Wednesday 23 May 2018

Wallace properties set to be highlight of BidX1 sale

Retail units at Quartiere Bloom
Retail units at Quartiere Bloom
Retail units at Quartiere Bloom
Mick Wallace
122 St Patrick Street in Cork City is guiding a price of €1.635m

Donal Buckley

As many as seven bumper property auctions are scheduled to take place between May 17 and June 1, with more than 460 lots and over 500 properties.

BidX1 will spread its online auction offering of 389 lots over three days. REA will host a Leinster public auction, an online auction and a combined Munster Connacht public auction.

I-Am Sold will host the first of the seven auctions in Liffey Valley, Dublin on May 17.

The highlight of BidX1's commercial property auction on June 1 are four retail outlets at Quartiere Bloom, Lower Ormond Quay, Dublin 1, which are being sold by the receiver of some of the assets of M & J Wallace Ltd, a family company headed by independent TD Mick Wallace.

Mr Wallace developed the units and their overhead properties as part of an imaginative urban regeneration project on Dublin's then-decaying north quays. This development subsequently became known as the Italian Quarter and featured one of Dublin's first modern pedestrian walkways, as part of the route which links Temple Bar and the Millennium Bridge with the Luas red line station at Jervis St and the busy Mary St shopping precinct.

Comprising Units 2, 4, 5 and 7 Bloom Lane, the four lots for auction have a €1m guide price and extend to a combined 2,156 sq ft. They generate €62,558 in annual rent inclusive of VAT. While this suggests a gross yield of less than 6.26pc, auctioneer Richard O'Neill says they have significant potential for rental growth.

Two of the units are fashion boutiques, one is a hair dressing salon and Unit 5 is a coffee shop let to an individual trading as Amir's Delight.

Meanwhile,. BidX1's most valuable commercial lot is 122 St Patrick Street, on Cork City's main shopping street, which has a €1.635m guide price.

The terraced investment property extends to 6,976 sq ft and its ground and first floors are let to shoe retailer Schuh (ROI) Limited at a current rent reserved of €180,000 per annum. This suggests a gross yield of 11pc. Its other two floors are vacant and are accessible from Perry St to the rear.

Near Wexford town, an investment property with development potential at Westpoint Business Park, Clonard Little, has an €850,000 guide price.

It comprises seven industrial units extending to a combined 14,841 sq ft along with 10.9 acres.

While these are zoned industrial, three of the five tenanted units are let to firms in the health and fitness business. Two units are vacant. It generate €49,972.77 a year in income of which €20,000 comes from two phone masts. This suggests a gross yield of less than 5.9pc.

The property is located on the Whitemill Road, adjacent to Wexford Retail Park.

On Dublin's north coast, two house sites at Coast Road, Robswall, Malahide are for sale with a combined €800,000 guide price. Extending to 0.7 acres, they come with two partly-built detached houses.

On May 31, BidX1 will auction 134 residential and investment properties, the highlights of which include two redbrick houses in Rathmines, Dublin 6, which need refurbishment.

In addition there are five lots of regional residential portfolios, the most valuable of which is a group of 11 holiday homes at Dromkeal, Ballylickey, northwest of Bantry town, Co Cork, which have a €1m guide price. Ranging in size from 1,227 sq ft to 2,099 sq ft, all but one are three-bedroom properties.

Another residential group, 1-15 Ullard Holiday Homes, Graiguenamanagh, Co Kilkenny, has a €750,000 guide price. It comprises 10 one-bedroom apartments, four two-bedroom apartments and a four-bedroom detached house ranging in size from 442 sq ft to 705 sq ft.

Five of the apartments are tenanted and generate gross rent of €25,020 per annum while the others are vacant.

An unfinished housing development to the north west of Gorey town, Co Wexford, has a €900,000 guide price. Located at Scholars Rest, Holyfort, Gorey, its six detached houses range in size from 1,796 sq ft to 1,983 sq ft and they need internal works. This lot also includes two house sites.

One of the Rathmines properties, 64 Grosvenor Square, had accommodated seven flats and has an €800,000 guide price. A mid-terrace, two-storey, Victorian house it extends to 1,690 sq ft but requires refurbishment throughout.

Nearby, 13 Grosvenor Square, which also needs major refurbishment, has an €825,000 guide price. This former family home extends to 2,260 sq ft in a two-storey, over-basement layout.

BidX1's auction on May 30 has 161 residential lots including more than 10 Dublin properties, the most expensive of which is 214 Tusker Rock, IFSC, Dublin 1, a vacant, two-bed sixth-floor apartment extending to 72 sq m and guiding €315,000.

On May 30, REA Dempsey Sothern will hold a public Leinster auction in Naas, Co Kildare, with 17 lots with combined AMVs totalling €2.7m. The most valuable is a multi-family investment at 1-7 Aileach, Blakestown Road, Clonsilla, Dublin 15, which has a €925,000 AMV. It comprises seven two-bedroom own-door apartments which are fully let generating annual rents of €74,556 suggesting a gross yield of 8.06pc.

Its commercial investments include Unit 1, The Park Business Centre, The Park, Cabinteely, Dublin 18, a first floor office suite let to the Park Academy crèche. Its rent is €16,000 a year and its AMV is €160,000.

I-Am Sold's Leinster auction on May 17 will include 18 lots. The most valuable of these is 108 Beaumont Road, Whitehall, Dublin 9, an end-of-terrace house with five apartments next to a service station. Its starting bid is €595,000. A two-bedroom apartment at 6 Lansdowne Lodge, Haddington Road, Dublin 4, extends to 581 sq ft and has a €350,000 guide.

REA's Online auction on May 23 includes 15 mainly residential properties from all four provinces ranging in price from €22,500 to €175,000.

On May 29, REA O'Connor Murphy will host a Munster and Connacht auction in Limerick with 24 lots, including five apartments in The Strand complex, Ennis Road, Limerick, which range in price from €190,000 to €245,000 each. Four of these units are tenanted and their estimated rental values range from €1,000 to €1,600 per month.

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