Four Dublin retail units developed by MEP Mick Wallace's family company sold at auction yesterday in one lot for €1.042m which was €192,000 or 23pc over auctioneer BidX1's guide price.
The units are located in the landmark Quartiere Bloom, Lower Ormond Quay, Dublin 1.
Last December BidX1 guided €700,000 for them after a 2018 auction catalogue had guided a tag of €1m. However, the properties were withdrawn before those auctions in order to finalise some paper work.
For yesterday's auction BidX1 increased the guide price to €850,000 following the departure of tenants from two of the units.
Such vacancies could make it easier for a new owner to attain market rents for the vacated units at 2 and 7 Bloom Lane.
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 sold yesterday have floor areas totalling 2,156 sq ft. They also include Units 4 and 5 Bloom Lane which are occupied by a hair dressing salon and a coffee shop. The latter is let to an individual trading as Amirs Delight. Together these two generate combined annual rents of €30,134.88 including VAT.
The two now vacant units had been rented at €32,424 including VAT and were occupied by fashion boutiques.
BidX1 had estimated that the vacant units could rent for about €50 per sq ft.
The vendor was the receiver of some of the assets of M & J Wallace Ltd, a family company.