Sunday 22 January 2017

Auctions take centre stage with 240 units on the block

Donal Buckley

Published 16/06/2016 | 02:30

4 Clanwilliam Square in Dublin 2 will be auctioned at the upcoming Allsop auction
4 Clanwilliam Square in Dublin 2 will be auctioned at the upcoming Allsop auction

During the next three weeks an unprecedented four bumper auctions will offer more than 240 properties for sale, as the revival of that market place continues.

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O'Donnellan Joyce will offer 50 lots tomorrow in Galway. Ganly Walters GW2 will offer 21 lots in Leopardstown, Dublin on June 28. Allsop will auction 150 lots in the RDS Dublin on June 30 and DTZ Sherry FitzGerald will offer 31 nationwide lots with combined AMV's totalling €6m in Cork on July 6.

The choice includes a number of pubs, industrial units, offices, creches, restaurants, multi-family portfolios, as well as apartments and houses. Interestingly some neighbouring apartments in the same development are being offered in 'bite' size lots instead of bundling them into portfolios for large investors.

For instance DTZ's auction includes seven apartments at Camden Wharf, Cork City to be sold in three lots. One of the lots comprises three apartments and has a €420,000 guide while two other two lots with two flats each have €280,000 guides. Each of the flats measures 65 sq m and is valued at €140,000.

Tomorrow in Galway, O'Donnellan & Joyce will auction three pubs as well as commercial properties with gross yields of over 12pc in addition to a range of residential properties including some with five or more bedrooms and B&B potential.

The most valuable lot is Lohan's Bar and Restaurant, 232 to 234 Upper Salthill, Galway, which comes with five apartments and a €1.2m advised minimum value. Each of its four two bedroom units generates rental income of about €800 per month.

In Tuam EG Canavan's Bar on High Street offers the option of continuing as an investment property or becoming an owner occupier pub. Its 3,330 sq ft floor area includes four overhead offices and it is guiding €260,000.

Two investment properties in Ballaghaderreen, Co Roscommon, offer gross yields of more than 12pc.

One of them at The Square comprises four commercial units and two apartments.

Despite two commercial units being vacant, the property generates annual rents of estimated at €84,950 and with a guide price of €650,000 to €700,000 it offers an initial gross yield of around 12.6pc Its tenants include the Northern, Midland & Western Regional Assembly.

Nearby an investment property at New Street let to Molloy's pharmacies, earns annual rents of €30,000 and its €210,000 AMV suggests a gross yield of 14.3%.

The GW2 lots have combined AMVs of more than €2.49m and include 13 commercial or mixed use lots including six which are generating investment income. The most valuable lot is a 26 acre residential equestrian property known as Park Farm, Mount Charles, Co. Donegal, which has a €525,000 AMV and has tourism potential. It had previously had a €750,000 guide price.

A vacant, 121 sq m own door office, Unit 6 Parklands Office Park, Southern Cross Road, Bray, has a €150,000 AMV, which is a reduction of €25,000 on its previous guide.

An investment industrial property at Bay 1, Corcanree Business Park, Dock Road, Limerick has a €335,000 AMV and with annual rental income of €45,000 could yield 13.5pc gross.

GW2's second highest gross yield of 12.75pc is possible from a mixed use building at 1 and 2 McLynn Terrace, Pearse Road, Sligo, which is generating rent of €1,800 per month from retail units and apartments. Its guide price is €160,000.

A landmark building at the corner of Church Street and Main St, Roscommon town has a €75,000 AMV. Formerly a bookie shop, the three storey property needs refurbishment but offers a high profile.

Allsop is hoping to generate up to €29m from its 150 sales which will include 61 commercial and investment properties. The most valuable is Unit 2, Bailis Village, Johnstown, Navan, Co. Meath, an 879 square metre office let to HSE at €130,000 a year whose AMV is €1.15m.

Opportunities for smaller private investors to buy a slice of Dublin's hottest office market, are offered by two own door offices in Clanwillian Square, in Googleland.

Their guide prices range between €485,000 and €655,000 and gross yields could range between 6.5pc and 9.4pc.

An opportunity to invest in Temple Bar restaurant property 8s offered by 12/13 Eustace Street, Temple Bar, Dublin 2, which is generating rental income of €45,000 from The Port House Pintxo. At its reserve range of €580,000 - €610,000 this suggests a gross yield of about 7.5pc.

Allsop's catalogue includes some pubs ranging in price from only €50,000 for The Weekender in Thomastown, Co Kilkenny, up to a €420,000 to €470,000 range for The Hub, Windmill Road, Crumlin, Dublin 12.

The most valuable lot at the DTZ Sherry FitzGerald auction is an 80 acre non residential farm at Dunbuig, just 1km from Killenaule, Co. Tipperary. The prime pasture benefits from frontage on two roads and has a €750,000 guide price.

DTZ's next most valuable lot is a house at 509 South Circular Road, Kilmainham, Dublin 8. The five bedrooms period semi extends to 1,570 sq ft and it also has separate commercial workshop extending to 750 sq ft at its rear.

Of the seven development properties, the most valuable is an unfinished section of the An Gleann Ull housing estate in Ballyhooly, Co Cork, with five uncompleted houses, one serviced site as well as three acres of partly serviced lands with some foundations in place. Planning permission has expired on these lands. Its AMV is €400,000 AMV.

A similar type of property at Lough Allen Resort, Drumshanbo, Co. Leitrim, comprises four detached holiday homes of which three are completed while the fourth requires internal finishing. They have a €200,000 AMV.

A ground floor restaurant at 107 Irishtown, Clonmel, Co. Tipperary offers a prospective gross yield of 15pc as it generates annual rent of €12,000 and is priced at €80,000. Crazy Noodles restaurant/takeaway extends to 1,024 sq ft.

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