BidX1 in €62m digital auction of 400 properties
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