Tuesday 25 April 2017

Cushman & Wakefield sale sees 17 lots deliver €4m

A portfolio of seven units at the Capel Building will be offered for auction by DNG today for a combined guide price of €1.835m
A portfolio of seven units at the Capel Building will be offered for auction by DNG today for a combined guide price of €1.835m

Donal Buckley

More than €4m was generated from the sale of 17 property lots at auction last week.

Meanwhile, 15 properties will today be auctioned in Leopardstown with combined guide prices of more than €3m.

In what will pose an interesting test of two Dublin north city commercial markets - Capel Street's burgeoning restaurant market and demand in the Four Courts legal quarter for office units - auctioneers DNG will today auction a portfolio of seven units which have combined guide prices of €1.835m.

They are located in The Capel Building at St Mary's Abbey, Dublin 7. One lot is a restaurant and bar which was at one time the Irish base for international celebrity chef Gary Rhodes. Extending to 960 sq m (10,360 sq ft) over lower ground, ground and mezzanine floors, this fully-fitted, vacant unit has a €780,000 guide price.

The other Capel Building lot is guiding €1.055m and comprises six units at various stages of shell and core condition including a 45 sq m (494 sq ft) office with 120 sq m (1,300 sq ft) of basement space. A further five units can be used as self-contained offices or retail units and the lot also includes two basement storage units.

Developed by Sean Kelly's company, Benton Property Holdings, most of the units in The Capel Building were sold during the boom with the benefits of tax incentives to members of the legal profession, many of whom operate their practices from there.

It is located at the junction of Mary's Abbey and Capel Street, with the Luas red line running alongside.

DNG will also auction nine residential Leinster properties in separate lots today.

The most valuable of these is a two-bedroom apartment at 2 Timber Mills, Artane, Dublin 5, with a €190,000 guide.

Meanwhile, last Thursday Cushman & Wakefield Sherry FitzGerald sold 17 properties through a Leopardstown auction. The most valuable of these was unit 1 Gateway Business Park, Athy, Co. Kildare, which sold for €900,000, or about €100,000 less than its AMV.

A local businessman bought the high-bay warehouse extending to 9,265 sq m (100,000 sq ft) which includes 261 sq m (2,800 sq ft) of single-storey office space.

Also in Kildare, The Bellyard pub in Monasterevin town sold for €120,000, or about €60,000 less than its guide price. Extending to almost 335 sq m (3,600 sq ft), the premises consists of a ground-floor bar, lounge and kitchen in good decorative condition, first-floor function room, beer garden/smoking area and outbuildings that contain a pool room, cold room and storage rooms.

The prospects of increased housing supply in commuter belts was reflected in three of the sales of houses with sites for further development.

For instance, within Dublin's commuter belt, at Rahin Towners, Ballylinan, Co. Laois, three detached 200 sq m (2,150 sq ft) houses in a developed estate, along with a 1.75-acre site, sold for €500,000, or €125,000 over the guide price. The site had permission for 10 houses but that permission has since expired.

On the northern perimeter of Dublin's commuter belt, an unfinished development at O'Cleirigh Court, Mullagh, in the south-east corner of Co. Cavan, sold prior to auction for around €300,000. It comprises eight townhouses off the main street of Mullagh town centre and is convenient to the M3 Motorway.

In north Cork, 11 unfinished houses and 6.5 acres of serviced development land at Mullavale, Castletownroche, sold for €580,000, or €10,000 below its guide price. It had previous planning history for 63 more houses. Castletownroche village is about 10 miles from three north Cork towns - Mallow, Fermoy and Mitchelstown - and about 48km from Cork city.

Last September the same property was offered for auction with a €390,000 guide price but the highest bidder, who bid €750,000, failed to complete the purchase.

The Sherry FitzGerald auction also saw a similar property in west Limerick sell for €276,000, or 37pc over its guide. Located at Killarney Road, Abbeyfeale, Co. Limerick, it comprises nine acres with four houses completed to shell and core with bases installed for 16 other houses.

Auctioneer Des O'Malley said demand for these types of properties has improved considerably in recent months compared to last year, when developers were slower to bid on these types of properties because of a range of problems.

"Now with the recovery underway they know they can achieve prices which will cover the cost of solving such problems," he added.

Indeed, one of the more surprising prices was seen for a Donegal house, 4 Beacon Hill, Fahan, with views of Lough Swilly, which came with an auctioneer's warning. He pointed out that the vendor "had the property tested for MICA Muscovite and the results are positive. All intending purchasers should make their own structural and financial investigations in view of this information prior to auction."

Consequently the guide price for the five-bedroom 267 sq m (2,873 sq ft) detached house was a modest €80,000. However, with its sea views and proximity to beaches and golf courses, it sold for €246,000, or more than three times its guide. The presence of mica is believed to be causing blockwork to crumble in houses.

Recovery in the north west's housing market was also reflected in three Sligo sales.

Not so long ago auctioneers were selling tranches of flats in a development as one lot with discounts to appeal to purchasers of multi-family lots. Last week's auction saw three adjoining duplex apartments at 37, 38 and 39 Market Close, Market Yard, Sligo Town, sell separately at €84,000, €86,000 and €88,000 respectively. One of the successful bidders had to fend off five competitors.

Meanwhile a 62 sq m (667 sq ft) detached cottage in Rathmolyon village, Co. Meath, sold at an REA Coonan auction last week for €92,000, or €22,000 over its guide.

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