BidX1 First out of the Blocks for Autumn Selling Season with Two Catalogue Launches
BidX1, the digital property company that has sold more than €128m worth of commercial and residential property so far this year, is gearing up for a lively autumn after launching a new catalogue this week and with a further catalogue due to go live mid-September. The latest catalogue, for the auction on 18th & 20th September, can be viewed here.
Jonathan Fenn, Director at BidX1, commented:
“We’re bringing a substantial number of properties to the market in September, all of which will be offered via our digital auction platform. The fact that this platform has proven successful across the full range of asset types, from houses and apartments to development sites and investment portfolios, is an endorsement of our core business proposition: a foundation of security and efficiency that benefits both buyer and seller.”
Describing the make-up of the current catalogue, Fenn added:
“We’re pleased with the calibre and variety of properties put forward in the catalogue; a good mix of tenanted and vacant stock, commercial and residential property, and investor/owner-occupier opportunities. A Georgian townhouse in the seaside suburb of Sandycove is one trophy property - stunning sea-views from the rear may seal the deal for prospective purchasers, who will have to meet a reserve in the region of €1.4m. Meanwhile, a full apartment block of 32 apartments - Emmet Manor in Inchicore – headlines our investment offering. Having sold the adjacent Emmet Lodge for a price in the region of €3.2m earlier this year, we’re expecting significant interest in this lot.”
Emmet Manor in Inchicore, a full apartment block comprising 32 x two-bedroom apartments, has been listed with a guide of €2.8m. With 28 of the apartments currently tenanted, the property generates €291,772 per annum. The adjacent Emmet Lodge whose 24 x two bedroom & 8 x three-bedroom apartments are fully let, is generating an annual rent of €430,080 per annum, pointing to significant asset management potential for this lot. Emmet Lodge was sold by BidX1 for a price in the region of €3.2m earlier this year.
Two South Dublin sites, both in Rathmichael, provide significant residential development potential. 3.9 acres at Old Connaught Avenue, with zoning to provide for new residential communities, carries a €1,325,000 guide price, while a smaller plot extending to 0.57 acres on the Ferndale Road with expired planning permission for a four bedroom house is guiding €420,000.
Outside the capital, a mixed-use investment in Sligo is guiding €1,900,000. The Benbulben Suites – tourist/student accommodation comprising 52 x two-bedroom suites – is going under the hammer in the same lot as a detached industrial building, providing a mix of office and warehouse accommodation. The Suites were intended as overflow accommodation for the Clayton Hotel but with ownership separated in 2010, are now subject to a management agreement with Albanne; turnover for 2017 was approximately €479,000. The industrial unit is let to the North Western Health Board.
Two office blocks in Galway Technology Park, let to serviced office provider Level One Office and the Wellstone Clinic, a dialysis provider, for €124,460 per annum, is guiding €1.1m.
The catalogue also provides a strong selection of stand-alone residential opportunities – many in prime Dublin locations. A six-bedroom Georgian Townhouse in the picturesque Sandycove is the most imposing property to feature, and will go under the hammer with a reserve of €1.4m. The Sandycove lot is rivalled by another elegant period house, located on Leinster Road in Rathmines. The end of terrace property is currently arranged to provide six self-contained units, but benefits from vacant possession, and BidX1 are guiding €1.1m. Also in Dublin 6, a house arranged in three self-contained units on Rathmines Road Upper is reserved at €450,000 while a mid-terrace three bedroom townhouse in Rathmines Park is being offered with a reserve of €400,000.
No less than 86 single apartments are being offered on the first day of the auction, September 18th, a significant level of stock when considered along with the multi-unit apartment investments going under the hammer on the second day of the sale. Popular Dublin locations such as the IFSC, Kilmainham, Malahide and Dun Laoghaire all feature, as do opportunities in Limerick, Cork and Galway.
Lot 224: Block 8 and 9 Galway Technology Park, Parkmore, Co. Galway. Reserve €1.1m.