Tuesday 11 December 2018

€40m worth of property to go under digital hammer at BidX1

The Bull Ring on Meath Street, Dublin 8
The Bull Ring on Meath Street, Dublin 8
On offer: BidX1’s upcoming auction includes 13 apartments at Richmond Hall in Fairview, Dublin 3
St Fintans, North Street, Swords
Donal Buckley

Donal Buckley

Properties with million-euro-plus price tags account for six of the 173 lots which BidX1 will auction online on November 15. With combined guide prices totalling €40m, the catalogue includes multi-unit residential lots in Dublin and the regions as well as mixed-use investment properties and sites with development potential.

REA will also host two auctions including an online auction today (October 25) with 24 lots, most of which are houses and apartments in the regions.

Among the residential investments at BidX1's auction are 13 apartments at Richmond Hall, Richmond Road, Fairview, Dublin 3 with a €2.3m guide. Set within a wider residential development on the banks of the Tolka River, seven of the portfolio are let and generating €103,500 per annum while the other six are vacant.

In Dublin's Liberties a mixed use investment, known as The Bull Ring on Meath Street, Dublin 8, has had its guide price reduced by €450,000. Last April it was asking €3.75m but even though it has since had its rental income increased by letting a second retail unit, the guide price for next month's auction is reduced to €3.3m. With combined annual rents of €244,500 this suggests a gross initial yield of 7.4pc. Another retail unit remains vacant.

The property has been redeveloped extending to 917 sq m (9,871 sq ft) and comprises a ground floor cafe trading as Tasty 8 and a retail unit let to Bright Home Retail. On its two upper floors, offices extending to 594 sq m (6,394 sq ft) are let to EDI Factory Ltd.

Also reduced in asking price is another mixed use investment at St Fintans, North Street, Swords, Co. Dublin, which is now quoting €2.3m or €300,000 below its 2017 price tag. Since then its rent roll has increased by €19,000 to €246,660 per annum. It comprises six retail units and five office units with HSE, Paddy Power and Gourmet Food Market among the tenants.

A relatively modern five-bedroom detached house on 3.5 acres, Brookville, Hazelbrook, Malahide, Co Dublin has a €1.3m guide. It extends to 615 sq m (6,620 sq ft) while the grounds come with five stables and a 180 sq m (1,937 sq ft) workshop. It is located just off Chapel Road, about 3.3km south of Malahide Village.

In Shankill, Co Dublin, two refurbished coach houses and a derelict gate lodge on 4.76 acres at Rosedale, Quinns Road, has a €1.2m guide. Located on a tree-lined road close to the seafront, the lot also includes two outbuildings which are subject to tenancies at an annual rent of €8,640.

In Clontarf, four units, Apartments 4, 5, 8 and 9, Clontarf Bay, Dollymount Park, Dublin 3, have a combined guide of €1m. All own-door units ranging in size from 38 sq m (409 sq ft) to 59 sq m (635 sq ft), they include two duplexes with two bedrooms each, one of which is tenanted.

Among the few logistics and office investments in the catalogue is Unit E, Merrywell Business Park, Ballymount Road Lower, Dublin 12 which has a €990,000 guide price. It is let to Corporate Audio Visual Services Limited until 2033 at a current annual rent of €134,823 suggesting a gross initial yield of 13.61pc. The combined floor area extends to 1,950 sq m (21,000 sq ft) including warehouse and workshop on ground floor. Ground and first floor offices account for 1,074 sq m (11,560 sq ft) of its space and part of these are sub-let.

The most valuable regional lot is a mixed-use investment at Cecil Walk, 24 Kenyon Street, Nenagh, Co Tipperary, which has an €850,000 guide and the prospect of a 14.37pc gross yield. Extending to 1,115 sq m (12,000 sq ft), the town centre investment comprises six retail units and five offices with one of the latter vacant. Currently rent reserved totals €122,225.

With a €750,000 guide price, a former Kerry hotel is being offered at a €200,000 discount to the €950,000 quoted for it last spring. Known as Riversdale Hotel, it stands on 5.12 acres on the seashore close to the bridge which connects the south side of the Kenmare Bay to Kenmare town.

After the hotel ceased trading in 2005, its site received planning permission for a boutique hotel and suites but this permission appears to have expired. It was reported that opportunist fund Cerberus bought the loans attached to the hotel from Nama in 2015.

In what looks like becoming Dublin's newest hospitality quarter, a mixed-use investment has a €700,000 guide. Located at 74-76 The Coombe, Dublin 8, just around the corner from Meath Street, the lot has a current annual rent reserved of €71,100 but the auctioneer points out that the total current passing rent is only €34,500 per annum. One retail unit and one apartment are vacant. Extending to 470 sq m (5,059 sq ft), it comprises three retail units and seven apartments.

At Real Estate Alliance's online auction today the most valuable lot is a four bedroom semi-detached home with a €300,000 reserve. Located at 166 Ballymun Road near the Glasnevin end and about 500 metres from Dublin City University, it generates a combined €870 per month from four tenants. Accommodation includes a garage converted into a self-contained dwelling.

A group of five commercial units in Baltinglass, Co Wicklow have a €150,000 AMV. They include four vacant retail units A, B, E and F with a combined floor area of 238 sq m (2,560 sq ft), together with an adjoining yard and workshop forming part of the Slaney Mall complex on Main Street. The workshop is let to a lawnmower and repair business at a passing annual rent of €8,400.

Meanwhile next Wednesday (October 31) REA O'Connor Murphy will host a public auction in Limerick with 16 Munster and Connacht lots. They include two apartments at The Strand, O'Callaghan Strand, Ennis Road, Limerick of which Number 65, is a two-bedroom unit with a €280,000 AMV.

A retail and office investment which generates €52,200 in annual rent at Units 1-5 An Dun, Church Road, Raheen, Limerick has a €275,000 AMV. It comprises an entire ground floor extending to 567 sq m (6,100 sq ft) which is subdivided into five occupied units.

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