BidX1 in €62m dig­i­tal auc­tion of 400 prop­er­ties

Irish Independent - Business Week - - Commercial Property - Ron­ald Quin­lan

AS many as 403 com­mer­cial, in­vest­ment, res­i­den­tial and de­vel­op­ment prop­er­ties with com­bined guide prices to­talling €62m will be auc­tioned on­line by BidX1 on Septem­ber 18 and 20. About a quar­ter of the lots will have com­mer­cial prop­er­ties and these could be worth more than €22m. Six of the lots are val­ued at more than €1m.

The most valu­able of them is a four-storey apart­ment block known as Block C, Em­met Manor, Inchicore, Dublin 8, which has a €2.8m guide price. It com­prises 32 flats of which 28 are ten­anted and gen­er­ate €291,772 in an­nual rent sug­gest­ing a gross ini­tial yield of 10.4pc.

The other four flats are va­cant. While two of the units gen­er­ate rents of €12,000 a year as many as 11 gen­er­ate less than €10,000 sug­gest­ing that there is po­ten­tial to bring rents closer in line with mar­ket lev­els.

On the same site BidX1 sold the Em­met Lodge block for around €3.2m ear­lier this year. Jonathan Fenn, di­rec­tor BidX1, pointed out that Em­met Lodge was fully let and gen­er­at­ing an an­nual rent of €430,080.

The auc­tion­eers have re­duced the guide price for a mixed in­vest­ment known as the Royal Apart­ment Com­plex, Dublin Street, Car­low town. It had pre­vi­ously been of­fered for sale at €1.85m and later for €1.5m, but is now guid­ing €1.2m. Ex­tend­ing to 1,238 sq m, its cur­rent rent re­served to­tals €82,260 a year but five of its 15 apart­ments, as well as its three re­tail units and an of­fice unit are va­cant. The pre­vi­ous guide prices re­flected higher oc­cu­pancy lev­els.

Its rental in­come in­cludes €9,000 from a tele­phone mast. Also in­cluded in the sale is a 370 space, five-storey car park which is op­er­ated by NCPS but no in­come fig­ure has been dis­closed.

A mixed-use in­vest­ment in Sligo has also had its price re­duced. Last Au­gust, an­other agent had a €2.5m guide price for the Ben­bul­ben Suites. Now BidX1 are ask­ing €1.9m. This prop­erty com­prises 52 two-bed­room tourist/stu­dent ac­com­mo­da­tion suites and a de­tached light in­dus­trial build­ing which pro­vides both of­fice and ware­house ac­com­mo­da­tion. The suites gen­er­ated €479,000 turnover in 2017 and were in­tended as over­flow ac­com­mo­da­tion for the Clay­ton Ho­tel with which Ben­bul­ben shares a site en­trance.

Two linked Gal­way of­fice build­ings, Block 8 and 9 Gal­way Tech­nol­ogy Park, Park­more, have a €1.1m guide price. This sug­gests a gross yield of 11.3pc.

With a com­bined area of 1,752 sq m, spread over six floors they gen­er­ate €124,460 in an­nual rent. The ground, first and sec­ond floors of Block 8 and the sec­ond floor of Block 9 ex­tend to 604 sq m and are cur­rently let to Level One Of­fice Lim­ited and used as ser­viced of­fices.

The ground and first floor of Block 9 ex­tend to 1,148 sq m are let to Zale­don Lim­ited trad­ing as Well­stone Clinic and have been fit­ted out as a kid­ney dial­y­sis unit.

A 3.9 acre prime south Dublin res­i­den­tial de­vel­op­ment site at Old Con­naught Av­enue, Rath­michael, Co Dublin, is guid­ing €1,325,000.

It is sit­u­ated at the cor­ner of Old Con­naught Av­enue and Fern­dale Road, to the rear of Old Con­naught House.

Clock­wise from above: Block 8 and 9 in Park­more, Gal­way; Block C, Em­met Manor, Inchicore, Dublin and Ben­bul­ben Suites, Sligo, are up for sale

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