Gabriel Byrne's Dublin school bought for housing
More than 220 lots recently generated around €40m worth of sales for two auctioneers BidX1 and Sherry FitzGerald.
Dublin City Council paid €1.18m at the Sherry FitzGerald auction for two adjoining Crumlin properties extending to a combined area of over an acre which it intends to allocate for housing.
Located at 314 to 318 Crumlin Road, near Crumlin Children's Hospital in Dublin 12, the two lots included Ardscoil Éanna, the former alma mater of Irish actor Gabriel Byrne. Four bidders competed for the school lot before a council representative succeeded with a bid of €830,000 or €235,000 over its €595,000 guide price.
The council also bought the adjoining 0.12 acre green field site after auction for €350,000 or €45,000 below its €395,000 guide price. It is zoned residential.
A council spokesperson said it purchased the properties "for housing purposes, however it will be sometime before a decision will be made on the exact details of any new development."
Resulting from an executor's sale, the school lot stands on 0.9 acres of which 0.4 acres was leased as a school playground from the city council on a 100 years lease from 1984.
The school grounds are laid mainly in tarmac and three areas of lawn. On either side of the main house there are two classroom buildings including a science lab. This 0.9 acre lot is zoned Z15 which could allow health, childcare, community, educational, cultural, recreational, public worship, residential institutional and hotel uses.
Ardscoil Éanna, was a secondary school established in 1939 by James J. O'Byrne, who was interned in Frongoch in Wales for his role in the Easter Rising of 1916, and Margaret Pearse, sister of the 1916 leader Patrick Pearse.
The property includes the Victorian-style Franshaw House, which extends to 230 sq m and was described as having "the potential to become the finest residential home in Dublin 12" subject to planning permission. While it retains many original features, it needs full renovation."
Its ground floor comprises four reception rooms with period detailing as well as a kitchen, dining and utility areas. Upstairs, there are four double bedrooms with a bathroom located on the return.
At one time Ardscoil Éanna bore the distinction of being the oldest school in Crumlin and one of only 15 schools in Ireland under lay Catholic control. It closed in 2016.
A Co Wexford shop and service station investment sold for €500,000 or €150,000 over its €350,000 guide price at the same public auction. Located at Ryland Road, Bunclody, the forecourt is currently let to Petrogas Ltd trading as Applegreen on a 21-year term with 15 years remaining at a current annual rent payable of €48,000. The property also includes two apartments with a current rent of €530 per month per apartment which equates to a combined annual rent of €12,720. That suggests a gross initial yield of 12.14pc. The site of the forecourt extends to 0.5591 acres.
An adjoining development site extending to 1.0946 acres sold for €153,000 or three times its €50,000 guide price in the same auction. Both have profile onto the main N80 road which links Carlow and Wexford and are adjacent to a business district where occupiers include Bank of Ireland and Bunclody Credit Union.
The most valuable residential lot was a detached house, Bencor, 33 Kingston Road, near Salthill, Galway, on a 0.36 acre site overlooking Galway Golf Course. It sold for €649,000 or €74,000 over its €575,000 guide price. It extends to 236 sq m.
Another detached Galway house sold for €320,000 or €125,000 over its guide price. With an address at 6 Ard Aoibhinn, Ballybane, Galway, the nine-bedroom house extends to 148 sq m and had a €195,000 guide price.
Located in a cul de sac, the vacant modern house is laid out for investment as its accommodation comprises living room, open plan kitchen/dining room, bedroom and shower room with a current extra living/kitchen, bedroom and shower room separately accessed on the ground floor. There are a further six bedrooms and shower room on the first floor with two further rooms and shower room at attic level.
An industrial investment, Unit 5 Old Quarry Business Campus, Ballycoolin, Dublin 15, sold before auction for around its €140,000 guide price. Extending to 176 sq m, it is currently let to Calpeda Pumps (Ireland) Ltd at a contracted rent of €22,840 per annum.
In all the Sherry FitzGerald generated €3.75m from 12 lots.
The previous week at BidX1's online commercial auction, the highest price was achieved by a partly-let portfolio of units peppered across five blocks within Gorey Business Park in Co Wexford. They sold for €1.55m or €50,000 over the guide. With combined floor areas of 15,410 sq m, the lot comprises 34 industrial units and 10 office units of which 31 units have tenants and 13 are vacant. Its rent reserved amounts to €324,256 but on the basis of the passing rent of €242,980, the initial gross yield would be 15.68pc.
A Clondalkin retail investment sold for its €1.15m guide price suggesting a gross initial yield of 9.39pc. It comprises of three units - Dutch Village Shopping Centre, Dublin 22, which are occupied by Bradleys Pharmacy, Boylesports bookmakers and Donatellas Takeaway. Extending to 241 sq m, the single-storey units have a total current rent reserved of €108,000.
A partly-let office and car park investment in Cork City centre sold for its €1.1m guide to its only bidder. It comprises two Georgian-style houses, 31 and 32 South Terrace, extending to 1,346 sq m as well as 24 surface car park spaces.
Last year Cork City Council rejected plans from London-based hotel company Carra Shore Ltd to develop the two houses along with adjoining 33 South Terrace into a 146-bed hotel. The Carra Shore interests, who include hotelier Jalaluddin Kajani, are understood to have paid more than €1.1m for the three protected Georgian houses in 2016.