale. These include three provincial DNG auctions, one by Cushman & Wakefield Sherry FitzGerald, and a fifth by Allsop.
The latter had the largest catalogue and most valuable commercial lots. Hainault House, Belgard Road, Tallaght, Dublin 24, is understood to have been sold for a figure in the region of its €1.7m to €1.9m guide price.
This stand-alone, three-storey premises extends to 16,390 sq ft, generating €147,090 per year in rent from two tenants on two floors. With vacant possession of the 5,575 sq ft first floor, it has potential to increase rental income.
A former Dublin pub, the Kings Inn on Bolton Street, Dublin, sold for €400,000. A three storey over basement premises, it has a second floor apartment and the lot had a €350,000 to €450,000 guide.
Among the residential properties, the top price was achieved by 3 Sydenham Road, Ballsbridge, Dublin 4, which sold for €1.065m - €165,000 over the upper end of its €850,000 to €900,000 guide range. This vacant, mid-terrace three-storey house is arranged in five residential units with a combined 3,218 sq ft. Its large rear garden benefits from vehicular access
In Dublin's north inner city 1-5, 18 Langrishe Place, Summerhill, Dublin 1, sold for €800,000, compared to a guide range of €700,000 to €750,000. Comprising four one-bedroom flats and a two-bedroom townhouse, which are fully occupied, it generates a gross rent of €72,600 a year.
Near Dublin's IFSC, the two-bedroom Apartment 51, Saunders House, Spencer Dock, sold for €405,000, €30,000 over its €375,000 guide.
This fourth floor, 914 sq ft investment generates €16,800 in annual rent and comes with a parking space.
In the upmarket K Club in Co. Kildare, a much larger two-bedroom duplex apartment sold for its €280,000 guide price. With an address at 809 Lady Castle, The K Club, Straffan, the vacant property extends to 1,647 sq ft and enjoys views of the 18th green of the Smurfit Championship Golf Course.
At the Sherry FitzGerald Cushman & Wakefield auction in Leopardstown last Thursday, 17 of the properties in the catalogue generated sales of €4.56m and eight of those properties sold under the hammer.
A further four properties, of the 29 at the auction, are under offer.
The highest price achieved in the room was for a former warehouse, currently occupied by a Revenue Commissioners office, which sold for €800,000 - €250,000 more than its guide price.
The Revenue offices are located at Block F, Units 4-7, Athy Business Campus, in Co. Kildare. Originally comprising four warehouses, the Government's property manager, the OPW, converted them into 13,487 sq ft of two-storey modern offices.
The OPW is currently paying a rent of €230,000 a year, but its current lease has expired. The OPW had agreed to a new 10-year lease at a fixed rent of €90,000 a year. However, that lease has not been signed and it will be up to the purchaser to finalise.
In Dublin 12, a semi-detached warehouse, Unit 33 Robinhood Industrial Estate, sold for its €350,000 AMV. Extending to 23,336 sq ft, it is partly let to Long Thanh To trading as China Market at a rent of €48,000, but that lease has also expired.
This tenant occupies the main warehouse extending to 9,741 sq ft, while the remainder, comprising two other units, is vacant.
Demand was also seen for development properties with unfinished houses which could speedily be brought to market and in particular a 6.5 acre property at Mullavale, Castletownroche, Co. Cork, which sold for €750,000 - almost double its €390,000 AMV.
It comprises 11 houses needing completion and 6.5 acres with previous planning history for 63 more units. Auctioneer Des O'Malley said the Mullavale property's price reflected perceived demand for houses in a village which is within easy commuting distance of three north Cork towns Mallow, Fermoy and Mitchelstown.
A similar Cork property within commuting distance of Kanturk, sold for €315,000, which was less than its €350,000 AMV. Known as The Beeches, in the village of Boherbue, it consists of 18 houses in partly-finished condition.
At DNG's Munster auction last Tuesday, 19 of the 22 properties sold generating €2.08m. The most valuable of those was Le Porte Rouge, Benedine, in a desirable area of Nenagh, Co. Tipperary, which sold for €251,000, or €71,000 over its AMV.
While the four-bedroom detached property is in need of refurbishment, it comes with a detached garage on a spacious site.
The cheapest lot was a rundown cottage on 0.5 acres at Milltown, Charleville, near the Cork/Limerick border, which sold for €30,000, or treble its AMV.
DNG's Leinster auction last Thursday saw five out of 11 lots sold generating €768,000. Three of the successful bids were for Dublin dwellings.
The most valuable lot on the day was 160 Rusheeney Manor, Clonsilla, Dublin 15, a three bedroom semi-d which achieved its €215,000 AMV.
The cheapest was a commercial property, Kellar House, Tullow Road, Carlow Town, which accommodates eight offices within 2,250 sq ft and sold for its €105,000 guide.
At DNG's Connacht auction last Friday, 16 properties sold ranging in price from €27,500 to €373,000. The cheapest was a three-bedroom bungalow in need of refurbishment, known as Orchard House, Glenamaddy, Co. Galway. At the top of the range was a three-bedroom, 1,162 sq ft penthouse, 34 Cois Cuain, in the Galway seaside suburb of Salthill, which achieved around €373,000, or €98,000 more than its guide.