Monday 26 June 2017

More than €12m could be raised from sale of investment property at auction

No.2 St Augustine Street, Galway, is guiding €350,000, while Mountrath Business Park
No.2 St Augustine Street, Galway, is guiding €350,000, while Mountrath Business Park

Donal Buckley

More than €12m could be raised from the sale of 68 lots at two public auctions during the next two weeks. O'Donnellan & Joyce will auction 50 lots in Galway tomorrow, with properties located in areas stretching from west Limerick to Donegal.

Then on May 4, Cushman & Wakefield and Sherry FitzGerald will auction 16 lots at Leopardstown, Co. Dublin, where all bar one lot are in Leinster and these include two in Dublin.

The O'Donnellan and Joyce lots have combined values of more than €8.2m, of which eight are commercial properties with combined guides of more than €1m.

One of the interesting investment properties in this auction is No.2 St Augustine Street, Galway, which has a €350,000 guide.

In Dublin, No.45 Upper Clanbrassil Street is guiding €300,000
In Dublin, No.45 Upper Clanbrassil Street is guiding €300,000

Located only 30 metres from Shop St in the heart of the city, the 325 sq m (3,500 sq ft) four-storey premises comprises a 79 sq m (850 sq ft) charity shop unit on the ground floor with the upper floors split into residential flats. The Galway Society for the Prevention of Cruelty to Animals (GSPCA) operates the charity shop that generates rent of about €19,000 per annum.

A mixed-use Limerick investment at Windmill Apartments on Dock Road near the city centre has a €300,000 guide.

It comprises three two-bed apartments which generate rents of €21,600 a year. In addition, there are four occupied one-bedroom apartments which are let under the local authority RAS scheme to Limerick County Council. While the council is not currently paying rent under the terms of this deal, rent will become payable starting with one of them next month. This lot also includes a vacant ground-floor retail unit of 371.6 sq m (4,000 sq ft) finished to shell and core.

The Sherry FitzGerald auction includes five development sites and seven commercial/investment properties with a combined guides of more than €3.9m. The most valuable of these is a 4.8-acre development site at Glenatore, Coosan, Athlone, Co. Westmeath, which has a €990,000 guide price.

Located on the northern side of the Coosan Road, about 1 km north of Athlone town centre, it comprises 28 complete or partially complete units and 21 undeveloped sites and includes an additional rear site extending to 0.21 acres.

Of the 28 units, 24 will require works to complete them. A further 10 houses on Glenatore Estate have been sold to third parties privately and are not included in this opportunity.

Mountrath Business Park in Co. Laois has a €650,000 guide
Mountrath Business Park in Co. Laois has a €650,000 guide

Also in this auction is Mountrath Business Park, Co. Laois, with a €650,000 guide price.

It includes a petrol filling station with a retail premises occupied by Petrogas Group Ltd, trading as Applegreen. There is an unsigned 20-year lease in place with a tenant break in year 10 with 12 months notice and it stipulates €45,000 in annual rent in the first five years, increasing to €50,000 per annum for the second five years.

This property also includes a two-storey car showroom with first-floor open-plan offices finished to a shell and core specification. In addition, there are four high-bay industrial units of steel frame construction. One of these has three full-height roller shutter doors and ancillary two-storey offices.

The business park is located 1km south of Mountrath town, which is located close to the M7 motorway, which provides easy access to Limerick and Dublin and the main arterial routes.

In Dublin 8, a mixed-use investment property at 45 Upper Clanbrassil Street has a €300,000 guide price. It is generating €21,540 in annual rent, suggesting a gross initial yield of almost 7.2pc.

At its 43.43 sq m (468 sq ft) ground level, this mid-terraced two-storey property is in retail use and on first-floor level it accommodates a 51.22 sq m (551 sq ft) two-bedroom apartment which includes an open-plan kitchen and living area.

Recent increases in residential rents and the area's proximity to the city centre have seen Clanbrassil Street attract some trendy food and beverage outlets in the last two years, suggesting the street may be benefiting from gentrification.

Meanwhile near Portlaoise, Co. Laois, a multi-let investment property at Unit 1, Kealew Retail Park has a €330,000 guide price. It is currently generating €46,970 in rent (excluding VAT) from three retail tenants, which suggests a gross initial yield of 14.23pc.

This 1,674 sq m (18,018 sq ft) property is located on a prominent corner of the retail park, which itself is about 1km from Portlaoise town centre and about 4kms from the M7 Motorway, allowing access to Dublin, Limerick and Cork.

The 757 sq m (8,148 sq ft). ground-floor retail area is occupied by Expert Electrical, Dohenys Homecare and Inspiring Interiors. Its first-floor retail area extends to 750 sq m (8,073 sq ft) and is occupied by Doheny Homecare Furniture.

This area benefits from a roller shutter door which provides loading access directly to the first-floor display area.

A storage area is connected to the property by a yard and is currently used by Expert Electrical.

An investment property at 15 Dublin Street, Carlow town, has a €250,000 guide price and a rent of €27,500 per annum, which suggests a gross initial yield of 11pc.

Located on the corner with Brown St, the high-profile commercial premises is currently let in one lot on a four-year, nine-month lease from April 2014. Extending to three floors over basement, it is in good condition and boasts a Georgian doorway.

Four of the lots are located at Clarmallagh, in The Swan village, Co. Laois.

One of them is a 325 sq m (3,498 sq ft) vacant commercial property on a one-acre site surrounded by residential development. It has a €95,000 guide price.

The other Clarmallagh lots are sites ranging in price from €15,000 to €100,000. The latter relates to a site with planning permission for eight detached houses. The Swan village is almost equidistant from Carlow, Portlaoise and Athy.

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