Business Irish

Saturday 20 September 2014

Commercial properties dominate auction

Donal Buckley

Published 05/12/2012 | 05:00

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The largest auction of commercial properties in Dublin saw the sale of two regional pubs as well as a number of office and retail properties.

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The strongest price achieved on the day was the the €920,000 achieved for a parade of 18 retail units at Market Place, Clonmel which was €20,000 over its guide price.

Nine of its units are tenanted and have combined rents reserved at €231,645 a year.

The highest price paid for a Dublin commercial property was the €730,000 achieved for Olympia House, 63 & 63A in Dame St, in Dublin city centre, near the Olympia Theatre, or almost double its €380,000 guide price.

The five storey mid-terrace building is generating a rent of €83,088 a year and has 12 tenants with one vacant office unit. Extending to 678.55sqm its two ground floor retail tenants include auctioneering firm Hassett and Fitzsimons and Stir Crazy restaurant. Their trade is not affected by the sale.

In Stepaside, Dublin 18, a fully tenanted block with four retail units, known as the Step Inn Stores, was sold for €555,000 or €105,000 over its €450,000 guide price.

The street front property is generating a rent of €72,180 per year.

In Co Tipperary, the Bit and Bridle Inn with restaurant and B&B at Limerick Junction, sold for €205,000 or €10,000 over its €195,000 guide. It also benefits from a car park.

Another pub, The Turtle in Loughrea, Co Galway sold for its €85,000 guide price.

A period Dublin northside office property sold for €302,500 or €112,500 over its guide. Known as Bayview House and located at 49 North Strand, the corner building extends to 375sqm and is vacant.

An office suite in the Mall Beacon Court Sandyford, Dublin 18 sold for its €250,000 reserve. Extending to 299.3sqm, Suite 16 is generating a rent of €16,402 a year from two tenants and has a roof garden.

A mixed use building, at Stanhope Place, Athy, Co. Kildare, sold for €345,000. About 410 sq m of the 614 sqm property is let and generating €47,360 in rent. Its guide price was €295,000.

A modern Dublin industrial premises, Unit 12 Stadium Business Park, Ballycoolin, Dublin 15 sold for €104,000. Extending to 256sqm the two- storey end-of-terrace property is vacant and its guide price was €95,000.

However a number of properties also failed to sell under the hammer. These include a substantial portion of a neighbourhood shopping centre at Aston Village, near Drogheda, Co Louth with a €300,000 guide. All but one of its units are vacant.

In Tallaght, Dublin 24 a corner property known as Kennedy Buildings in six units generating rents of €99,900 also failed to sell under the hammer. Its guide price is €595,000.

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