Monday 11 December 2017

Allsop secure €6.13m with 28 private deals

The Excise Building in the Irish Financial Services Centre, Dublin 1
The Excise Building in the Irish Financial Services Centre, Dublin 1
Bayview Hotel & Leisure Centre in Killybegs, Co Donegal which also sold above its guide price

Donal Buckley

Some of the most valuable commercial properties which had featured in the Allsop Space July auction catalogue were sold by tender in recent days, after the July 4 auction was abandoned due to protester activity. In all, 28 commercial properties sold for €6.13m by tender and these included three pubs and 12 plots of development land.

Among the more valuable properties to sell for over their guide prices was The Excise Building in the Irish Financial Services Centre (IFSC), Dublin 1, the central part of which was used until recently as a restaurant and bar. Its guide price had been €650,000.

A heritage building in Dublin's north Docklands, the section of the cut-stone and brick building that had been occupied until recently by a restaurant and bar no longer has a license. The lot also includes two glazed cafe units on either side of the building which are let to Munchies and MYO (Make Your Own) and generate annual rents of €120,000 a year.

Unlike an auction where all the prices are disclosed, the tender process precludes the disclosure of the sale prices without the written consent of all parties. Consequently the agents declined to disclose the actual prices which the properties achieved.

However they did confirm which properties sold and if they sold above their guide prices.

The 40-bedroom modern Bayview Hotel & Leisure Centre in Killybegs, Co Donegal sold for over its €400,000 guide.

In all, five pubs were submitted for the tender process and three of them sold. The most valuable of these was Nancy Hands on Parkgate Street, Dublin 8 which achieved over its €700,000 guide price. But that was only 13.5pc of the €5m which was paid for it in 2005.

In Balbriggan, Co Dublin, the Hamlet Pub and Fei's Garden Chinese restaurant at Block A, Castle Mill Shopping Centre sold for over its €380,000 guide price.

Generating

That guide price had been reduced from the €575,000 which was quoted for it before it was withdrawn from the previous Allsop auction in May. It is generating €100,000 a year in rental income from two tenants, one operating the restaurant and the other the bar. The former Doran's Pub, in Main Street, Athboy, Co Meath sold for above its €125,000 reserve.

Among the 12 plots of land to sell through tender was an 8.2-acre lot with a four-bedroom bungalow and stables at Lisnagar, Rathcormac, Co Cork, which sold for over its €150,000 guide.

A 60-acre farm at Kiltoohig, Charleville, Co Cork, together with its three-bedroom bungalow, sold for in the region of its €475,000 reserve and its guide of €7,917 per acre.

The most valuable site in the auction catalogue was a 1.08-acre site on Clonkeen Road, close to Dunnes Stores, Cornelscourt shopping centre and Cabinteely Village. The site known as Treacy's Yard had a €650,000 to €750,000 guide and it was sold prior to the auction.

Located on the western side of the N11, it has high-profile potential with its frontage of 88 metres on to the N11 and 138 metres on to the section of Clonkeen Road west of the N11.

Currently a hardcored yard with four sheds, a garden centre and parking, it is generating €59,475 a year in rent from a number of tenants.

Indo Property

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