BidX1 have announced details of their upcoming February auction, offering over 350 properties across three days in what will be their largest online auction to date.
Last month, the pioneering online auction house announced the acquisition of leading UK property auctioneers, Andrews & Robertson, in a move that makes BidX1 the second largest auction house in Britain and Ireland.
The Irish auctions planned for February have been split across three separate days in order to cater for such a large offering. Residential properties are going under the virtual hammer on 22nd & 23rd February while the commercial auction will take place the following week, on 28th February. The full residential catalogue can be viewed here and the commercial catalogue here.
Jonathan Fenn, Director at BidX1 and Head of Residential Auctions, commented: “We kicked off the year by announcing our acquisition of leading UK property auctioneers, Andrews & Robertson. Having pioneered the use of online auctions in Ireland in 2015, expansion into the UK is an exciting development for us, and we intend to hold our first UK online auction this spring.
The first Irish auctions of the year feature a bumper 350 lot catalogue, totalling more than €60m on reserve, and provide a welcome injection of commercial and residential stock into what has so far been a quiet market.
“This will be our largest online auction to date so we’ve spread it across three days – 22nd, 23rd and 28th February,” said Jonathan.
The residential catalogue features more than 250 properties – family homes in prime Dublin locations share the stage with unique period properties, city centre apartments and multi-unit portfolios. The Overlook in Porterstown, Dublin 15, headlines the catalogue. A detached five bedroom house on more than 2 acres overlooking the 4th & 5th hole of Castleknock Golf Club, the property is reserved at €1,000,000. In South Dublin, an attractive mid-terrace three bedroom house on Sandymount Road in Dublin 4 is going under the hammer with a reserve of €700,000 while a semi-detached four bedroom house on South Lotts Road, also in Dublin 4, is reserved at €630,000. Other Leinster highlights include an attractive four bedroom house in Bray being offered with a reserve of €590,000 and a site located within a housing development in Kinsealy reserved at €425,000.
The catalogue offers a number of interesting period properties, often situated on large tracts of lush countryside or woodland. These are properties requiring refurbishment and TLC, and the attractive reserve prices will be of interest to those looking for the opportunity to create a stunning character property in a beautiful rural setting. Glebe House in Cavan – a seven bedroom house known as the Old Rectory – is one such property. The house is situated on 40 acres of grounds comprised of both woodland and agricultural lands. Complete with stone outbuildings and requiring refurbishment, the property carries a reserve of €230,000.
Another Old Rectory, this one a four bedroom house in Woodsgift, Kilkenny, is also going under the hammer. Dating back to circa 1900, the Rectory is situated on 10 acres and comes with outbuildings comprising three offices. A reserve of €285,000 has been placed on the property. A seven bedroom period house on Dundalk Street in Carlingford, together with a commercial premises and rear store, is on offer with a reserve of €225,000.
Apartments are well represented in the catalogue, whether from an investor or owner-occupier point of view. A portfolio of 9 apartments at Santry Cross, Dublin 9, is going under the hammer with a reserve of €1,300,000. All of the apartments are occupied, generating €111,900 annually. South Dublin highlights include a two bedroom apartment at Cowper Downs in Rathmines, Dublin 6, reserved at €385,000; and a three bedroom apartment in Raheny reserved at €350,000, while more central options include a two bedroom apartment on Tara Street reserved at €315,000 and a two bedroom apartment at Cows Lane in popular Temple Bar, reserved at €300,000.
More than 100 commercial properties are on offer on 28th February. Income producing retail portfolios are well represented and make up some of the highest value properties in the catalogue, leading with three retail units at Hampton Wood in Finglas guiding €1,695,000. Two of the units are occupied, one to Centra and one to Vanilla Hair & Beauty, with a total rent of €135,400 per annum. A retail investment in Dutch Village Shopping Centre, Clondalkin, comprising three adjoining units, is another highlight. Boylesports occupy one of the units, and the remaining two are let to Bradleys Pharmacy and TA Matthews, bringing the total annual rental income to €108,000. The property has a guide price of €1,150,000.
Other retail highlights include a Centra with gym accommodation overhead in Lusk, which is guiding €725,000; a mixed-use investment comprising a Sam McCauley Pharmacy together with 4 townhouses and 3 apartments in Carrick-on-Suir guiding €975,000; and a retail unit with two apartments overhead on Lower Dorset Street, Dublin 1, which is guiding €560,000.
Two adjoining Georgian red-bricks, 31 – 32 South Terrace in Cork, are the highest value office investments with a guide price of €1,100,000. No. 31 is let to the Cork Education and Training Board and No. 32 is part let to an individual. There is also development potential in the form of a rear car park whose 24 spaces are currently being let on monthly tenancies. Also in Cork, four offices at Fota Business Park, Carrigtwohill, are being offered with a guide of €700,000.
A large industrial portfolio comprising 34 industrial units and 10 office units at Gorey Business Park, Wexford, is guiding €1,500,000. 31 of the units are tenanted, generating €242,980 annually.
Other interesting investments include the ‘Trotting Track’ in Portmarnock – a land holding comprising a horse racing track, golf driving range, clubhouse, and office premises – which is guiding €550,000; and a prime South Dublin residential development site in Shankill. The latter extends to 0.88 hectares, carries planning permission for 4 residential units, and is being offered with a guide of €700,000.