Tuesday 20 August 2019

More than 90 lots on offer at three REA auctions

Development and residential sites feature

Development and investment property in Tanner Hall, Athy Road, Carlow offered for a €1.5 million guide price
Development and investment property in Tanner Hall, Athy Road, Carlow offered for a €1.5 million guide price
5 Old Cabra Road, Dublin 7
Donal Buckley

Donal Buckley

The Real Estate Alliance (REA) network of estate agents will host three auctions this month with more than 90 lots. The most valuable lots will be offered at the REA Dempsey Sothern public auction of Dublin and Leinster properties in Naas on May 22.

This will see a development and investment property in Tanner Hall, Athy Road, Carlow, offered for a €1.5m guide price. Set on a 4.5 acre site, it includes four ground-floor unfinished two-bed apartments as well as four completed two-storey duplex apartments, roadways and three acres of development land which formerly had planning permission for 57 units.

The last unit to sell in Tanner Hall was a two-bedroom ground-floor apartment which went for €110,000 last summer. Harry Sothern of REA says that as the four ground-floor units in the auction are just shell and core, he values them at about €50,000 each. "The three-bedroom duplexes are fine units and worth at least €135,000 each," he adds.

Another Carlow development prospect, Emerald Lodge, Green Lane, has a €465,000 guide price. Its landscaped one-acre site is considered suitable for commercial and residential development, as it is zoned town centre.

Among the Dublin lots is a residential investment at 5 Old Cabra Road, Dublin 7, which has a €445,000 AMV. Fully let, it generates annual income of €55,044 suggesting a gross yield of 12.37pc. The two-storey mid-terrace house extends to 1,410 sq ft and comprises six self-contained units including studios, one- and two-bedroom apartments. It is convenient to Grangegorman university campus.

A Temple Bar apartment has a €350,000 AMV. Known as Apartment 3, The Green Building, 23/24 Temple Lane South, the two- bedroom second-floor apartment is located in a mixed block. Last year the unit was auctioned with a tenant but the sale fell through. Now it is being offered with vacant possession.

Also on May 22, REA O'Connor Murphy will offer 37 Munster, Connacht and Donegal properties at a public auction in Limerick.

Its most valuable lot is Camhy Cottage, Srue, Rosscahill, near Lough Corrib in north Galway, which has a €190,000 AMV. This four-bedroom dormer bungalow extends to 132 sq m and comes with a detached garage on a 0.57 acre site between Moycullen and Oughterard.

East of Limerick city, a three-bedroom bungalow on 0.45 acres has a €175,000 AMV. Located at Moanviddough, Oola, the house extends to 172 sq m.

On May 29, REA will offer 14 lots at its online auction. These include a one-bedroom apartment at 109 Parnell Street, Dublin, which has a €195,000 guide. The most valuable lot is Iveragh, 2 St Clare's Avenue, College Road, near University College Cork, which has a €235,000 AMV. The mid-terrace house is currently laid out as two self-contained flats.

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