Allsop Space set for record breaking auction on February 25th

Allsop Space set for record breaking auction on February 25th

Auctioneers Allsop Space will once again break Irish auction records when it puts 190 properties with a total guideline price of €27m under the hammer in the RDS in Dublin on Tuesday February 25th.

The 190 lots are a mixture of commercial, residential and land, and include 81 houses (the largest ever number), 17 apartments, 18 land lots, 30 retail/shops, 10 offices, one pub, 18 industrial and two housing developments.

You can view the residential lots here and the commercial lots here.

The reserve on these properties is €27m, again a record-breaking figure for an auction in Ireland. The true value will be decided on February 25th in the auction process.

Allsop Space Director of Auctions, Robert Hoban said: “Once again the popularity of the Allsop Space open and transparent approach to selling and buying of property has been clearly demonstrated by the number of properties we are bringing to the open market on February 25th in Dublin.”

“The number of properties is so big that we have decided to begin the auction at 9am in order to get through the auction process in an efficient and timely manner. Would-be buyers, sellers and other interested parties would be advised to arrive early at the RDS.”

“The level of interest in having properties sold through our auctions is continuing at an unprecedented level. Apart from the new commercial opportunities this sale will also see many more Irish families find new homes and others bring new life to businesses throughout Ireland. Employment will inevitably follow and this will continue the process of rejuvenation of communities,” he said.

Seventy commercial properties will go under the hammer on the day. The overall reserve prices for the commercial element will top €15 million.

The mix of properties will range from three investment buildings rented by leading bookmakers, two retail buildings in the centre of Galway city, a shopping centre in Cork to an Ulster bank branch in Loughrea, Co Galway.

A reserve price not to exceed €1.9 million has been set for a prominent retail building at the corner of Mainguard Street and Lombard Street in Galway city.

The 388sq m (4,176s q ft) supermarket trades as Spar and is rented on a 35-year lease with no breaks from 2006 at a rent of €190,000 per annum. Three two-bedroom apartments overhead are producing a further €19,500, bringing the overall rent roll to €209,500.

An adjoining three-storey retail building at 16 and 17 Mainguard Street is let to Blacoe Jewellers at a rent of €41,600. The 21 year lease runs from 2006. The reserve in this case will not exceed €400,000.

Allsop Space has set a reserve of €750,000 to €850,000 on the sale of the North Main Street Shopping Centre directly opposite Dunnes Stores on North Main Street om Cork city centre.

Though five of the 14 shop units in the centre are currently vacant, the rent roll is still €119,000 per annum. There is obvious potential to strengthen the rent roll.

There should be no shortage of bidders prepared to take a punt on the headquarters of Boylesports in Dundalk which has a reserve of between €1.4 and €1.5 million. The 1,610s q m (17,330s q ft) building is held on a 15-year lease from 2003 at a rent of €250,000 per annum.

In Sandyford, Co Dublin, there will be a reserve of €530,000/€560,000 on a ground floor bookmakers shop let to Paddy Power and a two bedroom apartment producing a total rent of €56,400 per annum. The retail lease runs for 20 years from 2003.

A third bookmakers shop at 90 €55,000 has a reserve of €375,00 to €425,000. The 9 years and 11 months lease runs from 2007.

Only one of the three overhead apartments is occupied and is producing a further €9,000 per annum.

Investors looking for a particularly strong return should check out the Ulster Bank branch at Main Street, Loughrea, which is currently producing a rent of €180,000 per under a nine years and 11-months’ lease from 2008.

The 585sq m (6,296sq ft) building has a reserve of between €750,000 and €850,000.

In Dublin, the selling agents are quoting €375,000/ €425,000 for two retail units with overhead office accommodation at 30 and 30a Barton Drive, Rathfarnham.

The rent roll under three separate leases is €42,000 per annum.

Mr Hoban re-iterated the Allsop Space pledge that no repossessed family homes would be sold at any of their auctions, a pledge given to David Hall and the Board of the Irish Mortgage Holders Organisation and to many leading politicians.

You can view the residential lots here and the commercial lots here.

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