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Published in Residential Property on 28/06/2018

Over 200 Commercial and Residential Lots go to Auction

CNI Editor reports

Groups of residential units and mixed use regional investments are among the highlights of BidX1’s catalogue for its commercial online auction which will take place on July 18 next.

During the two days, which include the residential auction on 17 July, it will offer over 200 residential and commercial lots.

The most valuable lot is a group of 12 vacant modern houses in the seaside village of Dunmore East, Co. Waterford, which has a €2,125,000 guide price or €177,083 each.

All have three bedrooms and range in size from 1,140 sq. ft to 1,288 sq. ft. They are located in a gated development known as Coral Grove which is laid out in three blocks of three terraced houses as well as two sets of semi-detached houses.

A 13th house, a semi-detached, also in the development, is not included in the sale.

The village is located 17km south east of Waterford city.

A mixed investment known as The Royal Apartment Complex, Dublin Street, Carlow Town, has a €1.5m. guide price. It generates €117,760 in annual rent but five of its 15 apartments, two of its three retail units and an office unit are vacant.That total rental income includes €9,000 from a telephone mast and an estimated €30,000 from its 370 space, five-storey car park which is occupied under an operating agreement with NCPS.

The property forms part of a wider mixed use development and it had previously been offered for sale with a €1.85m guide. In Co Cork, a block of eight two-bedroom apartments known as 1-8 The Rookery is guiding at €900,000.

They form part of the Cotswolds housing development south of Midleton town, and comprise five two-bedroom duplex apartments and three two-bedroom ground floor apartments which range in size from 888 to 932 sq. ft. Five of the units are tenanted and generate €47,400 in annual rents. A multi-storey car park and eight apartments at Main Street, Tullamore, Co. Offaly, has an €850,000 guide price. The apartments include four four-bedroom duplexes and four two-bedroom units which are located over retail units on the Main St.

The retail units are not included in the sale. Behind the apartments, the car park has 240 spaces over six levels and is accessed off the main street. It is subject to an operating license with vacant possession being delivered upon closing.

One of the duplexes generates €7,800 in annual rent while a two-bedroom apartment generates €6,600.

The other six are vacant.

BidX1 has cut the guide price for a group of residential units which failed to sell in its May auction. Known as 1-15 Ullard Holiday Homes, Ullard, Graiguenamanagh, Co. Kilkenny, they comprise 10 one-bedroom apartments, four two-bedroom apartments and a four-bedroom detached house ranging in size from 442 sq. ft to 705 sq. ft.

Four apartments are tenanted and generate gross rent of €20,280 a year. Last month their guide price was €750,000 but it has now been cut to €650,000.

Small Dublin development sites include a 0.29 acre residential site in Shankill with permission for the construction of a four bedroom house. It is reserved at €290,000.

A site near Dublin Castle at Werburgh Street, Dublin 2, which is operated as a car park is guiding €275,000. A 0.038 acre site in Inchicore with planning for three apartments is guiding €200,000 and 0.05 acres of development land on Arran Street, Dublin 1, comes with a guide of €180,000.

REF: Irish Independent