Wednesday 25 April 2018

Auction aims to sell 16 commercial lots

Donal Buckley

As many as 16 commercial properties and development sites, including a Merrion Square building as well as five licensed premises are among the 90 lots to be auctioned by Allsop Space in Dublin on July 6.

The most valuable of the lots is 26 Merrion Square, a freehold mid-terrace Georgian building which has a €1m guide price. Extending to 743sqm over five floors including the basement, it also comes with planning permission for a 178sqm extension.

It has previously been used as a language school, bank headquarters and a family home. Owned by a private investor it retains many original features and most of the original layout. Rear access from Denzille Lane facilitates parking at the rear for six cars.

Two other four-storey over basement Georgian houses on the same north side of Merrion Square have been on the market since February with another agent for €2m each -- less than half their value before the collapse of the property market.

Among the four pubs in the Allsop auction are The Stout Bar at Lower Rathmines Road, Dublin 6, which has a €600,000 guide price and it comes with four flats in an adjoining property at 1 Richmond Hill. Its guide price is a sharp drop on the €2m which the receiver Tom Kavanagh of Kavanagh Fennell sought when he offered it to the market last year.

Formerly known as The Rathmines Inn, it was one of two pubs owned by Cormore Investments (Dublin), to which the Bank of Scotland (Ireland) appointed the receiver.

Fitted in traditional style, The Stout Bar is a single storey over basement property extending to 340sqm with a catering kitchen.

It also has a spacious beer garden and smoking area. It ceased trading some months ago.

In Ballyfermot, Dublin 10, Ruby Finnegan's pub and an adjoining leasehold two bedroom terraced house at 1 First Avenue, will be auctioned with a €250,000 guide price.

Receivers at Smith & Williamson Freaney are to auction three licensed premises in the south-east including the 20 bedroom Drinagh Court Hotel, Drinagh, 3.8km south of Wexford town. It comes with a 67 space car park and a €230,000 guide price.

The other two are pubs in Waterford. One of these a night club and pub at 10/11/12/ John St, failed to sell at a previous Allsop Space auction when its reserve was €495,000. Now its reserve has been cut to €410,000. The fourth pub, 45/47 Morgan St, Waterford has a €50,000 guide price. It comes with five bedsits and is located on a corner site.

Among the office investments is a Limerick Georgian building at 66 O'Connell St which has a €260,000 guide price while a 413sqm trade and showroom premises at Fox and Geese, Naas Road, Dublin 22 has a €295,000 guide price.

One of the more interesting properties is White Castle, Athy, Co Kildare, a fifteenth century castle in the centre of the town which has a €50,000 guide price.

In all the commercial properties and development sites have a combined value of over €3.8m.

Indo Property

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