Auction lots generate 25pc over guide price
As many as 18 commercial properties were sold at the Allsopspace auction last week grossing €4.3m. All but six were sold for over their reserves and Robert Hoban of the auctioneer's team said that of those that sold, the average price achieved was 25pc over the reserve.
Only one commercial property was unsold, having not reached the reserve price. Lot 27; Shortt's Bar and Crystal Nightclub, 10-12 John Street, Waterford, is now available at the reserve price of €495,000.
Its total floor area extends to 15,000 sq ft. and is let on a five-year lease until 2016 paying €60,000 per annum rising to €90,000 per annum in year five.
The highest price was the €735,000 paid for Darby O'Gill's Hotel, Killarney, Co Kerry, which was bought by a Cavan bidder for €225,000 over its €515,000 guide price.
Two interconnecting Finglas retail units, 13 & 14 Drogheda Mall, Dublin 11, which are generating a rent of €24,000 a year, sold in one lot for €181,000 -- more than double their €90,000 reserve.
There was very competitive bidding for a petrol station at Castlebar Road in Westport, Co Mayo, which sold for €525,000, €200,000 over its €325,000 reserve.
A purpose-built former car showroom, Unit 4, Cookstown Industrial Estate, Tallaght, Dublin 24, was bought for its €500,000 reserve by a company not involved in the motor trade.
Located on a two-acre site with good road frontage at Second Avenue, the showroom has a floor area of 2,489sqm.
Weir's pub in Dun Laoghaire was sold to an owner-operator for its €450,000 reserve.
Also sold for its reserve was a 2,383sqm vacant building, Unit 39 JFK Industrial Estate, Bluebell, Dublin 12. It was purchased by an owner-occupier for its €590,000 reserve.
In Naas, Co Kildare, the 111sqm Unit W1F, Tougher Business Park, which is generating €4,800 a year in rent, was sold for €67,000, or 34pc over its reserve, to a manufacturing company for its own use.
In Dublin 8, a three-storey 226sqm terraced office building, 14 Usher's Island, with a detached warehouse, sold for €250,000 or €20,000 over its guide price.
Nearby, a modern 97sqm office suite at 34 Usher's Quay sold for €134,000m -- more than double its €55,000 reserve.
The Coolgreaney Inn, Coolgreaney, Co Wexford, a pub that is generating €48,000 a year in rent, sold for its €220,000 guide price. A freehold, 246sqm cafe at North Road, Northern Cross Business Park, Finglas, Dublin 11, was sold for €84,000. This was €4,000 over the guide on the vacant property.
A freehold, mid-terrace property in The Brewery, Dungarvan, Co Waterford, was sold for €35,000 -- more than three times its €10,000 guide.
With a 175sqm floor area, it was laid out in three office-type units. One lot sold for below the reserve, a vacant building at Main Street, Bunmahon, Co Waterford, which sold for €67,500 -- €7,500 below its €75,000 reserve.