A Limerick asset management opportunity guiding €2.1/2.3 million, as well as 11 Waterford apartments for €560/600,000, are among the stronger Munster commercial offers in next month’s combined Allsop auction.
The two days of auction activity may see over €60m transacted under the hammer, making it the company’s largest auction yet — and considerable attention will be on the performance of Dublin’s residential lots, including a number of quality family homes.
Residential auctions - which for years had characterised the Dublin market - died a death in the housing and banking slump, so with the Dublin market back in recovery (albeit with price inflation lessening in recent months relative to other Irish cities) there’ll be interest to see the level of bids on the more upmarket homes.
Of the 370 properties to be auctioned September 8 and 9, some 290 are residential, collectively valued at €35m, and Allsop describe a quarter or about 75 of them as being ‘prime Dublin properties.”
“Much will be revealed about the strength of the Dublin market, as quality properties in sought-after locations dominate Allsop’s largest ever catalogue,” say the company, expecting over €15 million in their Dublin house sales alone, with many priced over €500,000.
Also among the lots are 22 Cork properties, 14 houses and eight commercial sales, including the Monkstown Inn in Cork harbour, currently not trading (one of three bars in Monkstown) and guided at €200/220,000.
In Waterford city, Lot no 55 is 11 two-bed apartments at Maritana Gate, Canada Street, described as a multi-family investment, with five currently let, and having “reversionary potential/asset management opportunity.” Reserve range is €560/600,000, and that’s in price contrast with another multi-unit property, a portfolio of 10 apartments being offered collectively as one lot on Dorset Street, Dublin, with a reserve of €1.1/1.3 million.
Billed as a shopping centre investment/asset management opportunity is Limerick’s Newtown Centre, Newtown, Annacotty.
Guided at €2.1/2.3m, it has 11 tenanted units and four vacant, and is a mix of eight retail units, six office suites and a restaurant, totalling 23,000 sq ft on 2.17 acres. There are some rent arrears, so the current rent reserved of €281,00 is put at a current passing rent of €250,000.
The first day of the two auctions, September 8, will be fronted by the commercial properties element of 80 properties, with total reserves close to €24 million. Richard O’Neill, Head of Allsop Commercial, said “the commercial catalogue provides a diverse range of owner occupier and investor opportunities.”
Billed as a highlight is Lot 20, an office development opportunity at No 10 Harcourt Street and 10/11 Montague Lane, Dublin 2, with Georgian building to the front with warehouses behind There’s a lapsed planning for a four-storey office development, so it will be of keen interest to investors and office developers. It has a reserve range of €2.9/3.1 million.
Also in Dublin 4,CBRE are selling an infill office site at 53 Percy Place for Waterways Ireland, seeking €1.6m for 0.1 of an acre, which could take a four-storey office or residential block.
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