Sunday 19 January 2020

Commercial properties generate €7.1m from 29 disposals at auction

Donal Buckley

Donal Buckley

AS MANY as 29 of the 36 commercial properties that Allsop Space had listed for yesterday's auction were sold generating €7.1m. Some of the more valuable commercial lots failed to sell under the hammer.

One of these, a group of 10 retail units in Finglas Shopping Centre, Dublin 11, sold after the auction. Located beside Dunnes Stores at Cardiff Bridge Road, the shops are let at a combined rent of €251,993 and Allsop had been guiding between €1.2m to €1.3m. Five of the tenants have been in situ since the 1990s, one since the 1980s and another since the 1970s.

In Cavan town, two blocks of apartments at Farnham Court, opposite Cavan Hospital, with a €1.5m to €1.7m guide price, had also failed to sell under the hammer.

Of the total of 60 flats, 25 of them are rented and are producing €127,200 a year.

In Co Kerry, a hotel and apartment complex was under negotiations last nigtht. Its guide price is €725,000 to €775,000, which is a sharp drop on the €6m which was sought for the premises when it was brought to the market in 2009 when it failed to sell.

Known as the Watermarque, the 56-bedroom hotel and leisure centre came with seven apartment blocks on a 1.789 acre site where 21 of the 33 apartments were included in the sale. The other 12 flats had already been sold.

In contrast, an investment pharmacy property in Santry, Dublin 9, sold prior to the auction.

Trading as O'Dea's Pharmacy, the ground-floor unit is located in a neighbourhood centre to the west of Lorcan Avenue and is generating a rent of €28,575. Its guide price was €175,000.

The well-known McDaniel's bar, restaurant and holiday complex at Brittas Bay, Co Wicklow, sold for €775,000, which was €100,000 higher than the top end of its €625,000 to €675,000 guide price.

The hostelry itself incorporated 10 bedrooms, and the total property also included eight two-bedroom chalets and eight three-bedroom holiday homes as well as 18.75 acres of land.

A serviced hotel-apartment complex in Sligo town known as Riverside Suites Hotel sold for €440,000, or 203pc over its €145,000 guide price.

The vacant complex includes 30 two-bedroom units, a bar, reception room and gym overlooking a riverside harbour.

In west Dublin, four commercial properties on the Ongar housing estate were sold in separate lots.

The most valuable of these was Kelly's lounge bar, which extends to 596sqm (6,416sq ft) and which has a fixed rent of €65,000. It sold for its €250,000 guide price.

Close by, an 87sqm (947sq ft) Polish supermarket, ERA Foodstore, sold for €145,000, or €15,000 over its guide price. It is currently rented at €19,000 a year.

Also in Ongar, a laundrette at 7 Sweeney Mews sold for €140,000, or €10,000 over its reserve. The ground floor premises extends to 128sqm (1,383sq ft) and is occupied under a lease running until 2030 at an abated rent of €18,000.

The fourth Ongar property, a 139sqm (1,500sq ft) office building in shell and core condition at 6 Ongar Square, sold for €62,500, or almost double its €35,000 reserve.

In Dublin 9, a mixed-use building at 13 Prospect Road, Glasnevin, sold for €290,000, or €115,000 over its guide price. Its ground floor retail unit is generating a rent of €41,604 a year, while two offices in the three-storey 276sqm terraced building are vacant.

In Dublin 1, a mixed-used terraced building at 52 Upper Dorset Street sold for €325,000 – well above its €225,000 to €275,000 price range.

With a floor area of 232sqm, it comprises a ground floor unit trading as Playtime casino, six bedsits and a rear lock-up unit. It generates a rent of €44,040 a year, and two of the bedsits are vacant.

In Cork, The Moonduster Bar and Restaurant in the sailing village of Crosshaven sold for €220,000, or €35,000 over its guide price. It failed to sell at Allsop's auction last December when its guide price was €225,000.

Two retail investment properties let to Specsavers franchisees sold.

One of these, in Dungarvan, Co Waterford, is let at an abated rent of €22,200. The lease runs until 2021, and it sold for €180,000, or €20,000 over its guide.

The other, at West End, Mallow, Co Cork, sold for €250,000, or the top end of its €225,000 to €250,000 guide. The tenant pays an abated rent of €37,000 on the shop, while two overhead floors of offices are vacant.

In Kilkenny, Unit 5 in the Market Cross Shopping Centre also failed to sell at auction. It had a guide price of between €575,000 and €625,000.

The premises are held on a 10-year lease from 2010 at a current rent of €90,000 per annum.

Irish Independent

Also in Business