Auction Generates €21.4m from Sale of 133 Properties - Construction Network Ireland - Construction Network Ireland

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Published in Construction on 06/06/2019

Auction Generates €21.4m from Sale of 133 Properties


CNI Editor reports

BIDDERS paid more than €21.4m for 133 lots – more than two-thirds of the 198 lots offered at BidX1’s recent Irish online auction.

The highest price was achieved by a commercial investment property on Main Street, Celbridge, Co Kildare, which sold for €850,000 – €100,000 over its €750,000 guide price. A terraced property on English Row, it generates €89,000 in combined rents, which equates to a gross yield of 10.47pc.

The major portion of its rental income, €47,500, comes from a Paddy Power bookmaker shop on the ground floor. A further €27,000 comes from River King Chinese restaurant on the first floor. Both leases run until May 2023. A telecoms mast generates a further €14,500. Its total floor area extends to 5,177 sq ft.

A mixed use investment in the village of Ballyboughal, in north County Dublin, sold for its €840,000 guide price after only one bid. It was being sold by a private investor. Known as Unit 1 – 5 Gaia Cottage, Main Street, altogether its annual rents total €93,600, which equates to an 11.4pc gross yield. The combined premises extends to 5,070 sq ft.

Of these Unit 1, which is thatched, is let to Caphe Limited, trading as The Brew. Units 2 and 3 are let to Arney Retail Limited until 2038. Unit 4 is let to Mario’s fish and chip shop until 2034, and Unit 5 is let to Red Velvet Hair Salon.

Attracted by a relatively strong covenant, an investment known as CCS House, Main Street, Tramore, Co Waterford, sold for €567,000, €67,000 more than its guide price. That equates to an effective gross yield of more than 12.67pc.

Extending to 5,565 sq ft, its ground and second floors are let to Boots pharmacy at a rent of €61,860 per year with a lease which will run until 2033. The first floor is let as offices to Manguard Plus until 2022. With a combined annual rent of €71,860, this brings the gross yield to 14.37pc.

A residential investment of seven apartments out of the 11 in a building at 11 Church Street, Tullamore, Co Offaly, sold for €399,000, €24,000 over its €375,000 guide price. Fully let, the seven generate €50,160 in annual rent, equating to a 12.57pc gross yield. The auctioneer says it has reversionary potential. Extending to 2,599 sq ft, the units comprise four one-bedroom, two studios and a two-bedroom apartment.

A commercial investment at Unit 6, Mullaghboy Industrial Estate, Navan, Co Meath, sold for €266,000, more than double its €120,000 guide price. Comprising retail warehouse and office accommodation, the premises extends to 7,190 sq ft, part of which is currently occupied at a rent of €6,433 per annum, while the other part is vacant.

The top residential price was achieved by a detached double-fronted four-bedroom house, 14 Coldwater Lakes, Saggart, Co Dublin, which sold for its €575,000 reserve after one bid. It extends to 3,512 sq ft, and has a garage to the side.