Monday 27 May 2019

Disused Dublin 6 chimney sold at auction for €136k

The Shanagarry Chimney in D6 (above) sold for €136,000, or almost four times its guide price.
The Shanagarry Chimney in D6 (above) sold for €136,000, or almost four times its guide price.
Donal Buckley

Donal Buckley

A disused chimney overlooking the Luas bridge at Milltown, Dublin 6, sold for €136,000 or almost four times its guide price after a keenly-contested bidding competition with as many as 77 bids at BidX1's recent auction.

The deal, done on behalf of a receiver, relates solely to the landlocked chimney and none of the surrounding ground, which is owned by Dublin City Council.

Its price equates to a number of the deals done for three-bedroom houses which sold in the auction for, or close to €136,000, and indeed a number of houses and apartments around the country sold for less than that in the same auction.

In contrast, four Dublin retail units developed by M&J Wallace Ltd, a family company headed by independent TD Mick Wallace, failed to sell but may be offered again in next month's auction.

The four outlets are located at Quartiere Bloom, Lower Ormond Quay, and were being sold by the receiver of some of the assets of the Wallace company with a €1m guide price.

The Milltown chimney known as Shanagarry Chimney, Milltown Road, is home to a communication mast which generates €13,880 in annual fees from the operators of Three Mobile. This equates to a gross yield of 10.15pc.

Formerly part of the Old Dublin Laundry premises, the redbrick chimney reaches to 94 feet and the top of it could offer views over to some of the poshest homes in Dublin 6.

The auction price equates to the same price achieved by a detached house in Waterville, Co Kerry and by a three-bedroom terraced house in Gurranbraher, Cork City. It also exceeded a Dublin commuter belt semi, 64 Riverside Lawns, Kinnegad, Co Westmeath, which sold for €135,000 and had the benefit of a garage to its side.

The most valuable lot in the auction was 122 St Patrick's Street, Cork City's main shopping street, which sold for its €1,635,000 guide price.

A terraced investment property, it extends to 6,976 sq ft and its ground and first floors are let to shoe retailer Schuh at a current annual rent of €180,000. This suggests a gross yield of 11pc. Its other three floors are vacant and are accessible from Perry St to the rear.

Multi-family residential investments also attracted bidders. The second most valuable lot in the auction was a block of seven tenanted apartments at Nos 1, 2, 3, 4, 5, 6, and 7 Dorset Court, Dorset Lane, in Dublin's north inner city. It sold for its €1,115,000 guide price after just one bid.

With an annual rent of €86,700, this suggests a gross yield of almost 7.78pc. Including one, two and three bedrooms, the apartments range in size from 44 sq m to 88 sq m and are within walking distance of Dublin's O'Connell St.

An investment portfolio of five modern houses at Nos 3, 4, 6, 7 and 8 Aisling Court, Lehenaghmore, in Togher, a south west suburb in Cork City, sold for €880,000, or an average of €176,000 per house.

It comprised three four-bedroom and two three-bedroom semi-detached houses ranging in size from 82 sq m to 103 sq m. Four of the houses are tenanted and generating €40,080 in annual rent. This suggests a gross yield of 6.25pc if the fifth house was also let for around €10,000 a year.

A former multi-let redbrick house in Rathmines, Dublin 6, sold for €855,000 after its guide price had been reduced from €800,000 to €750,000. The mid-terrace, two storey, Victorian house, at 64 Grosvenor Square, extends to 1,690 sq ft and had accommodated seven flats, but it requires refurbishment throughout.

A portfolio of eight semi-detached houses in Ballyleague, Co Roscommon, sold for €523,000, or €33,000 more than its guide price after 34 bids. That equates to €65,375 per house. Located at Nos 2A, 4, 5, 6, 7, 8, 12 and 15 Shannonside, the houses included two, three and four bedroom units ranging in size from 635 sq ft to 1,200 sq ft. Ballyleague village is located 15km north-east of Roscommon Town.

Near Dublin's north coast, two house sites at Coast Road, Robswall, Malahide, sold for their combined €800,000 guide price. Extending to 0.7 acres, they come with two partly-built detached houses.

A 45pc share in a convenience store in Dublin's north inner city, sold for €726,000 or 17pc over its €620,000 guide price after as many as 90 bids. The entire 7,438 sq ft ground floor unit at 1-3 North King Street, Dublin 1 is let to Musgrave Group Limited trading as Centra, which pays a total annual current rent reserved of €155,000. That means the 45pc share generates €69,750 equating to a gross yield of 9.6pc.

A derelict detached house, Sillan Lodge, Church Lane, Greystones, Co Wicklow, sold for €460,000 after 55 bids. It sits on a 0.192 acre site.

A retail unit at 1C The Diamond, New Street, Malahide, Co Dublin sold for €395,000, or €75,000 more than its guide price, after 45 bids.

The ground-floor retail investment extends to 350 sq ft and is let to an individual trading as Dial-A-Cab on a 25-year lease, which extends to 2041.

Its current annual rent is €34,000, suggesting a gross yield of 8.6pc.

A retail investment at Unit 2, The Smithlands Centre, Bohernatounish Road, Kilkenny, sold for €425,000, or 70pc over its €250,000 guide price, or more than €197 per sq ft.

With a current annual rent reserved of €30,000, this suggests a gross yield of 7pc. Extending to 2,152 sq ft, it is let to an individual trading as Rustiq Hair Salon on a lease due to expire in January 2020.

Nearby in Kilkenny City, another retail unit at 1 Pudding Lane, described as Play Blue adult store selling lingerie, DVDs and toys, sold for €116,000, or 36pc over its guide price.

It is let to an individual on an informal tenancy with an annual rent of €9,756, suggesting a gross yield of 8.4pc. It extends to 680 sq ft, equating to €171 per sq ft.

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