A retail investment on Cork’s St Patrick’s Street, close to where the city centre’s new tourist office is set to open shortly in a just-renovated building, is for sale with a €1.635 million price tag.
No 122 St Patrick’s Street, let to Schuh (ROI) at an annual rent of €180,000 on a lease running to 2026, is one of 380 lots due under a virtual hammer in the forthcoming three-day, online auction via BidX1. It’s set to be Europe’s largest online auction to date, with two days of residential offers and a third, June 1, of commercial lots and investments.
One of several adjacent shoe retailers in a corner block on the retail boulevard close to St Patrick’s Bridge slowly coming back to better occupancy level, and with an appropriately high footfall, No 122 faces the Merchants Quay Shopping Centre and M&S. The ground and first floors are let to Schuh, with the two upper levels of the 6,900 sq ft building vacant, and with further income scope.
Also among the hundreds of lots is a 94’ high brick chimney in Shanagarry, Milltown, Dublin, the last remaining part
sentile of a former Dublin laundry, with current income of €13,800 pa from Digicel, at guide of €35,000, plus 11 holiday homes in Dromkeal, Ballylicky, near Bantry in West Cork, guiding €1 million.
Also comparable are five holiday homes in Kilkenny’s Ullard, Graiguenamanagh, guiding €750,000, while a substantial c 6,000 sq ft Georgian corner office block at O’Connell Street and Glentworth Street in Limerick city, part-let, is guided at €350,000.
In Dublin, four retail units in the busy Quartier Bloom on Ormond Quay are being offered with a guide of €1m, and 45% of a retail unit on North King Street let to the Musgrave Group guides at €620,000.
BidX1’s director and head of residential auctions Jonathan Fenn noted that 82 apartments, over a quarter of the three-day catalogue were being offered “so the auction should provide an interesting addition to recent commentary on the popularity of this asset class, while, as always, larger-scale investors will have a strong selection of residential and commercial investments with high income streams to consider.”
On the upper end of the residential front are Nos 13 and 64 Grosvenor Square in Dublin 6, reserved at €840,000 and €800,000 respectively, in an elite setting, but requiring refurbishment of the red-brick Victorian properties.
Bid X1, previously Allsop Ireland, set up in Ireland in 2011 quickly becoming Ireland’s largest auction company, and has since sold 7,000 assets, at values totalling €1.3bn.
Having acquired London-based Andrews and Robertson several months ago, it’s criss-crossed the Irish Sea to now rate as the second largest commercial and residential auction house in Britain and Ireland.