Tuesday 24 October 2017

Auctioneers offering 110 lots in two-week sales blitz

51-52 Thomas Street, Dublin 8, returns to the market and includes five flats as well as the retail premises
51-52 Thomas Street, Dublin 8, returns to the market and includes five flats as well as the retail premises
Doughiska apartments in Galway
The Pedigree Corner pub in Ballylinan

Donal Buckley

Several agents are involved in as many as seven bumper auctions with a range of 110 investment, commercial and residential properties around the country in the two weeks between November 17 and December 1.

Some of the most valuable lots will be seen at the Allsop Private auction on November 24 when 26 lots with guide prices totalling more than €18m will be available only to online bidders.

Commenting on the upcoming auction, Richard O'Neill, head of Allsop Private, said: "We have closely monitored the data generated from our online sales over the past 18 months, and there is clearly a strong appetite from investors to buy income producing commercial investments via our online auctions."

A majority of the Allsop lots are income-producing city investments, with yields ranging from 7pc to 25pc.

Its most valuable lot is returning to the market at a reduced price despite an increase in its rental income. Generating €118,000 a year in rent from a Tesco Express store, 51-52 Thomas Street, Dublin 8, also receives a further €66,600 from five flats.

Last April its guide price was €2.4m and the residential rents were less than €61,000.

Nevertheless the guide price has now reduced to between €1.95m and €2.15m, indicating a possible increased gross yield over 9pc.

A Dublin 1 investment let to restaurateur Eddie Rocket's Ireland has a €1.2m to €1.4m guide price.

Unit 3, The Parnell Centre, 198-200 Parnell Street, is a 208.57 sq m ground floor restaurant with a €100,000 annual rent suggesting a gross yield of about 7.7pc.

In Galway, where Grade A offices are in short supply, two detached office blocks at Ballybrit are for sale in separate lots, one of them at a substantial discount to its previous guide.

Block 6, Ballybrit Business Park, extends to 1,533 sq m and is vacant. It is now guiding €1.1m to €1.2m. compared to its previous €1.4m.

The other at Unit 12, Galway Technology Park, extends to 873 sq m and has four tenancies generating rent of €48,940. With a €580,000 to €620,000 reserve range, this suggests a yield of 8.16pc.

A Finglas, north Dublin, investment property which generates rents of €179,600 a year has been offered for sale for €250,000 less than a previous guide price. Known as Bottom of the Hill, 34-37 Main Street, Dublin 11, the 1,003 sq m premises generates rents from four tenants including Paddy Power Bookmakers, the Bottom of the Hill pub, a Chinese restaurant and a separate takeaway.

Last summer it was offered for sale for €1.6m. but its guide has now been reduced to between €1.3m and €1.4m, which suggests a gross 13.3pc yield.

Real Estate Alliance (REA) will hold two public auctions in November. Next Thursday, November 17, it will host a combined Munster and Connacht Auction in Limerick with 25 lots ranging in price from €18,000 for a two-bedroom holiday suite in the Two Mile Inn, Ennis Road, Limerick, to €435,000 for a three-bedroom detached house, Castle View in the village of Baltimore, west Cork.

REA's Leinster Auction in Naas, Co. Kildare, on November 22 will offer 15 lots with total reserves of about €2m.

These lots include two Dublin 9 houses: 33 Beaumont Road, Dublin 9, a four-bedroom semi with two attic rooms and a garage whose AMV is €380,000; while 31 College Manor, Drumcondra, Dublin 9, is a two bedroom 64 sq m red-brick terraced house with a €260,000 AMV.

The Pedigree Corner pub in Ballylynan, Co Laois, is a well-known entertainment venue and its AMV is €150,000.

Still trading, the two-storey premises extends to 8,500 sq ft and sits on a 2.85 acre site.

Cushman & Wakefield and Sherry FitzGerald will hold a Connacht Auction in Galway on November 23. Its 12 lots include two blocks of five apartments at Doughiska, Galway, and each block has a €475,000 guide price.

Block 21 Doughiska Road generates yearly rents of €45,600, suggesting an initial gross yield of 9.6pc, while Block 25 generates €46,800 in rent suggesting a gross yield of 9.85pc.

A group of four tenanted apartments at 153 A, B, C & D, Upper Salthill, Galway, has a €530,000 guide price.

Extending to a combined 375 sq m, the units generate total rental income of €51,600 a year, suggesting a gross yield of 9.74pc.

To the north of the city a first-floor office at 23H & 23H1 Liosbaun Business Park, has a €200,000 guide price. This 278 sq m suite generates €24,000 in rent, suggesting a gross yield of 12pc.

The I-Am Sold auction website is also holding two public auctions. A Munster Property Auction on November 24 in Cork City offers 16 properties including a Kinsale development site with a €249,000 guide price.

Located at the junction of Abbey View and Roseabbey Park in the Ballinacubby area, the Kinsale site has full planning permission for three apartments, a 365 sq m retail unit and 16 car spaces.

A retail showroom at Corcanree Business Park, Dock Road, Limerick City has a €180,000 guide price. It comprises a 427 sq m showroom, a mezzanine floor of 313 sq m and a 48 sq m store.

I-Am's Leinster public auction on December 1 in Dublin will include 15 properties with combined guide prices of €2.5m. They include a B&B in Kilkenny City with a €490,000 guide price. Known as San Antonio B&B, Castlecomer Road, the semi-detached house extends to 4,219 sq ft and has an ample driveway and rear garden.

Property Partners Brady will auction three properties on November 24 in Maynooth including two old adjoining townhouses on a 0.1 acre site with development potential on the Dublin Road in the centre of Maynooth, Co Kildare which has a €400,000 AMV.

Indo Business

Also in Business