BidX1 Generates over €11.4m from 15 Property Sales - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 25/06/2020

BidX1 Generates over €11.4m from 15 Property Sales


CNI reports

A total of 15 properties generated more than €11.49 million as a result of a recent BidX1 online auction. Yesterday a buyer in Hong Kong purchased a portfolio of five apartments in Dublin’s suburbs for just over €1m. In last Thursday’s auction the lot had a €1.1m guide price.

Dispersed across a number of locations, they range in size from 49 to 70 square metres. All vacant units, they are located in Tallow Hall, Belgard Square, Tallaght, Dublin 24; Westend Village, Blanchardstown, Dublin 15; Valencia House, North Circular Road, Dublin 7 and The Bridge complex, Shankill, Dublin 18.

Jonathan Fenn of BidX1 said: “If you’re selling in the current market, reaching a global investor audience is going to maximise your return; those buyers are actively chasing yield through property investments across multiple jurisdictions.

“Interestingly, we’re not seeing the pessimism around retail – present even before the Covid-19 outbreak shook the sector – reflected in our results. Investors still see value in this asset class, as evidenced by the sale of units on Camden Street, James’s Street and Amiens Street,” he added.

The Amiens Street retail investment comprises six adjoining retail units sold for its €1.05m guide price. That equates to a net initial yield of 8.54 pc. Known as Units at 1-6, Guild Court, Dublin 1, they are facing Connolly Luas stop and the IFSC. Fully let to five tenants, they generate €99,600 in annual rent and three of the tenants have upward-only rent reviews.

The end-of-terrace investment at 41 James’s Street, Dublin 8, sold for €1m. It generates annual rent of €61,800 from a retail unit and one of its three apartments. Earlier this year it had been offered for sale by private treaty with a €1.3m guide price, but BidX1 offered it at €950,000 in its auction.

The mixed use property at 67 Camden Street, Dublin 2, sold for its €595,000 guide price which was reduced from its previous €650,000 level. Its ground floor and basement is let as a retail unit to Restore Health Limited.

Including two upper floors of offices, it extends to 170 square metres and generates €50,000 per annum from its two tenants. The net initial yield will be 7.5pc.

The firm is holding two auctions today of properties in the sub-€500,000 price range. One of these is for commercial and the other is for residential properties.