Monday 26 August 2019

BidX1 online auction sees sales of €40m

Glashnacree House in Sneem was sold for €1.1m
Glashnacree House in Sneem was sold for €1.1m
A 10.71 acre site in Rathfarnham, south county Dublin sold for its €2.75m guide
No 6 D’Olier St was sold for €862,000
Donal Buckley

Donal Buckley

More than €40m was generated from property sales at BidX1 online auctions last week, and four of the lots sold for more than the million euro mark.

The four included a south Dublin development site formerly part of developer Bernard McNamara's property portfolio. Located at Kilmashogue just inside the M50, the Whitechurch Road site at Rathfarnham, Dublin 14, sold for its €2.75m guide price. It extends to 10 acres and came with zoning for either low to medium-density housing or a nursing home.

A group of 20 two-bedroom apartments in Galway City's eastern suburbs sold for €2.05m after one bid at the lower end of its €2m to €2.25m guide price range. Apartments 81, 84 - 88 and 94 - 107, Sraith Fhada, Doughiska Road, Galway are fully-occupied with a current rent of €173,040 per annum, suggesting a gross initial yield of 8.4pc.

The units range in size from 80 sq m to 100 sq m and with average rents of only €8,650 per annum, are considered to have potential for rent increases. However, they are in a rent pressure zone which could limit such increases to only 4pc.

Also selling well were industrial and warehouse properties in the greater Dublin area, despite the recent Budget increase in commercial stamp duty to 6pc.

Richard O'Neill, director at BidX1 and Head of Commercial Auctions, commented: "Despite guide prices being set prior to the changes to stamp duty levels, our success rate, our average premium over reserve price, and average number of bidders per property, were all up on the September auction. We also noted that development land in good quality suburban areas sold particularly well, the highlight being the Whitechurch Road site.

A 10.71 acre site in Rathfarnham, south county Dublin sold for its €2.75m guide
A 10.71 acre site in Rathfarnham, south county Dublin sold for its €2.75m guide

Top performers among the warehouses included Unit 1, 2 and 3 Naas Industrial Estate, Naas, Co. Kildare, which sold for €810,000 or €20,000 over its guide price. It generates €96,000 a year, suggesting a gross yield of 11.85pc. Extending to approximately 2,973 sq m (32,000 sq ft) it is let to an individual trading as Irish Dog Foods Limited.

A substantial warehouse facility in Kells, Co. Meath, which was sold in December 2015 at an Allsop auction for €800,000 sold again last Friday for the same price. Formerly occupied by Doorstore, it comprises a vacant warehouse, showroom and offices on a 6.8 acre site at Oldcastle Road. The building extends to 5,126 sq m and comes with substantial parking.

In north west Wicklow, Blocks 1 and 2, Blessington Business Park, Blessington, sold after auction for what is believed to be in the region of its €650,000 guide price. It had been withdrawn after the last of two bids was €601,000.

Located on a two-acre self-contained site, the two detached blocks have combined floor areas of 2,866 sq m (30,849 sq ft) and accommodate five warehouse units and six office units. Four of the units are let and generate €19,590 in annual rents.

The most valuable Dublin city centre property was No 6 D'Olier Street, Dublin 2, which sold after 120 bids for €862,000 or 33pc over its guide price of €650,000. It extends to 278 sq m and generates €37,000 in rent from two retailers: a tanning salon occupies the ground, mezzanine and first floors and a nail salon occupies the second floor. Two apartments on the third and fourth floors are vacant.

Referring to the residential sales, Jonathan Fenn, head of residential auctions, said there was some strong bidding for family homes in popular Dublin locations. More than 120 bids were placed on a five-bedroom Clontarf house which eventually sold for €1,152,000.

No 6 D’Olier St was sold for €862,000
No 6 D’Olier St was sold for €862,000

With an address at 55A Castle Avenue, Clontarf, Dublin, its price was €177,000 or 18pc over its guide price. The detached dwelling extends to 297 sq m and benefits from west-facing rear gardens as well as solar-panel heating.

In Ranelagh, Dublin 6, a mid-terrace, three-bedroom house, 32 Rugby Road, sold for €595,000 or €95,000 over its guide price. Extending to 93 sq m, it is situated just off Oxford Road and 400 metres north of Ranelagh Village and 2.2 kms from St Stephen's Green.

An overseas buyer paid €1.1m or the mid point of its reduced guide price for a house in County Kerry which was once allegedly owned by a Dutch drugs baron.

Known as Glashnacree House, it is located at Derryquin, Sneem, and close to the Ring of Kerry. It had previously been offered for sale some weeks ago for €1.4m, but failed to sell.

Back in the year 2000 the Criminal Assets Bureau (CAB) seized Glashnacree, claiming it was owned by Dutch drug dealer Jan Hendrik Ijpelaar.

CAB sold it to a Cork property developer for around €1.27m. The developer had his loans sold by Ulster Bank to Cerberus and a receiver instructed BidX1 to put it up for auction. It attracted just one bid last Thursday.

The detached six-bedroom 342 sq m Victorian coastal country house was built in 1822. It sits on eight acres of land and comes complete with a 40 ft swimming pool and two guest cottages, stables and tennis courts.

A tract of development land in Cork also attracted heavy bidding. Located at Inis Alainn, Cobh, the 11.7 acres had a lapsed planning permission for 212 units. It sold for €792,000 - or 22pc and €142,000 over its guide price.

A Permanent TSB bank branch in West Limerick with a see-sawing rent sold for €536,000 or €136,000 over its guide. Retail Units 2, 3 and 4, Market Court, Market Yard, Newcastle West, will see the rent fall from its current level of €80,000 to €47,500 next year but increase to €50,000 in 2020 and €60,000 in 2022. The property extends to 223 sq m. The lease will expire in 2028.

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