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Guide price on MEP Wallace's former retail outlets raised by 21pc to €850k


On the market: The four retail units are located in Quartiere Bloom on Lower Ormond Quay, Dublin

On the market: The four retail units are located in Quartiere Bloom on Lower Ormond Quay, Dublin

On the market: The four retail units are located in Quartiere Bloom on Lower Ormond Quay, Dublin

Four Dublin retail units developed by MEP Mick Wallace's family company have been relaunched on the market this week, and online agent BidX1 has increased its guide price by 21pc.

Last December, the auctioneer guided €700,000 for those outlets at the landmark Quartiere Bloom, Lower Ormond Quay, Dublin 1. That was a huge reduction on the €1m guided for them in a 2018 auction catalogue. However, the properties were withdrawn before auction in order to finalise some paperwork.

Now, BidX1 has increased the guide price to €850,000 following the departure of tenants from two of the units, thus making it easier for a new owner to attain market rents for the vacated sites at 2 and 7 Bloom Lane.

The units are among several lots that BidX1 is offering for sale online but because of the current market situation, it has not set a date for their auction.

Instead, it is inviting offers for all of these properties and if the offers are acceptable to the vendors, the properties will be sold before auction.

BidX1 director Jonathan Fenn explained that otherwise, they will remain available for sale until an auction date is set.

Mr Wallace developed Quartiere Bloom as part of an imaginative urban regeneration project on Dublin's then-decaying north quays. Originally known as the Italian Quarter, Quartiere Bloom was built on both sides of a pedestrian walkway which links Temple Bar with the Luas red line station at Jervis St.

The four premises now for sale have floor areas totalling 2,156 sq ft. They also include units 4 and 5 Bloom Lane which are occupied by a hairdressing salon and coffee shop. The latter is let to an individual trading as Amir's Delight.

Together, they generate combined rents of €30,134.88 per annum, including VAT. The two now-vacant units had been rented at €32,424, including VAT, and were occupied by fashion boutiques.

Gillian Earley of BidX1 estimates that the vacant units could rent for about €50 per sq ft.

They are being sold by the receiver of some of the assets of M & J Wallace Ltd.

Coincidentally, an apartment almost directly across on the south side of the River Liffey, which was also developed by Mr Wallace during the boom, is being sold by an investor who bought it at a BidX1 auction in 2016.

Apartment 1, 43 East Essex Street, Temple Bar, Dublin 2, is a two-bedroom unit on the second floor over the Communist Party-owned Connolly Books shop. In BidX1's February 2020 auction catalogue, the auctioneer had guided €495,000 for it. Now, the guide has been reduced to €395,000.

The current vendor bought it in 2016 for €410,000 and undertook a substantial revamp of the 69 sq m unit.

Also among the latest BidX1 lots are three Applegreen-branded service station investments in Foxford, Co Mayo; Tulsk, Co Roscommon; and Collon, Co Louth, with guide prices ranging from €350,000 and yields ranging from 11.1pc to 14.35pc.

The most valuable of them is the Applegreen service station in Foxford, which has a €650,000 guide price.

It is let to Petrogas Group Limited, a wholly owned subsidiary of Applegreen plc, at a current annual rent of €80,000, rising this August to €84,000 per annum for years six to 10.

It includes a two-storey building extending to 4,725 sq ft with a retail unit on a 0.6-acre site.

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