Monday 19 August 2019

REA sells 33 lots for nearly €4m at its public auction

Home with a view: The back garden at Barrow House looks directly on to the river
Home with a view: The back garden at Barrow House looks directly on to the river
Donal Buckley

Donal Buckley

AS MANY as 33 Dublin and Leinster properties sold under the hammer at the REA Dempsey Sothern public auction in Naas, Co Kildare last Tuesday, generating a total of €4,982,000. Sales prices achieved on average 12.5pc above the reserves.

Auctioneer Harry Sothern said afterwards: "We are actively negotiating on several properties and expect the total sale figure to exceed €6m in the coming days."

The most valuable lot was a five-bedroom detached house on a one-acre site, whose back garden leads directly to the River Barrow. Known as Barrow House, Kilkenny Road, Co Carlow, it sold for €600,000 or €50,000 over its €550,000 AMV and was bought by a young family.

A residential investment property at 118 North Strand, Dublin 1 sold for €406,000 or €131,000 over its €275,000 AMV. With a total floor area of 160 sq m (1,722 sq ft), it is laid out in four residential units which generate a combined rent receivable of €45,966 suggesting a gross initial yield of about 11.3pc. This mid terrace red-brick house is convenient to Fairview, the IFSC and city centre.

Just off O'Connell Street in Dublin city centre, a vacant one-bedroom unit, Apartment 2, 37 North Lots Road, sold for €237,000 or almost 21pc over its €195,000 AMV. Extending to 55 sq m, it is located in a lane between Bachelors Walk and Middle Abbey Street. The price equates to €4,309 per sq m.

Near Dublin Airport and Dublin City University, a vacant two-bedroom, first floor apartment at 24, Block 2 Parklands, Northwood, Santry, Dublin 9 sold for €247,000 or €32,000 over its €215,000 AMV. With a floor area of 79 sq m (850 sq ft) this equates to almost €3,127 per sq m. An attractive feature includes its south facing L-shaped balcony which wraps around the corner accommodation. It also has a secure parking space.

Also on the northside, a one-bedroom, third floor apartment, 103 The Distillery, Drumcondra, Dublin 3, sold for €200,000 or €5,000 over its AMV.

In Dublin 6, a vacant one bedroom apartment at 1 Charleston Heights, 20A Charleston Avenue, Ranelagh sold for €193,000 or €23,000 over its €170,000 AMV. With a floor area of 36 sq m this equates to €5,361 per sq m but it needs modernisation and the auctioneer advised it would only suit a cash buyer. If it were to rent for €1,500 per month, this could equate to an initial gross yield of 9.32pc.

One of the surprises of the auction was the price paid for a very badly damaged house, 70 Laurel Drive, Esker Hills Road, Portlaoise, which sold for €85,500. That was a multiple of the €15,000 the auctioneers had quoted for the detached house which is in a housing estate about 1km from the midlands town.

In Dublin 12, a one-bedroom unit, Apartment 21, Block A, Lansdowne Valley, Drimnagh, 12 sold for its €150,000 AMV. Extending to 54 sq m, this equates to €2,778 per sq m.

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