Friday 23 August 2019

BidX1 offers more than 70 lots again in today's auction

Newbridge units available at reduced price

Courtyard Shopping Centre, Newbridge, Co Kildare
Courtyard Shopping Centre, Newbridge, Co Kildare
Fashion City, Ballymount, Dublin 12
Ladycastle, K Club, Co Kildare
Donal Buckley

Donal Buckley

A FEW of the larger commercial lots which failed to sell in last week's BidX1 auction are among about 70 lots, some at reduced prices, being re-offered online today.

The most valuable comprises six of the commercial units at the Courtyard Shopping Centre, Newbridge, Co Kildare, whose combined guide price has been reduced by €100,000 to €1.15m.

With four of the units generating total annual rent of €154,373, this equates to an initial gross yield of 13.4pc and two of the units are vacant.

The lots include Units 1, 3, 4, 5, 7 and 8 which have a combined floor area of 8,922 sq ft. Unit 1 and Unit 3 are let to Permanent TSB at a combined €122,500 rent and with a lease expiring in 2023.

Among the lots sold last week were a retail warehouse investment at 37 Fashion City, Ballymount, Dublin 12 which achieved €560,000. While that was above its €525,000 guide price, the guide was reduced from €600,000 in the May auction. Divided into four units, the two storey lot extends to 8,180 sq ft and these are let to four tenants who together pay annual rent of €74,100. This equates to a gross initial yield of about 13.2pc. Three tenants have seen their leases expire.

A bank branch let to AIB in Ardee, Co Louth sold for €405,000 or €30,000 over its guide price. It currently generates annual rent of €47,499 on a lease due to expire in 2029. This equates to a gross yield of 11.7pc. The lot comprises 2,500 sq ft on the ground floor of the building at Castle Street, Ash Walk and it forms part of a wider, three-storey mixed use building.

Also selling for €405,000 was a mixed use investment in Kinnegad, Co Westmeath. That was €55,000 over its guide. Comprising a ground-floor creche and two overhead apartments at 37, 38 and 39 Manorfield, Kinnegad, it has a combined floor area of 4,252 sq ft. The units generate combined annual rents totalling €48,780 equating to a gross yield of 12pc.

In Co Kildare, three vacant retail units at Chambers Park, Kilcock sold for €372,000 or 86pc over their €200,000 reserve. Extending to 4,240 sq ft they are part of a wider mixed use development.

Fashion City, Ballymount, Dublin 12
Fashion City, Ballymount, Dublin 12

An apartment in the K Club golf resort sold for €190,000 after its guide price was reduced from €220,000. Apartment 826 Ladycastle is a ground floor two-bedroom unit extending to 110 sq m. While the purchaser will benefit from access to the golf club, it comes with relatively high charges which comprise maintenance fees of €4,969 plus obligatory green fees of €5,920 for the male occupier and €2,975 for the female occupier.

Its sale price is below recent prices achieved for neighbouring Ladycastle apartments: 801 sold in June this year for €230,000 and 823 sold in May for €200,000.

Last year two other neighbouring units at 828 and 824 Ladycastle sold for €260,000 and €275,000 respectively.

Ladycastle, K Club, Co Kildare
Ladycastle, K Club, Co Kildare

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