Tuesday 23 January 2018

Allsop to offer 230 properties with €38m worth at April auction

Pontoon Bridge Hotel is going under hammer
Pontoon Bridge Hotel is going under hammer
Ronald Quinlan

Ronald Quinlan

More than 230 properties with a combined value of more than €38m on reserve are set to go under the hammer at Allsop's online auction on April 5.

Comprising both commercial and residential assets, the sale is expected to deliver significant returns for sellers following the success of Allsop's February auction in which more than 90pc of lots were sold, and at an average of 53pc above their reserve prices.

Leading the commercial offering at the upcoming auction is an extensive office unit within the Paramount Court building on Corrig Road in Sandyford, Dublin 18.

Currently let to the hugely-successful online car sales portal, Carzone for €116,000 per annum - or €14.99 per sq ft, its prospective buyer stands to benefit from significant reversionary potential considering that quoting rents for similar units are in the order of €18-€20 per sq ft.

An office unit at Dublin’s Paramount Court is reserved at a price of €1.45m-€1.55m.
An office unit at Dublin’s Paramount Court is reserved at a price of €1.45m-€1.55m.

The Corrig Road property is reserved at a price of between €1.45m and €1.55m.

Another commercial highlight is a ground floor bookmakers located on Rathgar Road in Dublin 6 with a recently-refurbished three bedroom apartment overhead.

The property was originally purchased for €350,000 from an Allsop auction in 2011 and is now reserved at €730,000-€760,000. The property's retail unit is let to bookmakers Boylesports at a rent of €30,000 per annum for 25 years from 2000. This reflects a 7.63pc net initial yield, and the apartment is also tenanted, bringing the total rent roll to €58,200 per annum.

Leisure investments include the Southern Hills Guesthouse, a former guest house and restaurant in the popular Galway suburb of Salthill.

Located on a site extending to 0.2 acres with residential zoning, the property affords the prospective purchaser the potential for residential development.

Purchasers will also benefit from the current income streams being provided by two roof-top telecoms masts which are currently delivering €24,500 annually.

The property is reserved at €440,000-€460,000. The Pontoon Bridge Hotel in Mayo, a 58-bedroom hotel with stunning views across Lough Conn, is also going under the hammer. Built in the 1940s but refurbished and extended in 2006, the property is reserved at €340,000-€360,000.

In terms of residential offerings, the auction is set to feature more than 130 properties with a combined total of more than €17m on reserve.

Highlights will include a mid-terrace three-bedroom house in Mount St. Annes, Milltown, Dublin 6, which is reserved at a price of between €545,000 and €555,000.

A ground floor one bedroom apartment in the attractive Robswall development in Malahide, meanwhile is reserved at a price of between €225,000 and €235,000.

A beautifully refurbished cottage on a quiet cul-de-sac in Rialto is reserved at between €260,000 and €270,000. The one-bedroom property, which benefits from a large attic room and courtyard to its rear, is being offered with vacant possession.

Investment highlights include a portfolio of five two-bedroom apartments on Blackhorse Avenue in Dublin 7. Fully occupied and generating rental income of €77,400 per annum the portfolio is reserved at €890,000.

A mid-terrace house arranged in 13 units on Gardiner Place in Dublin 1 with an annual rent of €84,400 carries a reserve price of between €745,000 and €755,000, while a portfolio of nine apartments on South Earl Street in Dublin 8 generating a combined rental income of €80,820 is reserved at a price of between €715,000 and €725,000.

Commenting on the launch of the catalogue for April's auction, Allsop director Richard O'Neill said: "Our February auction delivered exceptionally high returns for sellers with a success rate of over 90pc and sale results running at an average of 53pc above reserve prices. "With such a heated market appetite in evidence, we're very pleased to bring this strong catalogue to the market."

Sunday Independent

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