Tuesday 19 September 2017

Overseas buyers compete for Meath and Cavan lots

Boden Park House, Ashbourne, Co Meath sold for €810,000
Boden Park House, Ashbourne, Co Meath sold for €810,000

Donal Buckley

An American buyer bought a Cavan pub and a Chinese couple bought a Kells shop at an auction in Cavan last Thursday when five commercial properties were among 12 lots which sold.

Local auctioneer Padraig Smith reports that 80pc of the 15 lots sold on the day and he expects to sell at least one more before the end of this week.

The top price was the €255,000 achieved for a mixed use commercial premises including Maura's Bar, a restaurant and a take away in the popular egg market area of Cavan town.

It was bought by an American buyer who paid just €5,000 over the €250,000 guide price. It is also generating a combined annual rent of around €30,000.

At the same auction a Chinese couple bought a commercial premises on the corner of John Street and Cross Street, in Kells, Co Meath, for €160,000 which was slightly below the €175,000 guide price.

The three-storey property which is let to a pizza takeaway is generating an annual rent of €16,000.

In contrast in Cootehill, a premises reputed to be County Cavan's first Chinese takeaway, was bought by a local businessman for €100,000 or €5,000 below its guide price.

Well renowned for its dishes, the three-storey premises at 70 Market Street is generating an annual rent of about €15,000.

A residential farm with two chicken houses at Derryledigan, Scotstown, Co Monaghan, was bought by a local farmer/businessman for its €150,000 guide price. Its two-storey three-bedroom detached farmhouse came with 26 acres.

In Drumalee four, two-bedroom bungalows in the Castlemanor retirement village, sold for between €36,000 and €38,000 which was slightly below their €40,000 guide prices.

Mr Smith says the two-bedroom bungalows are in turnkey condition with an achievable annual rental income of €6,000.

Mr Smith also reports the sale of a supermarket premises at The Diamond in Belturbet. Its pre-auction guide price had been €140,000, and a premises trading as a takeaway on Main St, Killeshandra, had a €100,000 guide price prior to its sale.

Meanwhile, in a separate auction a house on seven acres in Ashbourne, Co Meath, sold for €810,000 and it is believed to have been bought by a local business family.

Boden Park House had been completely refurbished and extended to 600sqm over three storeys and accommodated four reception rooms and five bedrooms.

Prior to the auction joint agents Coonan Real Estate Alliance and Dillon Auctioneers had been guiding €750,000 for the property which also came with stables.

Irish Independent

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