Auction secures more than €3m for 26 prospects
Published 07/12/2011 | 05:00
Of the 31 commercial properties and development properties which were auctioned at the recent Allsop Space sale, 24 sold under the hammer and two sold afterwards grossing €3.64m from these 26 properties. Including residential sales 99 properties were sold grossing €11.4m.
Of the commercials, the highest yield of 22.7pc was achieved by 9 Trinity St, Drogheda, where the ground floor is let to Boylesports bookie shop at a rent of €57,500 a year. It sold for €253,000 or 27pc over its guide.
The lowest yield of 6.7pc was seen for the most expensive property of the day, 174 Pembroke Road, Ballsbridge, Dublin 4, which is let to two restaurants and sold for €630,000 or 30pc over its guide price.
A respectable yield of 8.9pc was also achieved for 38 Stoneybatter, Dublin 7, a two- storey corner shop which sold for €92,500.
A 20pc yield was attributed to Zam Zam Pizza shop in Bundoran, Co Donegal, which sold for its €50,000 guide price.
An English buyer bought a retail warehouse unit in the Westgate Business Park, Dungarvan, Co Waterford, for €157,500 or 57.5pc over its guide. Although the lease quotes a rent of €60,000 per annum, the tenant pays a €26,400 per annum rent, suggesting a yield of 16.8pc.
Only five commercial and development sites sold at, or below, the guide price and a Northern Ireland buyer appeared to achieve the best bargain by paying €14,000, or 30pc below the guide price, for a one-acre site at Rathure, Monamolin, Enniscorthy, Co Wexford. In contrast a Carlow buyer paid 150pc over the guide price when paying €75,000 for a 5.42 acre site in Bagenalstown, Co Carlow.
Five were unsold and the most valuable of these was The Mart in Clifden, Co Galway, a terrace of 12 industrial units of which seven are let and generating a rent of €31,102 per annum. It was withdrawn when the bidding petered out at €277,500 - €12,500 below its guide.