Friday 23 February 2018

320 lots under the hammer with combined €60m value

The catalogue comprises more than 320 lots with a combined value of more than €60 million
The catalogue comprises more than 320 lots with a combined value of more than €60 million

Donal Buckley

The largest ever catalogue of Irish properties will be auctioned online by BidX1, the new brand name for Allsop Ireland, following its takeover by Stephen McCarthy's Space Property Group.

It comprises more than 320 lots with a combined value of more than €60 million. Residential lots, including multi-family, will exceed 200, with a combined value of more than €30m and these will be auctioned on September 27.

"A quarter of the residential offering is based in Dublin, our largest Dublin offering for some time," says director Jonathan Fenn.

On September 28 more than 110 lots, including commercial investments and development land, will be offered with combined reserves of almost €30m.

The most valuable commercial property is 1-3 The Green, Malahide, Co. Dublin, a mixed-use investment with a €3.4m guide price. It generates €288,000 in annual rent, suggesting a gross yield of 8.47pc. Extending to 960 sq m (10,333 sq ft), it comprises a ground-floor restaurant and cocktail bar together with three storeys of offices as well as basement and surface car parks.

The restaurant and bar are let to Siam Thai. As well as six surface car spaces to the front, it has further parking to the rear extending to 0.07 acres.

A vacant office property, Block 5, Unit 2, Tallaght Retail Centre, Dublin 24, has a €1.5m guide price. It extends to 3,539 sq m (38,093 sq ft) and comprises ground-floor reception area and two upper floors of offices along with 24 parking spaces.

The price equates to €39.37 per sq ft. A service station investment, known as Tralee Food Court, Mile Height Retail Park, Rathass, Tralee, Co. Kerry, has a €1,425,000 guide price. It has a current rent reserved of €130,000 suggesting a gross yield of 9.12pc. Extending to 405 sq m (4,359 sq ft), the ground floor comprises three separate restaurants and is let to Petro Gas Limited trading as Applegreen.

A restaurant investment in a popular south Dublin dining destination, Unit 1, 1a and 2a Monkstown Crescent, Clifton Avenue, Monkstown, Co. Dublin, has a €600,000 guide. Extending to 267 sq m (2,873 sq ft) over part ground and first floors, it is let to individuals trading as Amerta Chinese Restaurant at a current passing annual rent of €50,000, which suggests an 8.33pc gross yield.

A soon to be vacated office and warehouse property at Unit 4A, Blanchardstown Corporate Park, Blanchardstown, Dublin 15, is guiding €1.25m. It comprises 833 sq m (8,966 sq ft) of offices over two storeys and 961 sq m (10,344 sq ft) of warehousing on a site with 40 car spaces.

A slice of Cork City's prime shopping street is being offered for €465,000. Located at 124 Patrick Street, the vacant four-storey, mid-terrace retail building extends to 154 sq m (1,657 sq ft) of which 59.8 sq m (643 sq ft) is ground floor retail. In Cork's southside suburb of Douglas, a mixed-use investment, Oakleigh House, Donnybrook, comprising three retail units and three apartments has an €800,000 maximum reserve.

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