€60m, three-days, 360 lots

A NUMBER of €1m plus-properties, in Cork, Dublin and Wexford, are to feature in the wide-ranging, three-day Bid X1 auction later this month. In all, some 360 commercial and residential lots are expected to yield in excess of €60m for the auction house.

In its biggest Irish sales move to-date, the on-line sales house has 250 residential lots and investments in a two-day auction February 22 and 23, and circa 100 commercial offers on February 28, and has said it also aims to start its UK on-line sales in spring of this year, after confirming its acquisition of UK property auctioneers, Andrews & Robertson.

Included as one of the largest commercial lots are two adjoining Georgian red-bricks at 31 and 32 South Terrace, Cork.

Guided at c€1.1m, the elegant end-terraced buildings (previously owned by developer Joe O’Donovan) sold two years ago for c €1.1 m via Powell Property to London-based Carra Shore and hotelier Jalaluddin Kajani, who’d proposed a 146-bed hotel at Nos 31-33 South Terrace.

The application was refused by Cork City Council for what they deemed to be the detrimental impact on the character and long-term viability of the protected structures, part of a terrace once owned by Sir Thomas Deane and adjudged to be one of the finest Georgian terraces in Cork. The council also had concerns about the quality of rooms within the protected structures, fearing overlooking and overshadowing.

No 31 is let to the Cork Education and Training Board. No 32 is part-let to an individual, and there’s development potential in a rear car park with 24 spaces currently let on monthly tenancies.

Also in Cork, four offices at Fota Business Park, Carrigtwohill, are being offered with a guide of €700,000. One unit is let, and current income is €18,000.

Largest Bid X1 lots include three retail units (including a Centra) in Dublin at Hampton Wood, Finglas guiding €1,695,000 and earning €134,000 pa.

Another retail investment in Clondalkin, the Dutch Village Shopping Centre, has income of €108,000 and guide price of €1,150,000.

Jonathan Fenn, Director at BidX1 said their Irish auction would provide “a welcome injection of commercial and residential stock into what has so far been a quiet market.”

Lots include multi-let investments, a part-let office and industrial portfolio with 34 units earning €242,000 at Gorey Business Park, Wexford, guiding €1.5m, and the more novel ‘Trotting Track’ in Portmarnock, a mix of horse racing track, golf driving range, clubhouse, and office premises, on 24 acres, guiding €550,000. Previously trading as Allsop Ireland and established in 2011, and now a leading online sales force, BidX1 team has now sold over 7,000 Irish assets, for over €1.2bn.

DETAILS: www.bidx1.com