Auction season kicks off with keen pub discounts
This week sees the launch of the season's auction market with three auctioneers offering a range of commercial property including six licensed premises. One of the pubs is priced at €100,000, which is little more than the price of a pub licence.
The upsurge in commercial sales appears to be partly attributable to some banks' impatience with the borrowers and the desire to recover some of the funds they have lent.
Indeed, over the next three weeks there will be a lot more commercial auctions, including a further two pubs as well as a number of development sites.
Today will see the auction of Kehoe's pub in Kilmore Quay, Co Wexford. Agent John Rohan of Sherry FitzGerald John Rohan is guiding over €200,000 for the property.
Tomorrow the Allsop Space auction will include 17 commercial properties including Kavanagh's former pub in Bray, Co Wicklow, which has a €110,000 guide; the former Spire restaurant in Duleek, Co Meath, with a €60,000 price tag; and the Sandhouse Hotel in Rossnowlagh, Co Donegal, which has a guide price of €650,000.
This Friday, March 2, a portfolio of 12 Roscommon properties, including three public houses, three small plots of land and six houses, will be auctioned by joint auctioneers Property Partners Earley and ERA Oates Auctioneers. The pubs include Paddy Finn's, a relatively recently built three-bedroom premises in Kilteevan Village which has a €250,000 guide price. In Fuerty, Dalton's public house with five bedrooms has a €285,000 guide price. In Knockcroghery, O'Brien's pub with three apartments has a €100,000 guide.
The largest of the plots is 8.44 acres with an old house at Ballinaboy, Kilteevan, with a €70,000 guide and the smallest is 1.64 acres in the heart of Kilteevan village which is guiding €16,000.
The six houses range from €50,000 to €100,000.
On March 9 in Co Clare, The Dalcassian Bar & Shop-n-Centre will go up for auction with a €400,000 guide price.
Located in the village of Ruan, about half way between Ennis town and Corofin, the property includes a petrol filling station, hardware and fuel store with residential accommodation on a 0.5 acre site.
On the same day a former restaurant on a 0.18 acre site in Co Dublin is to go up for auction with Lisney guiding €400,000. Located next door to a McDonald's at Celbridge Road, Lucan, the former Annadale Chinese Restaurant comprises a single-storey detached building extending to 194sqm.
Meanwhile Morrissey's will auction the Wooden House Lodge Hotel in Kilmore Quay, Co Wexford, on March 14. In 2007 its asking price was €5.5m. Now its guide price is €275,000. Sitting on a 0.57 acre site, the property includes two bars, a restaurant, function facilities and nine ensuite bedrooms. A separate detached building comprises 10 self-contained flats.
A former coffin factory on the edge of Borris village in Co Carlow is to go for auction on March 9 with a €75,000 guide price. The three-acre site accommodates four industrial buildings including one with offices. Located at Factory Cross, the largest of the buildings extends to 1,208sqm of which 111sqm are offices. The other three buildings range in size from 200 to 220sqm.
Auctioneer Ed Donohoe says that the village has a number of engineering business which are active in serving the farming sector.