Development & Investment Opportunities Dominate BidX1 April Catalogue
BidX1 have published the catalogue for their second Irish auction of the year, which features over 250 properties and will be run across two days in April. The residential auction is taking place on 13th April and the commercial auction on 18th April. The full residential catalogue is available here and the commercial catalogue here.
Jonathan Fenn, Director at BidX1 and Head of Residential Auctions, commented:
“We’re very pleased to bring such a strong catalogue to the market. Housing remains in short supply so we expect this offering, which features no less than 22 multi-unit residential investments, to draw significant interest. Considering that 19 of these lots provide over 160 properties, the majority of which are currently vacant, it’s a significant injection of stock for the pinched residential market.”
“Development and investment opportunities are key features of the April catalogue, providing attractive yields and asset management opportunities in locations nationwide. A full apartment block in Inchicore, a development of 4 premium houses in Clontarf, and 1.48 acres in Walkinstown with planning for 11 houses, are among the highlights.
Having sold castles, islands and convents through our auctions, we’re always pleased to see interesting properties in the catalogue. An Equestrian Centre in Naas provides almost 40 acres of paddocks along with 39 stables, while a prominent Dun Laoghaire pub should also attract lots of interest.”
The headline property going under the hammer on 18th April is Emmet Lodge in Inchicore, a full apartment block comprising 24 x two bedroom apartments and 8 x three bedroom apartments. All but one of the apartments are tenanted, generating €430,080 per annum. The property is guiding €3,500,000.
An unbroken development of 4 premium houses on the Howth Road in sought-after Clontarf is also going under the virtual hammer. Guiding €3,000,000 - €3,350,000, the properties require some renovation works. Another highlight is a development site in Walkinstown, Dublin 12. Extending to almost 1.5 acres, the property comes with full planning permission for the construction of 11 four bedroom houses, and is guiding €1,250,000. Another development opportunity is provided by a 0.55 acre site at a prominent location in the centre of Cabinteely Village which currently features a mix of commercial and residential buildings. The property has lapsed planning permission for a 49-bedroom nursing home and 2 retail units and is guiding €900,000.
Another lot likely to attract attention is a prominent pub and restaurant on Upper Georges Street in Dun Laoghaire with a €1.25m guide price. The property is let to Original Box Limited who are proposing to trade as House Dun Laoghaire with a rental income of €100,000 per annum and fixed increases to €110,000 in 2019 and €120,000 in 2020. Investors will be satisfied with the strength of the covenant; the tenant and guarantor are leading companies amongst the Nolaclan Group with established names such as 37 Dawson Street, House and The Oak.
Another interesting property is an Equestrian Centre in Naas, which includes 39 stables, a horse walker, show jumping ring, 3 x barns and a two bedroom cottage. The site extends to 39 acres and is being offered with a €425,000 guide price.
The multi-unit selection is fronted by Lot 60, a portfolio of 9 apartments at Santry Cross, Dublin 9, going under the hammer with a reserve of €1,150,000. All of the apartments are occupied, generating €111,900 annually. Other highlights include a portfolio of 10 houses – three of which require completion – in Mallow which is reserved at €1,000,000; 9 holiday homes in Terryglass, Tipperary reserved at €850,000; and a multi-family investment of 15 apartments and 5 houses on 4.4 acres in Cloondara, Longford, which is being offered with a reserve of €675,000. Three partially complete houses in Bray with a reserve of €500,000 will also be of interest to investors.
Attractive family homes in desirable locations aren’t in short supply either. Highlights include a semi-detached six bedroom house in Dundrum reserved at €550,000; a three bedroom house in Milltown, Dublin 6, also reserved at €550,000; and a detached three bedroom house in Ballinteer reserved at €495,000.
The high number of stand-alone apartments in prime Dublin locations should prove attractive to owner-occupiers or those seeking a smaller scale buy-to-let investment. This selection is fronted by 7 Shrewsbury Court, a three bedroom penthouse apartment on coveted Ailesbury Road in Dublin 4. Bright and well proportioned, the property is reserved at €850,000. Other South Dublin opportunities include a two bedroom apartment in Rathgar reserved at €340,000; a second floor two bedroom apartment in Sandyford reserved at €265,000; and a one bedroom apartment on Fortfield Road in Terenure being offered with a reserve of €220,000. The City Centre and North Dublin are also well represented with highlights including a two bedroom apartment in Spencer Dock reserved at €350,000; a two bedroom apartment in Temple Bar reserved at €300,000 and a ground floor two bedroom apartment in Drumcondra reserved at €235,000.
Lot 40: 1-4 Howth Court, Howth Road, Clontarf, Dublin 3. Guide Price €3,000,000 - €3,500,000