Saturday 22 July 2017

Auction fever as 22 development sites on market

Lynwood House, Ballinteer Road Dundrum, Dublin 16, is a 558sqm office investment property on 0.5 acres. It is fully let to six tenants and agent Martin O'Mahony, of Property Team O'Mahony, is asking €975,000, which he says will generate a 7pc yield
Lynwood House, Ballinteer Road Dundrum, Dublin 16, is a 558sqm office investment property on 0.5 acres. It is fully let to six tenants and agent Martin O'Mahony, of Property Team O'Mahony, is asking €975,000, which he says will generate a 7pc yield

DONAL BUCKLEY Commercial Property Editor

In the first major test of the development land market, at least 22 development sites in Dublin and around the country are to be sold in four different auctions scheduled to take place in the next four weeks and most of them are being sold by land owners.

As many as 16 of the sites including two in north Dublin will be offered for sale in the Mac Estate Agents auction which will take place in Cork on June 24. The cheapest of these sites is a 0.4 acre lot on the outskirts of the town of Hospital, Co Limerick which is zoned town development and its maximum reserve is €23,000.

The most expensive site at this auction is one with planning for 27 residential units at Longorchard, Templetuohy, Thurles, Co Tipperary, which has a maximum reserve of €325,000. The north Dublin site at Kingstown, Lusk, consists of a cottage with planning permission for a replacement bungalow on a 0.75 acre site. Located within walking distance of a train station, its maximum reserve is €155,000.

Planning

Estate agents Savills will auction a 288sqm (0.07 acres), site with planning permission for two mews houses at Northbrook Lane, Dublin 6 on June 16. Its AMV is €500,000.

On June 30 Gunnes will sell two sites in an auction along with seven residential properties. One of these is a 186sqm site at 25 Kenilworth Lane West, Rathgar, Dublin 6, which has planning approval for two mews houses and its reserve price is €120,000.

The second site comprises two acres at Woodview Collooney, Co Sligo, which has a two-storey house and potential for commercial or residential development. Its reserve is €350,000.

On July 7 Allsopspace will auction three sites as well as a few other properties with development potential. The cheapest of these is a 0.064 acre site at 4A St Fintan's Villas, Blackrock, Co Dublin which has a €30,000 reserve.

While development land is the most distressed sector of the market, there have been signs of activity as one-off house building has dominated the house construction sector and there has also been some activity in nursing home developments near urban areas.

Irish Independent

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