Thursday 29 September 2016

Commercial properties dominate Allsop auction

Donal Buckley

Published 07/04/2016 | 02:30

Houses and apartments at Abbeylands in Co Kildare will be sold at the upcoming Allsop auction
Houses and apartments at Abbeylands in Co Kildare will be sold at the upcoming Allsop auction

As many as 70 commercial properties as well as some residential portfolios valued at less than half a million euros will be included among the properties which Allsop will auction on 28 April at the RDS, Dublin. Combined guide prices for the 210 lots in the catalogue total €23m.

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In Co Monaghan, The Castleblaney Shopping Centre that was developed by local supermarket owner Jim McConnon is being offered for sale with a €320,000 to €440,000 guide price range.

Across the road a plot of land extending to 2.27 acres known as Tavey's Lands is also in the auction with a €70,000 guide price.

The vacant shopping centre at Railway Road, extends to almost 85,300 sq ft. It is divided into 25 units including three large units: a food court of 15,000 sq ft, a supermarket of 20,000 sq ft and a third unit of 23,000 sq ft. The centre is arranged over a two storey basement car park, ground, and first floors and has two pedestrian access points from the town's Main Street.

In Cork a group of seven off-licence stores are being auctioned in separate lots. If they were to achieve their combined guide prices their sales would generate €904,000. Individually they range in guide price from €90,000 to €180,000. Three of the units have leases with Kingsleigh Ltd trading as the O'Donovans chain of off-licences and two of these are located in Blackpool and Summerhill North in Cork City.

Another of these lots, in Passage West, consists of two units, one of which has a lease with Kingsleigh showing a rent of €10,000 a year and the other a lease with an individual trading as De Barber at €9,000 a year. This lot has a combined guide price of €120,000 to €130,000 suggesting a yield of 15.2 pc.

The other four former off-licence units are vacant and located in Douglas Village and Shandon St in Cork City as well as the towns of Mallow and Cobh.

A period Limerick property, whose tenants include a museum dedicated to the memory of Frank McCourt, author of Angela's Ashes, will go under the hammer with a €140,000 to €180,000 guide price. Known as Leamy House, Hartstonge Street, Limerick City, the arts and crafts style property extends to 15,726 sq ft and is subject to four tenancies generating €23,500 a year. However the museum is on an informal lease with a rent of €100 a year.

A number of commuter belt multi-unit residential investment properties are included in the auction with some of their units occupied and generating rents.

A group of four two-bedroom apartments, 18, 12, 119 and 114 Thornfield Square, Clondalkin, Dublin 22, have a €380,000 guide price. Ranging in size from 645 to 839 sq ft three of the units are occupied and generating annual gross rent reserved of €27,600.

In Co Louth, a group of six houses on 4.6 acres at Cordoogan, Monasterboice has a €420,000 - €460,000 guide price. These include five terraced houses, each with four bedrooms and generating current rent reserved of €35,640 a year. The sixth unit is a detached house with five bedrooms finished to shell and core meaning that it requires to be fitted out and decorated.

In Keenagh, Co Longford, eight semi-detached houses on a 2.66 acre site are for sale with a €400,000 guide price. Five of the properties including four houses are at 4, 5, 8 and 9 Crannach. The other houses comprise 3 and 4 Leo Casey Drive and 4 and 10 Woodland Path. One of the houses - 4 Crannach generates €3,640 a year in rent while the others are at various stages of completion.

Among the commercial properties are three in Dublin with guide prices in the €150,000 to €230,000 range.

The more valuable of these is Unit 1 Manor Hall Shopping Centre, Swords, Co. Dublin, which extends to 1,209 sq ft and is let to SASPAR Ltd trading as McNally's Pharmacy. Its guide price is €200,000 to €230,000. The auctioneer says it has a current rent reserved of €50,000 a year suggesting a possible gross yield of 23.2pc but rent payments are being withheld.

A modern end of terrace warehouse investment, Unit 7 Block J, Ballymount Industrial Estate Ballymount Drive, Walkinstown, Dublin 12, has a €180,000 to €200,000 guide price. It extends to 5,091 sq. ft and also has a mezzanine floor. Its current rent reserved is €30,000 suggesting a gross yield of about 15.8pc and is let to an individual trading as Eolas Technologies.

A vacant retail showroom at Harbour Court, Georges Place, Dun Laoghaire has a €150,000 to €170,000 guide price.

A Waterford warehouse unit with a current rent reserved of €55,000 a year might possibly have the potential to generate a gross yield of 30pc a year. Located at IDA Industrial Estate, Cork Road, Waterford, the property is let to WWETB Training Services, formerly known as FAS, but its lease is due to expire next December. It extends to 10,000 sq. ft and its guide price ranges from €165,000 to €200,000.

More higher value commercial and investment properties will be for sale at the next Allsop Private auction which will take place in the Minerva Suite in the RDS on 11 May.

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