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Prices are cut sharply for lots at online property auctions

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Better guide: A property in Camden Street, Dublin 2, has had its guide price reduced from €650,000 to €595,000

Better guide: A property in Camden Street, Dublin 2, has had its guide price reduced from €650,000 to €595,000

Better guide: A property in Camden Street, Dublin 2, has had its guide price reduced from €650,000 to €595,000

BidX1 has cut the guide prices for some of the 25 mainly investment and commercial properties which it will auction on June 18.

Meanwhile other agents are stepping up their online auction activity, including DNG Creedon which will offer six Munster lots with combined guide prices exceeding €1.4m on June 11.

These include Granary Court, Connolly Street, Midleton, Co Cork, which comprises eight residential units and two commercial units with a €1m guide price.

It generates €64,153 in annual rent from four residential units while the others are vacant.

Of the BidX1 lots, the most valuable is an end of terrace investment at 41 James's Street, Dublin 8, which has had its guide price reduced from €1.3m to €950,000. It generates annual rent of €61,800 from a retail unit and one of its three apartments. This equates to a net initial yield of 5.5pc. Two of its two-bedroom duplexes are vacant.

It has been estimated that if the two vacant apartments were let, the annual rent would increase to around €105,000. The retail unit is let to Tranan Holdings (Two) Ltd trading as Next Door off licence with upwards only rent reviews.

James Street properties could benefit from the Children's Hospital and the tourist trail extending from Trinity College to the Guinness brewery and Kilmainham.

A mixed use property at 67 Camden Street, Dublin 2, has had its guide price reduced from €650,000 to €595,000. Extending to 170sqm over a basement and ground floor retail unit and two upper floors of offices, it generates €50,000 a year from two tenants. It offers a 7.5pc net initial yield.

A development site, known as the former Bay View Hotel at The Mall in the centre of Wicklow town has a €750,000 guide price.

It includes a number of buildings and benefits from frontage onto two streets.

A development site at 10 and 11 Old Bawn Road, Tallaght, Dublin 24, has had its guide price reduced from €575,000 to €500,000.

It extends to 0.4 acres and includes two semi-detached houses extending to 1,141sqft in total.

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