The first Allsop Space auction of 2015 on February 18th features 222 properties with a total reserve of more than €40 million.
Many of the commercial properties due to go under the hammer are already rented and the list of tenants includes Next, Argos, BWG Foods Ltd, Daybreak, Ladbrokes, the IDA and the HSE. There is a hotel, hotel suite, 25 industrial properties, 17 offices, one mixed-use investment, four pubs, a petrol station, restaurant and 29 retail units.
Commercial property investors may also be interested in the 28 sites with a combined reserve of €2.6 million in the auction, along with eight apartments being sold as one lot in Tallaght with a reserve range of €800,000-€850,000 and three apartments in Temple Bar to be sold separately at reserves starting at €195,000.
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The commercial highlights include a modern office building extending to 1,711.45sq m (18,415sq ft) over ground and three upper floors at Unit D1, Block A, Citylink Business Park, Old Naas Road, Dublin 12.
This investment, in a purpose-built office and logistics park, comes with three tenants in place and a reserve of €1.6 million-€1.7 million. The entire property is let to Damovo Ireland for a term of 21 years from 2002, at a rent of €168,000 per annum, exclusive of rates and VAT. The lease provides for rent reviews every fifth year (upward-only) and contains internal repairing and insuring covenants. Damovo has sublet their interest in each of the second and third floors to Down Syndrome Ireland and IFAC Accountants.
A substantial office building and separate self-storage building at Ballymount House, Parkway Business Centre in Ballymount, Dublin 24 is to be offered as one lot. It is subject to five leases, including tenants Chris Mee Group & Space Storage, has a reserve range of €950,000-€1.05 million and the total reserved rent is €156,592 per annum.
A modern warehouse with office accommodation at Unit 11 Century Business Park, Finglas, Dublin 11 has a reserve of €2.15 million-€2.3 million. It is let to Antalis Ireland Ltd until 2026 and is currently producing a rent of €340,000 a year.
Another industrial highlight, this time with a reserve range of €1.85 million-€2 million, is at Unit 3 Merlin Commercial Park, Doughiska, Co Galway.
This substantial retail warehouse building, extending to about 3,590sq m (38,000sq ft), is let to BWG Foods Ltd t/a Value Centre.
Internally, the property comprises two-storey offices to front with a substantial warehouse and distribution facility to the rear. The passing rent is €294,000 per annum.
Retail park
Ten retail warehouse units at Monaghan Retail Park, Clones Road, Monaghan town have a reserve of €1.55 million-€1.65 million. Tenants include Next and Argos. The property extends to about 10,200sq m (109,900sq ft) and produces a passing rent of €186,502 per annum. Seven of the units come with vacant possession.
Meanwhile, over at the IDA Industrial Estate in Clonmore, Mullingar, an industrial investment building let to the IDA until 2018, has a reserve of €875,000-€950,000. It extends to 2,137sq m (23,000sq ft) and is arranged over ground and part-first floors to provide a substantial industrial facility of metal deck cladding together with a metal deck roof.
There is surface car parking to the front and rear while the property provides two-storey office accommodation to the front with warehouse to the rear. The current reserved rent is €208,705 per annum.
Lot 19, at 109-113 South Circular Road and 64-68 Upper Clanbrassil Street in Dublin 8, is a mixed-use investment building comprising retail, office and residential accommodation.
There are two tenancies and and the reserve here is €600,000-€650,000 for a property extending to 799sq m (8,600sq ft).
The ground floor of number 68 is occupied by an individual t/a An Post on an informal tenancy at a current rent of €15,080 per annum exclusive of rates and VAT. Part of the first floor of number 68 is occupied on a caretaker agreement. Two of the six basement car park spaces are subject to licence agreements at a current rent of €1,680 per annum. The total current rent reserved is €16,760 per annum with vacant possession of four retail units, two storeys of office, residential accommodation and four car-parking spaces.
Allsops is quoting €670,000-€730,000 for the Shandon Hotel & Ocean Spa Marble Hill, Portnablagh, Dunfanaghy, Co Donegal. The landmark hotel, first opened in 1920, has 71 en suite bedrooms, a self-contained spa and children's activity centre on a site extending to approximately 3.57 hectares (8.81 acres). It is currently vacant, arranged over ground and three upper floors, and comprises a reception, bar and bistro, restaurant, and residents lounge.
Nine retail units at Tralee Shopping Centre in Co Kerry are being offered for sale as one lot. Two of the units are subject to tenancies while seven are vacant. The reserve here is €475,000-€525,000.
An attractive bank building, formerly occupied by Irish Nationwide Building Society, at Castle Street in Roscrea, Co Tipperary offers a mix of retail and office space. It is quoting €125,000 to €140,000.
Sites
Development sites proved very popular at Allsop’s December auction and among the highlights this time around is a residential opportunity of 1.5 acres at Kindlestown Upper in Delgany, Co Wicklow with a reserve of €900,000-€1 million. There should also be interest in a 2.5-acre site beside Ballybunion golf course which has a reserve of €125,000-€175,000. It has planning permission for a 71-suite hotel, eight apartments and 75 car-parking spaces.
Eight apartments – a mix of one, two and three-beds – at Abberly Square in Tallaght, Dublin 24 are to be sold as one lot. Seven of the apartments are subject to tenancies and the reserve is €800,000 to €850,000.
Eight houses and four two-bed apartments in need of completion, together with three acres of land at Meadowfields in Enniscorthy, Co Wexford have a reserve of €625,000-€645,000. Meanwhile, three apartments at East Essex Street in Dublin’s Temple Bar have reserves from €195,000-€295,000. The one and two-bedroom apartments range in size from 50sq m – 77sq m (538sq ft- 829sq ft).
"2014 was a positive year for the market and a ringing endorsement of auction as a method of sale, resulting in 1,081 properties selling for a total of €264.5 million through Allsop Space alone," says Robert Hoban, director of auctions at Allsop Space.
“We anticipate that 2015 will be a very busy year as more and more properties come to the market to meet the continued demand.”
The auction takes place on February 18th at the RDS, Merrion Road, Dublin 4.
