Monday 23 April 2018

Over 400 properties to go up for sale in five bumper auctions in April

Amaryllis in Salthill
Amaryllis in Salthill

Donal Buckley

Five bumper property auctions will be held in April with over 330 lots covering more than 400 properties.

BidX1 will auction 250 of those lots online through its residential auction on April 13, with €27m worth of properties, and its commercial auction on April 18, with lots guiding a combined €24m. The latter date is also the occasion for REA Dempsey Sothern's public auction in Naas, Co Kildare, when it will offer 25 lots with a combined value of €4.185m. These REA lots include five Dublin commercial properties.

Cualann House in Clondalkin
Cualann House in Clondalkin

On April 20 in Galway, O'Donnellan and Joyce will host probably the most entertaining public auction with 47 lots ranging from Cork city to Donegal.

Meanwhile in Limerick on April 12, REA O'Connor Murphy will auction 10 residential Munster and Connacht properties.

BidX1's catalogue includes as many as 22 multi-unit residential investments which will be spread over both days. The most valuable of these is Emmet Lodge apartment complex in Inchicore, comprising 24 two-bedroom apartments and eight three-bedroom apartments. All but one of the apartments are tenanted, generating €430,080 in annual rent. Its guide price of €3.5m suggests a gross initial yield of 12.57pc.

Its second most valuable lot comprises four modern houses: 1-4 Howth Court, Howth Road, Clontarf, Dublin 3, guiding between €3m and €3.35m. In need of some work, two of them are semi-detached four-bedroom houses and the others are detached five-bedroom houses.

Emmet Lodge apartment complex in Inchicore
Emmet Lodge apartment complex in Inchicore

BidX1's most valuable commercial property is a partly-let retail investment at 1-7 Hampton Wood, Finglas, Dublin 11. Its guide price has been reduced by €245,000 to €1.45m, compared to its previous reserve at last month's auction.

Located on the ground floor of a mixed-use block, it comprises three retail units extending to 459 sq m. Units 1-5 are let to Quinns Convenience Store trading as Centra and Unit 6 is let to a hair and beauty spa. Unit 7 is vacant. Current rents total €135,400 per year, suggesting an initial gross yield of 9.33pc.

An interesting test of the pub investment market will be the sale of the former Walters pub at 68 Georges Street Upper, Dun Laoghaire, Co Dublin, which has a €1.25m guide price. It has been let to one of Ireland's most expansionary pub chains, Nolaclan Group headed by Alan Clancy, which plans to rename the property as House Dun Laoghaire. The initial gross yield could be 8pc based on an annual rent of €100,000 for 2018 but this will rise to €110,000 in 2019 and €120,000 in 2020. A selection of Kildare pubs are also in the catalogue.

Meanwhile, the New Central pub in Drogheda will auction with a guide price of €250,000.

Glenanail in Galway
Glenanail in Galway

A service station let as Applegreen at a current annual rent of €90,000 has a €790,000 guide price, suggesting a gross initial yield of 11.39pc. Located at Possextown, Enfield, Co Meath, the 0.5 acre property includes a retail unit and a detached bungalow.

Two south Dublin lots are among the more valuable development sites. At Limekiln Road, Walkinstown, Dublin 12, a 1.48 acre site with full planning permission for 11 four-bedroom houses has a €1.25m guide.

In Cabinteely Village a 0.55 acre investment property at 4, 5, 6 and 7 Old Bray Road has a €900,000 guide price. Its commercial potential is suggested by a lapsed planning permission for a 49-bedroom nursing home and two retail units.

In Ballymun, Dublin 9, a portfolio of nine apartments at The Charter, Santry Cross, have a €1.15m guide.

The New Central pub in Drogheda, which BidX1 will auction with a guide price of €250,000
The New Central pub in Drogheda, which BidX1 will auction with a guide price of €250,000

Fully occupied with a total current annual rent reserved of €111,900, this suggests a gross initial yield of 9.73pc.

A mixed-use investment known as The Met, at Cornmarket Street, Ennis, Co Clare, has a €650,000 guide and with a total annual rent reserved of €71,720 offers a prospective gross yield of 11pc. Fully let, it comprises two ground floor offices and four first floor apartments.

Leinster

The most valuable of REA Dempsey Sothern's investment properties is 56 Upper Clanbrassil Street, Dublin 8. It comprises a two-storey, three-bedroom mid-terrace house with an additional two apartments located to the rear. Fully let, it currently generates annual rents of €40,500 and with an AMV of €645,000 it could return a gross yield of 6.28pc.

A mixed-use investment, Cualann House, 22 Old Nangor Road, Clondalkin, Dublin 22, currently generates €43,000 in annual rent which, with an AMV of €560,000, suggests a gross initial yield of 7.68pc. However, one of the apartments is vacant, suggesting it has potential for a yield increase. Extending to 4,263 sq ft, the lot comprises a ground floor retail unit and three overhead apartments.

A restaurant investment at Units 3 and 7 Smithfield Village, Smithfield, Dublin 7 has a €260,000 AMV and a prospective gross initial yield of 10pc. Unit 3 comprises a 1,334 sq ft ground floor restaurant occupied by Sparks Bistro at an annual rent of €26,000. Unit 7 is a small kiosk/storage area used by the restaurant on an informal arrangement.

Western auction

At O'Donnellan & Joyce's auction one of the most valuable properties is Glenanail, Tuam Road, Galway, a bungalow on about 0.3 acres with potential for commercial development as it is adjoined on two sides by motor businesses. It has a €550,000 AMV. Located 2.5 kms north of Galway City Centre, it is close to Liosbaun and Mervue business parks.

A mixed-use investment property at 1-5 Harbour Court, Harbour Street, Tullamore, Co Offaly, has a €240,000 AMV. Extending to 3,229 sq ft, it comprises: a shop let to a florist for €800 per month; four one-bed apartments let to Simon Community for €400 per month and a two-bed townhouse renting for €500 per month. These generate annual rents of €34,800 suggesting a gross yield of 14pc.

The most valuable of its residential lots is a four-bedroom detached house on a corner site known as Amaryllis, 34 Rockbarton Road, Salthill, which has a €580,000 AMV. It extends to 1,758 sq ft and has a garage to the side.

REA O'Connor Murphy's auction includes a retail investment, Unit 8, Barr na Sraide, Ballincollig, Cork. The corner ground-floor unit generates rents of €12,000 from a hair salon and with a €110,000 AMV, this suggests a gross yield of 10.9pc.

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