Tuesday 15 October 2019

44 apartments to be auctioned for €2.65m in one lot

The Bru na Sionna apartments
The Bru na Sionna apartments
Donal Buckley

Donal Buckley

A portfolio of 44 apartments at Bru Na Sionna, Shannon, Co Clare, will go for online auction in one lot on its own with BidX1 on June 19 next with a €2.65m guide price.

All but two of the units are let and the 42 occupied units generate a total annual rent roll of €395,400. They comprise 26 two-bedroom apartments, 17 three-bedroom units and one four-bedroom unit.

The units are peppered throughout the large development and range in size from 56 sq m for the smallest two-bedroom unit to 107 sq m for the four-bed unit.

Rents range from €6,900 a year up to €10,800 per annum.

Shannon was Ireland's first purpose-built town constructed to cater for the employees working in the nearby airport and its commercial development zone. The second largest town in Co Clare, it has a population of about 10,000 people.

The property is situated in the centre of Shannon town, off Tullyglass Road and close to its shopping centre where Lidl and Dunnes Stores are anchor stores.

Bernard Cully of BidX1 explained that the auctioneer had decided to auction this lot on its own rather than in a bumper auction with other lots as this way the firm could devote more time to it and bidders.

It may adopt a similar approach for more valuable lots in the future.

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