230 properties to be sold at Allsop Online Auction on April 5th

230 properties to be sold at Allsop Online Auction on April 5th

Allsop will be hosting their next Online Auction on Wednesday April 5th. More than 230 properties will be going under the hammer on the day, valued at over €38m on reserve. The full catalogue can be viewed here.

Richard O’Neill, Director at Allsop, commented on the launch of the catalogue: “Our February auction delivered exceptionally high returns for sellers with a success rate of over 90% and sale results running at an average of 53% above reserve prices. With such a heated market appetite in evidence, we’re very pleased to bring this strong catalogue to the market.”

The auction will kick-off with our commercial lots, featuring a wide selection of desirable Dublin investments with a range of lot sizes and income profiles to choose from. Outside the capital there are several exciting opportunities including the Pontoon Bridge Hotel in Mayo and a retail investment in Limerick which is let to Lloyds Pharmacy and generating €80,000 per annum. The residential offering, commencing with Lot 97, features over 130 properties. A three bedroom house in Milltown and a beautifully refurbished cottage in Rialto are some of the highlights but investors will also have a number of residential portfolios with high income streams to consider.”

The commercial offering is headlined by an extensive office unit on Corrig Road in Sandyford, Dublin 18. The property is currently let to Carzone for €116,000 per annum – or €14.99 per Sq. ft – which provides significant reversionary potential considering that quoting rents for similar units are in the order of €18 – €20 per Sq. ft.  The property is reserved at €1,450,000 – €1,550,000. Another highlight is a ground floor bookmakers on Rathgar Road in Dublin 6 with a recently refurbished three bedroom apartment overhead. The property was originally purchased for €350,000 from an Allsop auction in 2011 and is now reserved at €730,000 – €760,000. The retail unit is let to Boylesports at €30,000 per annum for 25 years from 2000, reflecting a 7.63% net initial yield, and the apartment is also tenanted, bringing the total rent roll to €58,200 per annum.

Leisure investments include the Southern Hills Guesthouse, a former guest house and restaurant in the popular Galway suburb of Salthill. On a site extending to 0.2 acres with residential zoning, the property affords the potential for residential development.  Purchasers will also benefit from the current income streams being provided by two roof-top telecoms masts which are currently providing €24,500 annually. The property is reserved at €440,000 – €460,000. The Pontoon Bridge Hotel in Mayo, a 58 bedroom hotel with stunning views across Lough Conn, is also going under the hammer. Built in the 1940s but refurbished and extended in 2006, the property is reserved at €340,000 – €360,000.

Three Dublin suburban takeaways – all with residential accommodation overhead – are also on offer. An end of terrace take-away in Terenure is reserved at €380,000 – €400,000; a take-away on Upper Drumcondra Road with a rent roll of €37,000 per annum is reserved at €370,000 – €380,000; and a Chinese take-away in Donnycarney, let to New Emperor for €38,400 per annum, is reserved at €340,000 – €360,000.

Featuring over 130 properties, the residential offering totals more than €17m on reserve. Those seeking a house or apartment in Dublin will have a large selection to choose from. Highlights include a mid-terrace three bedroom house in Mount St. Annes, Milltown, Dublin 6, reserved at €545,000 – €555,000 and a ground floor one bedroom apartment in the attractive Robswall development in Malahide, reserved at €225,000 – €235,000. A beautifully refurbished cottage on a quiet cul-de-sac in Rialto is reserved at €260,000 – €270,000. The one bedroom property, which also benefits from a large attic room and a small courtyard to the rear, is being offered with vacant possession.

Investment highlights include a portfolio of 5 x two bedroom apartments on Blackhorse Avenue in Dublin 7 – fully occupied and generating €77,400 per annum – which is reserved at €890,000; a mid-terrace house arranged in 13 units on Gardiner Place in Dublin 1 with an annual rent of €84,400 per annum which is reserved at €745,000 – €755,000; and 9 x apartments on South Earl Street in Dublin 8 generating €80,820 which is reserved at €715,000 – €725,000.

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