Saturday 23 March 2019

Auction sales spring into life as 192 properties hit the market

A lot of five apartments in Dun Laoghaire, guide price €1.45m
A lot of five apartments in Dun Laoghaire, guide price €1.45m
Mixed-use complex in Ballyboughal is asking €840,000
A corner building in Bagenalstown, guide price €575,000
Group of seven dwellings including two bungalows in Lucan, guide price €1.5m
In Delgany, a lot of 11 apartments, guide price €1.4m
Donal Buckley

Donal Buckley

Four bumper auctions will offer buyers a choice of 192 property lots within the next three weeks.

The largest auction is on BidX1's online platform with 146 nationwide lots on April 4. Each of the other three will take place on March 27. DNG Creedon will offer 29 Munster lots at a public auction in Cork, while DNG will also offer six residential Leinster and Dublin lots for public auction in its Dublin head office. Real Estate Alliance will host an online nationwide auction with 11 lots also on that date.

The most valuable lots at BidX1's auction are a choice from three tranches of residential properties in the Greater Dublin Area and each have price tags of around €1.45m.

They include a group of seven dwellings including two bungalows at 3, 4, 13, 40, 48, 50 and 52 Anley Court, Lucan, in West Dublin, which have a €1.5m guide price. Located within a gated residential development these comprise two one-bedroom apartments, three two-bedroom apartments and two three-bedroom dormer bungalows. One of the bungalows is leased and generates annual rent totalling €25,200 while the other units are vacant. Anley Court is located off Esker Lane between the N4 and Lucan village.

In south Dublin a group of five apartments comprising 28, 29, 32, 36 and 37 Eaglewood, Rochestown Avenue, Dun Laoghaire, have a combined €1.45m reserve. Ranging in size from 69 sq m (743 sq ft) to 75 sq m (807 sq ft), they are all vacant. The guide price suggests an average of €290,000 per unit which compares with prices ranging from €351,000 to €363,000 recorded in the Property Price Register for three units which sold separately in Eaglewood during the last four months of 2018.

In Delgany, Co Wicklow, a development of 11 apartments at 1-11 Laurel Grove, has a €1.4m guide price or €127,270 each. All occupied, their combined annual rents total €143,880 or an average of €13,080 each and, based on the reserve, this equates to a gross initial yield of almost 10.28pc.

Comprising eight two-bedroom apartments and three one-bedroom units, the combined floor areas of the apartments extend to 633 sq m (6,814 sq ft) over two floors.

With its surface level car park, the auctioneer says there is further development potential.

A mixed-use investment in the village of Ballyboughal in north County Dublin has an €840,000 price tag. Known as Unit 1 - 5 Gaia Cottage, Main Street, its combined annual rent totals €93,600 which equates to an 11.4pc yield.

The premises extend to a combined 471 sq m (5,070 sq ft). Unit 1, which is thatched, is let to Caphe Limited trading as The Brew. Units 2 and 3 are let to Arney Retail Limited until 2038. Unit 4 is let to Marios fish and chip shop until 2034 and Unit 5 is let to Red Velvet Hair Salon.

A Wexford industrial property let to an environmental subsidiary of state-owned Bord na Mona has a €1m guide price. Located at Kilrane Business Park, Kilrane, near Rosslare port in Co Wexford, the mainly warehouse building is let to Advanced Environmental Solutions (Ireland) Limited at a current annual rent of €120,000, equating to a gross yield of 12pc. Its lease has nine years to run and provides for upward-only rent reviews.

Its premises extends to 2,445 sq m (26,314 sq ft) and it is located on a 1.36 acre site off the Ballyknockan Road, about 18km south east of Wexford town.

A development site near Cork City has had its guide price reduced yet again. The 1.25 acre site in the upmarket area of Rochestown, 7km south of Cork City, comes with full planning permission for 24 apartments.

Last July it was offered for sale with a guide price of around €1.2m. In February of this year its reserve was reduced to €995,000. For next month's auction it has been cut further to €750,000 or almost €31,250 per unit site or €600,000 per acre.

An even larger development site of 8.76 acres at Woodfield, Newcastle West, Co Limerick, has an €800,000 reserve equating to €91,324 per acre. It has planning permission for 38 semi-detached houses and 22 terraced houses, and a further three serviced sites also have outline planning permission.

A large bar and restaurant trading as Walters, Main Street, Bagenalstown, Co Carlow, has a €575,000 guide price. Only a few months ago it was offered to the market with an €850,000 asking price. Called after the founder of the town, Walter Bagenal, the corner building extends to 688 sq m (7,407 sq ft) over part ground and two upper floors. Its accommodation comprises public bar, dining area, kitchen, function room, lounge and cocktail bar and it has a current publican's licence.

DNG's Leinster auction on March 27 at its Dublin head office will comprise six residential lots ranging in price from €25,000 for an old terraced house at 100 Mary Street, New Ross, Co Wexford, to €200,000 for a three-bedroom detached bungalow requiring renovation on a 0.1 acre site known as The Arch, Edmondstown Road, Rathfarnham, Dublin 16.

DNG Creedon's Munster auction will offer €3m worth of assets including two sites, in Cork and Kerry, priced at only €15,000 each. In contrast, 202 acres in Lahinch, beside the Co Clare golf course, has a €225,000 price tag.

In the tourist town of Kenmare, Co Kerry, there are three residential lots with prices ranging from €110,000 to €135,000, or more than 10pc below market value, according to auctioneer Shane Finn.

Real Estate Alliance's auction includes a Cork City house in two flats for which the starting bid is €265,000 and the reserve is €275,000. Known as Iveragh, 2 St Clare's Avenue, College Road, it is close to the city's university and Bons Secours Hospital.

In Co Longford two houses in the same estate have very different AMVs. A four-bedroom detached house in good condition, 4 Rath na gCarraige, Ballycloghan, Carrickboy, and extending to 191 sq m (2,056 sq ft), has a €160,000 AMV. Its neighbour, 5 Rath na gCarraige, is an unfinished four-bedroom, detached house for which auctioneer Joe Brady is quoting €85,000.

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