independent

Tuesday 24 April 2018

Plenty of local interest in online property auction

Development and investment opportunities dominate the second Bid X1 auction of 2018

A portfolio of eight houses in Freemount Village will be included in the auction
A portfolio of eight houses in Freemount Village will be included in the auction

Bill Browne

The virtual hammer will come down on a number of inviting and potentially lucrative lots from across the north and mid-Cork areas during the upcoming April Bid X1 online auctions of residential and commercial properties.

Development and investment opportunities dominate the catalogues for the second Bid X1 auction of the year, with the residential sale taking place on Friday and the commercial auction next Wednesday. 

A total of 160 residential lots from across the country will go under the hammer on Friday, including eight of local interest in the greater Mallow area, Charleville, Blarney, Freemount, Macroom and Glanworth. 

Arguably the most attractive of these will be a portfolio of 10, three-bed semi-detached houses at Cois Tobair, Dromahane that will be offered collectively as one lot with a reserve not to exceed €1million. Seven of the houses have been finished, with a further three "requiring completion."

Four of the occupied houses are subject to tenancy agreements, with a combined annul rental income of €24,000 per annum. 

Another attractive proposition will be an eight-house portfolio at Cluain Árd in Freemount village, four of which have yet to be finished, that will be available at a reserve not to exceed €340,000. Two of the houses are subject to tenancies with a combined annual rent of €9,360.

Two vacant one-bed apartments within the same block as Mallow Library are being offered as a single lot with a reserve not to exceed €90,000, and a partially completed semi-detached house at Rosspark, Killavullen, will be up for grabs with a reserve not to exceed €25,000.

A vacant three-bed, end of terrace house at Bishop Brown Terrace in Charleville will have a reserve of €60,000 and a vacant three-bed semi at Pairc na gCrainn in Glanworth will be up for grabs with a reserve not to exceed €125,000. 

Finally, an end of terrace, three-bed house at 'Fairways', Sleaveen West, Macroom, will have a reserve not to exceed €140,000 and a vacant three-bed apartment at Woodfield Hall in Blarney will be up for auction with a similar reserve. 

Bid X1 director and head of residential auctions Jonathan Fenn said that, given the fact that housing remains in short supply across the country, the auction would provide a "significant injection of stock into the pinched residential market."

Things will be a bit quieter from a local perspective for the commercial auction, with just one of the 71 properties on the catalogue with the catchment area. 

This will be a mid-terrace office investment at Sunberry, Blarney, with a guide price of €90,000. Extending to approximately 1,200 sq ft, the property is let under a rolling lease with a current rental income of €6,000 per annum. This is set to rise to €12,000 under a new and as yet un-executed lease. Bidding deposits of varying amounts will be required for each of the listed lots included in both auctions.  To find out more about the registration and bidding process and to view all of the lots visit www.bidx1.com.

Corkman

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