Sales of more than €36m were recorded at the most recent BidX1 auctions. 897 bidders placed more than 4,300 bids, with a lot closing every two minutes. Bidders based all over the world, from Saudi Arabia to New Zealand, took part in the auction. Notably, 40% of the bidding took place on a mobile device, with bidders happy to compete for properties while on-the-go.
Jonathan Fenn, Director at BidX1, commented: “We were happy to see such strong results at our latest auction, which we ran across three days. Headline sales included a prime retail investment on Cork’s Patrick’s Street which hit €1.635m and a complete block of 7 apartments in Dublin 1 which sold for €1.115m. The power of a competitive reserve price to stimulate bidding was proven by the sale of 64 Grosvenor Square for €855,000 after the reserve price was reduced from €800,000 to €750,000.
“We’re accustomed to quirky properties, but we were especially pleased to be offering the Shanagarry Chimney in Milltown, an industrial chimney rising to 94 feet, and the only remaining section of the Old Dublin Laundry. The listed red-brick stack is clearly a familiar landmark for many, and attracted significant interest during our marketing period. The result was 8 bidders competing across more than 70 bids, before the Chimney was eventually sold for €136,000.”
The headline commercial result was achieved by a five storey building on Patrick’s Street in Cork City Centre. With the ground and first floor let to Schuh for €180,000 per annum, the property was sold for €1,635,000. On the residential side, a complete block of 7 apartments on Dorset Lane in Dublin 1, fully occupied and generating €86,700 per annum, was sold for €1,115,000 while five houses in Togher, Cork, came in at €880,000. A residential development site, 0.7 acres in total, overlooking the beach at Robswall, Malahide, sold for €800,000.
One of the more unusual propositions was Lot 317, providing 45% of a retail unit on North King Street in Dublin 1. With an annual rent roll of €155,000 – the unit is let to the Musgrave Group t/a Centra – the purchaser will net 45% of this; €69,750 per annum. This part-ownership didn’t deter two bidders who competed across a total of 90 bids, ringing in a final sale price of €726,000, far exceeding the €620,000 guide.
The power of a competitive reserve price to stimulate bidding was clear from 64 Grosvenor Square in Dublin 6, an attractive red-brick Victorian property in a stunning location but requiring refurbishment. Initially reserved at €800,000, this was later reduced to €750,000, and intense bidding on the day led to the property selling for €855,000. Sillan Lodge, a derelict house in Greystones on 0.192 acres, also exceeded its reserve price of €350,000 by a significant amount, selling for €460,000 after more than 50 bids.
Apartments in quality locations performed strongly. A seventh floor two bedroom apartment on Foley Street in Dublin 1 with rental income of €15,000 per annum topped the results with a final price of €350,000, €90,000 above the reserve price. A vacant two bedroom apartment in the IFSC was sold for €345,000; another two-bedroom in Temple Bar was sold for €310,000; and a one bedroom apartment on Sussex Road in Dublin 4 sold for €285,000.
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