Tuesday 12 December 2017

Allsop's largest ever online auction: 270 lots with combined guide price of €51m

Unit 11-12 Goldenbridge Industrial Estate in Dublin 8 is guiding €1.45m-€1.5m
Unit 11-12 Goldenbridge Industrial Estate in Dublin 8 is guiding €1.45m-€1.5m
€4.75m-€5.25m is being quoted for a site at Deansgrange, south Dublin

Donal Buckley

Allsop's largest ever online auction will see more than 270 lots offered for sale with combined guide prices of €51m over two days on July 5 and 6.

It will also offer the most valuable lot ever offered at its online auctions as it is quoting between €4.75m and €5.25m for a prime south Dublin development site at Deansgrange Road, near the Deansgrange crossroads where there are a number of shops and motor showrooms.

Extending to 1.85 acres, the site is zoned for a neighbourhood centre and has significant development potential. It also accommodates the vacant former Statoil offices, a service station, warehouse, yard, and two residences with a combined built area extending to 1,705 sq m (18,352 sq ft).

The property is situated in a high-profile roadside location to the western side of Deansgrange Road, close to the junction with Kill Lane and adjoining Deansgrange Cemetery.

€4.75m-€5.25m is being quoted for a site at Deansgrange, south Dublin
€4.75m-€5.25m is being quoted for a site at Deansgrange, south Dublin

Surrounding occupiers include MSL Grange Motors, Frank Keane Volkswagen, Windsor Nissan, Bank of Ireland, SuperValu and Deansgrange Business Park.

Dun Laoghaire-Rathdown County Council granted planning permission in December 2010 for a mixed-use development consisting of eight two-bedroom residential units; a neighbourhood shop; four commercial units consisting of a delicatessen, off-licence, cafe and pharmacy; a funeral home; a crèche and play area; a restaurant; and medical/healthcare centre and offices. However, the planning permission was subsequently refused by An Bord Pleanala in May 2011.

Auctioneer Richard O'Neill says the Deansgrange site is the highest value property sold via Allsop's online auctions and third most valuable lot by Allsop since it began its Irish auctions. The most valuable lot at public auction was The Greenogue and Aerodrome Business Park portfolio in south west Dublin, which sold in 2014 for €6.7m.

There are six other lots that are guiding upwards of €900,000. They include a portfolio of 15 apartments at 31-35 Middle Gardiner Street, Dublin 1, which are guiding €2.1m to €2.2m. Ranging in size from 43 sq m (463 sq ft) to 61 sq m (656 sq ft), they include 10 one-bedroom and five two-bedroom units that are generating combined rents of €139,600 a year. In addition, a further two units are vacant.

The building also accommodates retail on the ground floor but it is not included in the sale.

Located close to the junction of Summerhill and Parnell Street, it is a short walk from O'Connell Street, as well as the Rotunda Hospital, Mater Hospital and Temple Street Children's Hospital.

A commercial property let to Virgin Media and with a current rent reserved of €135,000 a year has a €1.45m to €1.5m guide price. This suggests a gross yield of about 9.2pc for Unit 11-12 Goldenbridge Industrial Estate, Inchicore, Dublin 8.

The property itself comprises an office and warehouse building that extends to 1,883 sq m (20,269 sq ft) and the lease will run until 2025.

A mixed-use vacant property with development potential at 69-73 Harolds Cross Road, Harolds Cross, Dublin 6W, has a €1.2m to €1.3m guide price. It comprises a former public house, a retail unit, five one-bedroom apartments, two two-bedroom apartments, a studio apartment, as well as car parking to rear. The building extends to 758.15 sq m (8,160 sq ft) and sits on a 0.27 acre site.

Its development potential is reflected in its full planning permission for two commercial units and 13 apartments, together with 15 car parking spaces.

The property is situated to the eastern side of Harolds Cross Road, opposite to the entrance of Our Lady's Hospice and close to the junction at Harolds Cross Park.

In the north Dublin seaside village of Donabate, a tranche of six apartments are for sale at 10, 23, 24, 42, 76 and 84 Ballisk Court, with a €915,000 to €925,000 guide price. Ranging in size from 44 sq m (463 sq ft) to 131 sq m (1,410 sq ft) all of them are let and generating a current gross rent of €59,760 per annum. That suggest a gross yield of 6.5pc.

In Limerick City a portfolio of 11 apartments at Fishermans Quay, Grove Island, have a €900,000 to €950,000 price range. Fully occupied with a total current rent reserved of €92,760 per annum, this suggests a 10pc gross yield. The two-bedroom apartments range in size from 74 sq m (796 sq ft) to 83 sq m (893 sq ft). Grove Island is located at the junction of Corbally Road and Pa Healy Road about 1km to the east of the city centre.

An office building at 11-11a Ormond Quay, Dublin 1 is for sale with a €500,000 to €550,000 guide range. The property is subject to two claims, one of which is a commercial lease, but the vendor does not accept either claim.

The five-storey mid-terrace building extends to 465 sq m (5,005 sq ft) and includes residential accommodation on the top floor.

A mixed-use investment at Oblate View, Tyrconnell Road, Inchicore, Dublin 8, has a €630,000 to €650,000 guide price range. Comprising a retail unit and three offices, it extends to 886 sq m (9,547 sq ft) in total.

Offices on the second floor are let to Canal Communities and Regional Addiction Services at an annual rent reserved of €15,000, with vacant possession of a retail unit and two offices.

The property is situated on the southern side of Tyrconnell Road close to its junction with Ring Terrace. Surrounding occupiers include The Black Horse Inn and Applegreen.

A retail investment at 1 New Street, Malahide, Co. Dublin, has a €315,000 to €335,000 guide price. Extending to approximately 55 sq m (592 sq ft), it is let to O'Farrell Cleere Auctioneers Limited at a current rent reserved of €30,000, suggesting a gross yield of 9.23pc.

A choice of other multi-unit residential properties are also on sale in Portarlington, Co. Laois; Cloondara, Co. Longford; and Fethard Co. Tipperary.

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