Auctions back in the focus as autumn season starts
The autumn auction season looks set to see intense action condensed into the next six weeks with at least 14 auctions scheduled and 10 of these will include commercial and development properties. Some of the big names among Irish estate agencies are stepping up to the rostrum as they bid to ensure that Allsop does not hog the auction market.
The increased activity will spell good news for cash rich smaller investors seeking to pick up bargains with some lots such as rural warehouses guiding as little as €10,000. In addition start-up entrepeneurs could select from a range of vacant retail units, hotels and pubs while investors are being offered income generating properties.
Developers have a wide choice ranging from brownfield sites in the Greater Dublin Area to unzoned land parcels with hope value on the edges of towns and villages.
The most valuable of the pubs is Sheary's Pub along with an adjoining duplex apartment at Bangor Drive, in Crumlin, Dublin 12, which will go for auction on September 30. Auctioneer John P Younge is guiding between the early to middle €700,000 level which would be close to the pub's turnover figure.
On September 29, GW2 will auction 20 commercial and development properties among a 32 lot catalogue. The most valuable development lot comprises 10 detached houses in various stages of completion at 1-10 St James Wood, Stradbally, Co Waterford.
This lot's combined AMV is €1.5m which suggests an average of €150,000 per house - a big drop from the €700,000 achieved during the boom for completed houses in this estate.
Another Waterford property, the former Waterfront Hotel in Strand St, Tramore, is in the same catalogue with a €210,000 price tag.
Developers are expected to compete the following day, September 30, for a Mount Merrion, Co Dublin, property, St Penryst, 6 St. Thomas Road. A key attraction with the five bedroom detached house is its 0.35 acre site with one of Mount Merrion's most sought after addresses. Ganly Walters are guiding €850,000.
Dublin developers are also expected to bid for a 0.60 acre former convent property with sea views and town centre uses on Kimberely Road, Greystones, Co. Wicklow, which Savills will auction with a €550,000 guide price on October 7.
On the same day DTZ Sherry FitzGerald will auction 13 properties with combined reserves of €3.64m at the Absolute Hotel, Limerick. Located in counties Galway, Limerick, Tipperary, Clare and Longford, the lots include six commercial and investment properties as well as four development properties.
Of these, two mixed use investment properties in Loughrea town, Co. Galway each have €650,000 AMVs: Clonfert House, Bride Street, a mixed use retail and office building extending to 11,233 sq ft and currently producing €179,176 a year in rents; Milennium House, Westbridge, Loughrea, generates €96,074 a year and benefits from a landmark location at the junction of Athenry Road and Dunkellin Street. Its income includes retail, office and residential rents.
Also in Galway an investment property generating an income of €20,800 per year with an adjacent vacant B&B in the tourist village of Oranmore will be auctioned by DTZ with a €250,000 AMV. The investment is let to The Boathouse bar/restaurant.
In Limerick, 22 William Street, a four storey over basement building extending to 5,780 sq ft, has a €210,000 AMV.
DTZ's development lots include Cuirt Merriman, Ennistymon, Co. Clare, comprising seven semi-detached partially completed houses in the 28 house development. This lot has a €475,000 AMV or less than €67,900 per house.
On the western side of Dublin, the former wintering ground for Fossetts Circus is expected to sell for around €400,000 at a BFR Estates auction on September 30. Located at The Grange, Haydens Lane, Adamstown, near Lucan, the four acre property includes about two acres of hard standing and 18,000 sq ft of sheds.
DNG will hold auctions in Cork and Galway this month. The Galway auction on September 25 will include six commercial and development properties among the 17 lots on offer. The more valuable of these on Bride St, Loughrea, consists of three commercial and nine residential units and has a €400,000 AMV.
Also among the lots is May Kearney's bar, restaurant, night club and B&B in Ennis, Co. Clare with a €275,000 price tag. It is generating a €25,000 in rental income and the tenants are not affected.
Also in Galway, four commercial city centre properties including a pub are among the 55 lots to be auctioned by O'Donnellan and Joyce on October 6.
The most valuable of these is The Old Forge pub at 9 William Street West, which has a €450,000 AMV. Its three storeys include a three bedroom residence.
Two of the other properties are generating rental income. Off the busy Cross St, a mixed use property at 3 Kirwan's Lane, is generating is €34,500 a year from its retail unit and two flats and has a €300,000 guide price.
A number of sites and land parcels as well as some a Portumna industrial unit are also in the auction.
Real Estate Alliance will also hold two auctions within the next five weeks. On October 8 it will hold a mainly residential Munster auction. On October 15 it will hold a Leinster Auction in the Louis Fitzgerald Hotel, Naas Road, Dublin where there will be about 40 commercial and residential lots.
These will include the Court House Hotel, in the centre of Carlow Town along with a property across the road and local agent Harry Sothern is guiding between €375,000 and €400,000. Built around the turn of the millennium, the 18 bedroom hotel is in good condition, while the facing property, 25 Dublin St, consists of a retail unit, first floor apartment and 15 parking spaces to facilitate hotel guests.