Friday 19 July 2019

Guide price rises for most valuable property in BidX1's July auction

Five flats vacant at €1.5m Dún Laoghaire site

Units 1, 3, 4, 5, 7 and 8 Courtyard Shopping Centre, Newbridge, Co Kildare
Units 1, 3, 4, 5, 7 and 8 Courtyard Shopping Centre, Newbridge, Co Kildare
53 William Street, Co. Limerick
Eaglewood, Dún Laoghaire
Donal Buckley

Donal Buckley

ABOUT 270 lots are scheduled for inclusion in BidX1's online auctions on July 10 and 11.

The most valuable, comprising five vacant apartments at Eaglewood, Rochestown Avenue, Dún Laoghaire has seen its guide price increase from earlier in the year when it did not sell.

Then it had a €1.45m guide price but following an offer of €1.5m - or an average of €300,000 per unit - the vendors decided to put it up for auction again. Units 28, 29, 32, 36 and 37 range in size from 69 sq m to 75 sq m. They are all vacant.

The next most valuable lot comprises six of the commercial units at the Courtyard Shopping Centre, Newbridge, Co Kildare, with a combined €1.25m guide price. With four of the units generating total annual rent of €154,373, this equates to an initial gross yield of 12.35pc and two of the units are vacant.

The lots includes Units 1, 3, 4, 5, 7 and 8 which have a combined floor area of 892 sq m (8,922 sq ft). Units 1 and Unit 3 are let to Permanent TSB at a combined €122,500 rent and with a lease expiring in 2023.

Another ground floor retail space, Unit 5 which extends to 516 sq ft, is let to Midland Office Supplies with a lease expiring in 2022. Unit 7, a first floor office extending to 1,098 sq ft is let to PJ Beirne and Associates at €9,000 per year. A vacant retail unit extends to 3,046 sq ft and the vacant office unit to 430 sq ft.

Situated adjacent to Whitewater Shopping Centre in the town centre, The Courtyard is anchored by TK Maxx. Other traders in the centre include Dealz and Eddie Rockets. It also has a large car park with 850 spaces.

A mixed use investment with links to the commercial heritage of Dundalk, Co Louth, has a €750,000 guide price. Located at Church Street, the lot comprises Dundalk House and Carroll House at Carroll Village where the former Carroll cigarette business operated and includes a retail unit, four offices, and a site zoned C1.1 - commercial, retail.

The ground floor of Carroll House is let to Boylan Shoes as a retail unit and its first floor is let to Connolly Kelly Accountants. The Rehab Centre is a tenant in part of Dundalk House and about 60pc of the buildings are vacant. They generate combined rent of €62,796 per annum and their combined floor area is 12,290 sq. ft. Boylan's lease expires in 2026 and Rehab's in October 2021. The accountants' lease has expired.

On one of Limerick city's main retail streets, a mixed use investment is for sale with a €750,000 guide. Located at 53 William Street, the four-storey terraced property extends to 3,512 sq ft and is divided into a ground floor retail unit let as a pharmacy along with three overhead apartments which are fully let. It generates combined annual rents of €84,200 equating to a gross initial yield of 11.2pc per annum.

The ground floor retail unit, together with some first floor storage, is let to Lloyds Pharmacy at €57,500 per year on a lease which runs until 2029.

A retail warehouse investment at 37 Fashion City, Ballymount, Dublin 12, has had its guide price reduced from €600,000 in the May auction, when it failed to sell, to €525,000.

Divided into four units, the two-storey lot extends to 750 sq m (8,180 sq ft) and these units are let to four tenants who together pay annual rent of €74,100. This equates to a gross initial yield of almost 12.89pc.

One tenant, Ardwick, takes 200 sq m (2,153 sq ft) at €18,000 per year until the end of November next. CJ Agencies has 171 sq m (1,841 sq. ft) at €21,600 per year. Elli Wholesale has 162 sq. m (1,744 sq. ft) at €16,500 per year. Dr Bear has 190 sq. m (2,045 sq. ft) at €18,000 per year.

Alternatively there is the prospect of vacant possession as three of the tenants have seen their leases expire.

Overlooking the M50, Fashion City was built by Park Developments as a location for fashion, clothes and footwear wholesalers and retail warehouse outlets and Ballymount is situated about 9km south west of Dublin city centre.

In Kerry the Mount Brandon Hostel, Cloghane Village, on the Dingle Peninsula, has an unchanged €575,000 guide price. Sitting on a 0.6 acre site, it comprises a retail unit, two apartments and 12 en suite bedrooms which can cater for groups of up to 50 people. The buildings extend to 573 sq m (6,167 sq ft) and are located in the village while the site fringes the sea shore.

A former hotel and development site, the Clogga Bay Hotel, Arklow, Co Wicklow has a €395,000 guide price. The single storey hotel, which has been closed for about a decade, extends to 1,031 sq m while its site extends to 2.35 acres. It had 12 en-suite bedrooms, three other bedrooms and manager's accommodation.

A bank branch let to AIB in Ardee, Co Louth has a €375,000 guide price. It currently generates annual rent of €47,499 on a lease due to expire in 2029. This equates to a gross yield of 12.67pc. The lot comprises only 232 sq. m (2,500 sq ft) on the ground floor of the building at Castle Street, Ash Walk and it forms part of a wider mixed use development arranged over ground and two upper floors.

One of the more valuable Dublin residential lots is a five bedroom house at 20 The Crescent, Robswall, Malahide, Co Dublin, which has a €595,000 guide price. Extending to about 178 sq m (1,915 sq ft), the three-storey house is located in the mid terrace.

A K Club apartment which failed to sell in the last auction has had its guide price reduced from €220,000 to €200,000. Apartment 826 Ladycastle is a ground floor two-bedroom unit extending to 110 sq m. While the purchaser will benefit from access to the golf club, it comes with relatively high charges which include maintenance fees plus obligatory green fees of €5,920 for the male occupier and €2,975 for the female occupier. Its guide is below the prices achieved for apartments at 828 and 824 Ladycastle which respectively sold for €260,000 last October and €275,000 last December.

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