The latest Allsop commercial property auction is set for July 9th with some 90 lots under the hammer at a combined reserve value of €20 million.
A good mix of assets across the country is included in the auction – most of which are income-producing – while others offer buyers the chance to relet and/or add value.
Among the highlights is an end-of-terrace Georgian office building with top-floor apartment at 63 Lower Leeson Street, Dublin 2. The office accommodation is spread over the basement, ground, first and second floors.
Fit-out is high-spec including Cat 5 cabling, fitted kitchen, shower and Italian tiling. This investment, which extends to 313sq m (3,371sq ft), comes with vacant possession and a reserve range of €1.3 million to €1.6 million.
Botanic House on Botanic Road in Dublin 9, which is being sold on the instruction of executors and comes with vacant possession, comprises a prominent public house arranged over basement and ground floors extending to about 529.53sq m (5,700sq ft). It is in turn-key condition and the sale includes all fixtures, fittings and contents.
In addition there are five apartments (19 bedrooms in all) over the part ground and two upper floors. The combined development extends to more than 1,022sq m (11,000sq ft) and the reserve range is €1.5 million to €1.7 million.
Units three and four Moyvalley Retail Park in Ballina, Co Mayo, comprise two modern office buildings extending to a combined 1,987sq m (21,380sq ft). The buildings are let to Road Safety Authority on two co-terminus leases for 20 years from February 2007 with no breaks at a rent of €243,188 a year. Allsop is quoting a reserve range here of €2.25 million to €2.45 million.
Meanwhile, the Tesco Express unit and offices at 1 and 2 The Bridge on Main Street in Shankill, Dublin 18, comprises a ground-floor shop and two modern office suites set within a wider, apartment-led development. Tesco rents the shop on a 19-year and five-month lease from January 2005 at €59,750 a year. This rent is subject to capped and collared CPI-linked rent reviews, with the next scheduled review falling in 2019.
One of the office units is let to Identity Plastic Print Ltd for four years and nine months from January 2014 at a rent of €8,000, while a second office suite is vacant. This brings the rent roll from the shop and offices to €67,750. Allsop is suggesting a reserve range of €850,000 to €900,000.
Six two-storey, own-door office units in Dublin 9 have a reserve range of €800,000 to €1 million. The properties, at 1, 2, 3, 4, 4a, 5a, 5b, 6 Woodford Court in Woodford Business Park, extend to a combined 1,228sq m (13,113sq ft).
Three of the office units are vacant and the others are producing a rent roll of €87,257. Unit 3 is let to Serco for 20 years from 2006 at a rent of €39,272 a year, unit 5 is rented by Northwood Management Company for three years from 2013 at €5,000 and the Health Service Executive occupies unit 6 on a nine-year and 11-month lease from 2006 at €39,985.
Another highlight is a retail building at 25 High Street in Kilkenny which is let to Villa Clothing (part of Bestseller Group) on a 21-year lease from September 2007.
The initial rent was €76,000 but a deed of variation was signed in 2014 to reduce it for three years to €60,000 paid annually in advance.
The property is arranged over ground and three upper floors and extends to some 355sq m (3,822sq ft). Allsop is quoting a reserve range of €500,000 to €550,000, which would show a net initial yield of 11.5 per cent.
Allsop has already clocked up sales of €60.3 million in commercial property for the year to date with 85 per cent of lots sold.
Allsop head of commercial auctions Richard O’Neill said: “Against a backdrop of a weakened euro and increasing levels of bank lending, we are witnessing strong demand from both home and abroad for well-located investment and development opportunities.”
