320 lots for auction with combined €60m value
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