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Two online auctions offer €52m worth of properties

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Opportunity: Newmarket Hall in the Liberties area of Dublin, where five vacant apartments and a retail unit are being auctioned by Bid X1 this month.

Opportunity: Newmarket Hall in the Liberties area of Dublin, where five vacant apartments and a retail unit are being auctioned by Bid X1 this month.

Opportunity: Newmarket Hall in the Liberties area of Dublin, where five vacant apartments and a retail unit are being auctioned by Bid X1 this month.

A range of investment and other properties are among the 290 lots in BidX1's catalogues for its online auctions on July 28 and 30. If all 290 lots sell for their guide prices they would generate €52m.

The first auction offers 230 individual residential properties, including five apartments and a retail unit in a block in the Liberties area of Dublin 8, which is being offered in both auctions. On July 28, the vacant units are being offered individually, while on July 30 they are being offered in one lot with a combined €1.2m guide price.

Jonathan Fenn of BidX1 explained that the auction will show if there is more interest individually or collectively and a decision will be taken in a week or so on how to proceed.

Located at 4, 16, 23, 38, 39 and 42 Newmarket Hall, four of the apartments have one bedroom each guiding €210,000 and one of them has two bedrooms guiding €240,000. The units range in size from 463 sq ft to 635 sq ft and all are vacant.

Of the 60 commercial and investment lots on July 30, the most valuable is a Georgian terraced house at 30 Gardiner Place, Rotunda, Dublin 1, located near the western corner of Mountjoy Square. It is let as two office units and 11 residential units and has a total floor area extending to 6,000 sq ft over five storeys including basement.

Except for one of the offices, the rest of the units are let and there is a combined current annual rent reserved of €223,260. This would equate to a gross initial yield of 14.88pc.

Near Cork city centre, a former church which has been converted into an office investment is being offered with a €1.2m guide price which could generate a net initial yield of 15.87pc.

Known as St Nicholas Church, Cove Street, the detached Gothic revival church was built in the 1850s. It is situated on an elevated site extending to 0.39 acres which can also accommodate 25 car parking spaces. It is let to the Government's key property management agency, The Commissioners of Public Works, on a lease which runs to 2025. This investment also comes with a licence agreement with Meteor Mobile Communications Limited and its total current rent reserved is €209,515 per annum.

It is close to O'Sullivan Quay and is within walking distance of Patrick Street and the South Mall in the city centre.

Irish Independent