Sunday 25 February 2018

Allsop to offer €27m worth of property in first auction of year

Park House in Terenure has a reserve price of €1m to €1.1m
Park House in Terenure has a reserve price of €1m to €1.1m

Ronald Quinlan, Commercial Property Editor

Some 190 properties with a combined reserve value of more than €27m will be put up for sale on February 23 in Allsop's first online auction of 2017.

The auction is set to open with a large selection of both tenanted and vacant residential properties, with the sale of more than 60 commercial assets to follow.

Commenting on the launch this week of the auction catalogue, Allsop's head of commercial auctions Richard O'Neill said: "This marks the start of what we expect to be a very busy year. The residential offering provides substantial investment opportunities but also a wide range of vacant properties across the country which will be of interest to potential owner-occupiers.

"On the commercial side, we have some particularly strong income streams on offer, including properties let to Paddy Power and AIB."

Commercial investors will have 64 lots to choose from, totalling more than €12m on reserve.

Among the notable properties on offer on the day will be Park House in Terenure, Dublin, a Victorian-style mixed-use investment comprising a creche and four apartments with residential conversion potential. Extending to approximately 541 sq m (5,823 sq ft), the property commands a current rent roll of €84,600 per annum from three tenancies with potential for additional income from two apartments that are currently vacant. Park House is reserved at €1,000,000 - €1,100,000.

Outside the capital, Allsop is offering a retail investment in Limerick City let to Paddy Power until 2031 at an annual rent of €90,000. The property is reserved at €830,000 - €870,000.

Other commercial highlights include Oakleigh House, in Douglas, Co. Cork, a mixed-use block that is currently fully let with a rent roll of €72,200 per annum. The property is reserved at €785,000 - €805,000.

There is also a bank investment in Cahir, Co Tipperary, which is let to the AIB for €64,600 per annum, with approximately 10 years remaining on the lease, reserved at €630,000 - €670,000.

Back in Dublin, a mixed-use investment on Dorset Street, in Dublin 1, which is subject to numerous tenancies generating €88,000 per annum is reserved at between €550,000 and €570,000.

A prominent public house - The Hub, in Crumlin - meanwhile has been reserved at €440,000 - €460,000. Comprising a vacant public house and a restaurant subject to a licence agreement, the property is currently generating rental income of €36,400 per annum.

The residential catalogue features 129 houses, apartments and multi-unit properties. Highlights here include four apartments on Castle Street, in Dublin 8, with a reserve range of €670,000 - €680,000; a portfolio of five terraced houses in Bohermore, Galway, reserved at €590,000 - €610,000; and a portfolio of six two-bedroom houses in Enniscorthy, Co Wexford, reserved at €370,000 - €390,000.

Other multi-unit properties include seven two-bedroom houses in Brittas Bay, Co Wicklow, with an annual rent of €55,920, reserved at €345,000 - €355,000; and two designated student apartments in Gateway Student Village, Dublin 9, reserved at €230,000 - €240,000.

For those seeking a stand-alone apartment, there will be a number of options offered nationwide.

In Dublin, these include a third-floor, two-bedroom apartment on Foley Street, in Dublin 1, which is being reserved at between €245,000 and €255,000 and a first-floor studio apartment in Monkstown with a reserve price of between €140,000 and €150,000.

Sunday Independent

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