Business Irish

Wednesday 21 February 2018

Development sites fetch active bids at recent auctions

DEVELOPMENT sites were among the properties which sold last week at the Allsop Space and other auctions. At the former commercial and development properties generated €5.56m of the €11.29m sales.

A very strong price for development land was seen when a 0.13-acre site at Main St, Kilcoole, Co Wicklow sold for €72,500. While this works out at €557,600 per acre, Robert Hoban of Allsop Space advised that for small sites of less than an acre, it is not appropriate to extrapolate on development land prices.

A 4.78 acre site with commercial planning permission at Carlow Road, 1.4km from Tullow town centre in Co Carlow, sold for €90,000 or €18,828 per acre.

On the Ennis Road, 1.5km from Gort town centre in Co Galway, 5.4 acres sold for €94,000 or €17,407 per acre.

Close to the Main St at Easkey, Co Sligo, a 3.36-acre plot was bought for €27,000 or €8,036 per acre.

An industrial investment property at The Murrough, near Wicklow Town sold for €170,000 -- or 70pc over its guide price. Located on a 0.62-acre site, the 576sqm unit is generating a rent of €15,000 a year.

The highest price was the €1.42m achieved for 26 Merrion Square, Dublin 2, a Georgian building with office and residential potential.

Another Georgian office building at 66 O'Connell St, Limerick, sold for €350,000. All but two of its offices are let and generating rent of €32,000 a year.

The only commercial property to sell below its guide price was a 159sqm retail unit at 4-6 North King St, Dublin 7, which sold for €100,000 -- €30,000 below its guide price. Two Waterford pubs sold. One of them at 10-12 John St is an investment property trading as Shortts Bar and Crystal Night Club and it sold for €565,000 -- 38pc over its guide. The other at 45-47 Morgan St, fetched €71,000. It had ceased trading and has five bedsits.

One of the Dublin properties, the Stout Bar and a Georgian house sold for €835,000 -- 39pc over its guide. Ruby Finnegans pub in Ballyfermot plus an adjoining house sold for €415,000 or 66pc over its guide.

Kildare site

Meanwhile at a Jordan Auctioneers auction in Kildare last week, a businessman bought a 7.2-acre development site near the Kildare Village Outlet Centre in Kildare town for €230,000. As well as being €30,000 over its guide, the price averaged €31,944 per acre.

Located at Loughlion to the south of the town, its planning permission for 75 houses has been extended until 2017.

Another lot of 30 acres on the Dublin side of the town was withdrawn at €300,000 and is under negotiations. Located at Ruanbeg, it has planning permission for 204 homes and a small neighbourhood centre of 1,257sqm including a childcare facility, a convenience store, a single-storey retail store and a cafe/bar/licensed premises and off-licence. Jordan had been guiding €450,000, or €15,000 per acre, for this lot.

Irish Independent

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