Saturday 25 March 2017

310 lots go for sale in last of 2016 auctions

Lár na Cathrach, Tuam
Lár na Cathrach, Tuam
An Ostan hotel, Donegal
Nine houses on Kirwan Street, Dublin 7.

Donal Buckley

More than 310 properties will be auctioned at seven bumper and online auctions in the next three weeks in Dublin and around the country.

Allsop will offer 240 lots worth more than €37m for their online auction on December 13. Tomorrow, 16 west of Ireland properties will be auctioned by DNG Maxwell Heaslip & Leonard in Galway.

On December 8, Cushman & Wakefield and Sherry FitzGerald will auction 20 commercial, residential and industrial lots at its Leopardstown racecourse auction. Three Real Estate Alliance (REA) agents will host three auctions: in Loughrea, Co. Galway on November 29; Roscommon Town on December 2; and Limerick, December 15. IAm Sold will host a Leinster auction with 20 properties on December 1 in Liffey Valley, Dublin.

Allsop's online auction includes 60 commercial properties and 182 residential lots including multi-unit lots offering asset management and development potential. Its most valuable lot is a mixed-use property, Lár na Cathrach, Abbey Trinity Street, Tuam, Co. Galway, which has a €1.2m to €1.3m guide price. Despite vacancies in 11 of its 13 retail ground floor units as well as one of the 20 residential apartments, the property generates a €159,500 a year in rent, suggesting a gross initial yield of 12.76pc. Earlier this year it was offered for sale for €1.7m.

In the trendy area of Stoneybatter, Dublin 7, a portfolio of nine two-bedroom townhouses at Kirwan St have a combined €850,000 to €950,000 guide price. That equates to about €100,000 per house in an area where similar-sized houses can achieve around €300,000, depending on condition etc.

A 2.14 acre 'ghost estate' in north County Dublin comes with eight unfinished houses. Located at Orchard Chapel Lane, Garristown Road, Garristown, it also had planning permission for a further 10 houses and its guide price ranges between €845,000 and €855,000. Among the Dublin multi-unit properties is a mixed-use building at 41 Arran Quay, Dublin 7, which has a €580,000-€620,000 guide price. Extending to 310 sq m (3,336 sq ft), it includes 40 sq m (430 sq ft) of ground-floor offices and three two-bedroom apartments.

In Tullamore, Co. Offaly, 15 houses, at 1 to 15 Lough House View, have a €970,000-€980,000 guide price. All but one of these are let and generate a total of €86,292 a year, suggesting an initial gross yield of 8.85pc with potential for further income. Ranging in size from 88-109 sq m (950-1,172 sq ft), they comprise two- and three-bedroom terraced houses as well as a detached bungalow.

A residential investment at 44 North Circular Road, Dublin 7, has a €440,000-€460,000 price tag and generates €79,000 in annual rents from nine flats, suggesting a gross yield of 17.55pc.

A former hotel in the Donegal Gaeltacht, the 32-bedroom An Ostan, Gweedore, Bunbeg, is for sale for between €590,000 and €610,000. Located on a 76-acre site, it comes with a leisure centre and six holiday apartments.

Three Co. Louth pubs are on offer for between €125,000 and €200,000 each. The former Nolans Bar, Cord Road, Drogheda, extends to 260 sq m (2,798 sq ft) and has a €190,000-€200,000 price tag. An end-of-terrace property, it comes with residential overhead accommodation and publican's licence. At 91-93 Georges Street, Drogheda, a former pub extending to 970 sq m (10,451 sq ft) has a €125,000-€135,000 price tag. It also has side access and a yard to the rear. In Dundalk, the former Shamrock Bar, Seatown Place, is also asking €125,000-€135,000. It extends to 365 sq m (3,923 sq ft) and comes with two overhead apartments.

In south Dublin, a standalone crèche offers a prospective yield of 10.2pc. Located at Block M, Loreto Abbey, Grange Road, Rathfarnham, Dublin 14, the 353 sq m (3,805 sq ft) property is let to Giraffe Childcare for €70,000 a year. Its guide price is €670,000-€700,000.

Sherry FitzGerald's December 8 auction in Dublin will offer 20 commercial, residential and industrial lots. Two Cavan quarries offer a punt on the recovering construction industry. The larger of these is Carricknaveagh Quarry, Bailleborough, which has a €500,000 AMV. Its lands extend to 38 ha (93.9 acres) with the working quarry making up 8.4 ha (20.76 acres). A 6.63 ha (16.4 acre)quarry at Killyvanny, Ballyhaise, has a €250,000 guide price. Tomorrow, 16 west of Ireland properties will be auctioned by DNG Maxwell Heaslip & Leonard in Galway. The lots on offer include residential properties in each of the Connacht counties. The most valuable lot is a former 250 sq m (2,690 sq ft) creche with commercial development potential at 71 Lower Salthill, Galway City, which has a €380,000 AMV. A 12.6 ha (31.2 acre) farm on the edge of Monagea village, Newcastle West, Co. Limerick has a €170,000 AMV. The cheapest lot is a two-bedroom apartment at 10B Brooklawn, Ballaghadareen, Co. Roscommon, which has a €25,000 AMV.

On November 29, REA Ger O'Toole will auction five Galway properties in Loughrea, Co. Galway. These include a 2.3 ha (5.7 acre) equestrian centre at Ballyleen, Tynagh, Portumna, Co Galway with a €90,000 AMV. On December 2, REA Seamus Carthy will auction seven properties in Roscommon town, and on December 15 in Limerick, REA O'Connor Murphy will auction five residences located at The Strand Complex, Limerick, for prices between €155,000 and €310,000.

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