Sunday 22 September 2019

Mixed-use Swords portfolio sells for around €1.7m

Investment: The Swords portfolio included retail and office units
Investment: The Swords portfolio included retail and office units
Donal Buckley

Donal Buckley

A mixed-use investment portfolio in Swords, Co Dublin, has been sold prior to auction for in the region of its €1.7m guide price.

Known as Burgundy House and Court, the auctioneer was Artis, a new property investment agency and auction house founded by former BidX1 director, Richard O'Neill.

The property at New Street, Swords, comprises a mixed-use investment extending to about 21,328 sq ft, including six retail units, one apartment, a restaurant and over 10,000 sq ft of offices.

It generates an annual passing rent of €104,000 from a 46pc occupancy rate.

The portfolio included all of the L-shaped commercial Burgundy House block, which included offices and retail units, and also included most of Burgundy Court except for eight apartments. Burgundy Court has a Polish grocery on the ground floor as well as offices on the first floor. The sale also included a basement car park with 49 spaces. It is understood that the purchaser was a private Irish investor.

Most of the portfolio had previously been offered for sale by another online auctioneer in 2015 but it had a different tenant mix and failed to sell.

Mr O'Neill expects Artis to hold two multi-lot auctions online before the end of the year and in the meantime it will also sell individual lots online both by auction and private treaty.

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