320 lots for auc­tion with combined €60m value

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Donal Buck­ley

THE largest ever cat­a­logue of Ir­ish prop­er­ties will be auc­tioned on­line by BidX1, the new brand name for All­sop Ire­land, fol­low­ing its takeover by Stephen McCarthy’s Space Prop­erty Group.

It com­prises more than 320 lots with a combined value of more than €60 mil­lion. Res­i­den­tial lots, in­clud­ing multi-fam­ily, will ex­ceed 200, with a combined value of more than €30m and th­ese will be auc­tioned on Septem­ber 27.

“A quar­ter of the res­i­den­tial of­fer­ing is based in Dublin, our largest Dublin of­fer­ing for some time,” says direc­tor Jonathan Fenn.

On Septem­ber 28 more than 110 lots, in­clud­ing com­mer­cial in­vest­ments and devel­op­ment land, will be of­fered with combined re­serves of al­most €30m.

The most valu­able com­mer­cial prop­erty is 1-3 The Green, Malahide, Co. Dublin, a mixed-use in­vest­ment with a €3.4m guide price. It gen­er­ates €288,000 in an­nual rent, sug­gest­ing a gross yield of 8.47pc. Ex­tend­ing to 960 sq m (10,333 sq ft), it com­prises a ground­floor res­tau­rant and cock­tail bar to­gether with three storeys of of­fices as well as base­ment and sur­face car parks.

The res­tau­rant and bar are let to Siam Thai. As well as six sur­face car spa­ces to the front, it has fur­ther park­ing to the rear ex­tend­ing to 0.07 acres.

A va­cant of­fice prop­erty, Block 5, Unit 2, Tal­laght Re­tail Cen­tre, Dublin 24, has a €1.5m guide price. It ex­tends to 3,539 sq m (38,093 sq ft) and com­prises a ground-floor re­cep­tion area and two up­per floors of of­fices along with 24 park­ing spa­ces.

The price equates to €39.37 per sq ft. A ser­vice sta­tion in- vest­ment, known as Tralee Food Court, Mile Height Re­tail Park, Rathass, Tralee, Co. Kerry, has a €1,425,000 guide price. It has a cur­rent rent re­served of €130,000 sug­gest­ing a gross yield of 9.12pc. Ex­tend­ing to 405 sq m (4,359 sq ft), the ground floor com­prises three sep­a­rate restau­rants and is let to Petro Gas Lim­ited trad­ing as Ap­ple­green.

A res­tau­rant in­vest­ment in a pop­u­lar south Dublin din­ing des­ti­na­tion, Unit 1, 1a and 2a Monkstown Cres­cent, Clifton Av­enue, Monkstown, Co. Dublin, has a €600,000 guide. Ex­tend­ing to 267 sq m (2,873 sq ft) over part ground and first floors, it is let to in­di­vid­u­als trad­ing as Amerta Chi­nese Res­tau­rant at a cur­rent pass­ing an­nual rent of €50,000, which sug­gests an 8.33pc gross yield.

A soon to be va­cated of­fice and ware­house prop­erty at Unit 4A, Blan­chard­stown Cor­po­rate Park, Blan­chard­stown, Dublin 15, is guid­ing €1.25m. It com­prises 833 sq m (8,966 sq ft) of of­fices over two storeys and 961 sq m (10,344 sq ft) of ware­hous­ing on a site with 40 car spa­ces.

A slice of Cork City’s prime shop­ping street is be­ing of­fered for €465,000. Lo­cated at 124 Pa­trick Street, the va­cant four-storey, mid-ter­race re­tail build­ing ex­tends to 154 sq m (1,657 sq ft) of which 59.8 sq m (643 sq ft) is ground floor re­tail. In Cork’s south­side sub­urb of Dou­glas, a mixed-use in­vest­ment, Oak­leigh House, Don­ny­brook, com­pris­ing three re­tail units and three apart­ments has an €800,000 max­i­mum re­serve.

IT’S amaz­ing how quickly we get used to extraordinary events, and rapidly come to re­gard them as rou­tine. When Jonathan Cor­rie died in a door­way out­side Dail Eire­ann, it seemed to be the “wake-up call” that would change ev­ery­thing. It changed lit­tle. Last week, three home­less peo­ple died and the Min­is­ter for Hous­ing, Plan­ning and Lo­cal Gov­ern­ment Eoghan Mur­phy has called an emer­gency meet­ing to­mor­row with the chief ex­ec­u­tives of the 31 lo­cal au­thor­i­ties.

But can the ex­ist­ing mind­set of gov­ern­ment ever see us break out of this cri­sis?

Frus­trat­ingly, the prob­lem is not money. Ap­prox­i­mately €6bn is al­ready al­lo­cated un­der the myr­iad schemes and pro­grammes in­tended to solve the hous­ing cri­sis. The big­gest prob­lem is a lack of fo­cus, with too many ini­tia­tives un­der­way, tin­ker­ing around the edges of a bu­reau­cratic jig­saw, most be­hind sched­ule, and some hav­ing the op­po­site ef­fect to that de­sired (e.g. the Help to Buy scheme and the Rent Pres­sure Zones have in­creased prices and rents).

The prob­lem is the lack of sup­ply of new homes and it is en­cour­ag­ing to hear the Min­is­ter say­ing this week that the only so­lu­tion to the prob­lem is that the State must build more houses. In­deed, it was the cas­tra­tion of the lo­cal au­thor­i­ties, mov­ing the pro­vi­sion of so­cial hous­ing, and the over­sight of build­ing stan­dards, into the pri­vate sec­tor, that has proved dis­as­trous.

How­ever, if Min­is­ter Mur­phy’s sum­mit re­sults in a prom­ise to try and do ev­ery­thing quicker, and a few new ideas, then noth­ing much will change. The prob­lem for the Min­is­ter and the CEOs is that real change only tends to hap­pen when we are out of our com­fort zone. The Min­is­ter is go­ing to have to bring what will ap­pear to be an un­rea­son­able level of in­tense pres­sure and fo­cus onto the CEOs in or­der to get re­sults. The lo­cal au­thor­i­ties proved over decades that they can build good hous­ing — now is the time to reignite that.

Rad­i­cal change is needed. The lo­cal au­thor­i­ties have al­ready iden­ti­fied the avail­able sites in their ar­eas, and they know from their hous­ing lists, how many homes and what types of homes are needed. By the end of next week ev­ery lo­cal au­thor­ity should have a pro­posal to the Min­is­ter as to what they want to build, and a cost es­ti­mate.

The fol­low­ing week the Min­is­ter should pub­lish the list of schemes to go ahead, the name of the county man­ager re­spon­si­ble for their de­liv­ery, and the time limit. This plan should be pub­lished on the Depart­ment’s web­site and up­dated weekly, clearly show­ing which CEOs are per­form­ing, and which are fail­ing to de­liver. Lo­cal au­thor­i­ties have all the pow­ers needed, e.g. plan­ning and com­pul­sory pur­chase and should im­me­di­ately pro­cure the de­sign teams needed, and then con­trac­tors.

The Min­is­ter should del­e­gate all of his IT was a timely priv­i­lege to act as M.C. last week for the Drag­ons in the Docks event, which raised more than €200,000 for the Si­mon Com­mu­nity. Sixty firms from the prop­erty in­dus­try en­tered boat rac­ing teams, with Sisk emerg­ing as over­all win­ners.

Hiber­nia REIT CEO Kevin Nowlan bravely vol­un­teered to be the first vic­tim in the ‘Dunk the Boss’ event. Nowlan, in suit and tie, sur­vived pre­car­i­ously for sev­eral min­utes be­fore some­one hit the tar­get and cat­a­pulted him into the wa­ter. The event was a great ini­tia­tive by the prop­erty in­dus­try.

1-3 The Green, Malahide, Co. Dublin, is a mixed-use in­vest­ment prop­erty that is guid­ing €3.4m, while Block 5, Unit 2, Tal­laght Re­tail Cen­tre in Dublin (below) has a €1.5m guide price

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