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First Auction under BidX1 Features Over 300 Properties

BidX1 have announced details of their first auction under the new brand, which will take place across two days, 27th and 28th September.  Over 300 lots are going under the hammer, totalling more than €60m on reserve. The full catalogue can be viewed here.

Jonathan Fenn, Director at BidX1, commented:

“We’re kicking-off our two-day auction with the residential catalogue which includes a selection of stunning family homes in prime locations. A beautiful four bedroom Victorian house on Palmerston Road in Dublin 6 are among the highlights. Glashnacree House in Sneem, Co. Kerry – an incredible Victorian coastal country house complete with a 40 ft swimming pool, stables, tennis courts and two guest houses – is also going under the hammer.”

“Investors will have an impressive selection of residential portfolios and commercial investments with high income streams to consider – a ground floor restaurant and offices at The Green in Malahide and a portfolio of 15 apartments on Gardiner Street generating €139,600 per annum are among the highlights.”

He added:

“In total, there are 15 multi-family residential lots going under the hammer which will bring over 100 individual units to the market. With more than half of these units currently vacant, it’s a significant injection of stock into the supply-starved housing market. A prime residential development site at Marlborough Road in Dublin 7 with potential to develop 15 units should also generate plenty of interest.”

Residential Highlights

Glashnacree House in Sneem, a stunning six bedroom Victorian Country House, provides a more rural retreat. Situated on 20 acres, the property comes with two guest cottages, a 40 ft swimming pool, stables and tennis courts and is reserved at €1,395,000 - €1,405,000. 69 Palmerston Road in Dublin 6, a semi-detached four bedroom Victorian house, will satisfy those looking for a period property in the capital. The reserve range for this property is €950,000 - €1,050,000.

There is also a very strong selection of income generating investment stock on offer but also a wide selection of vacant multi-unit properties in locations across the country. Dublin properties make up 25% of the residential catalogue and the highest reserve – €2,100,000 - €2,200,000 – has been placed on a portfolio of 15 apartments on Gardiner Street in Dublin 1. Thirteen of the units are tenanted with a total annual rent roll of €139,600. Other Dublin investment highlights include a portfolio of 5 vacant apartments in Knocklyon reserved at €1,175,000, a semi-detached red-brick house arranged to provide 9 bedrooms and generating €59,400 per annum which is reserved at €525,000 - €535,000; and a portfolio of 3 x one bedroom apartments in Mountjoy Square reserved at €440,000 - €460,000. Outside the capital, a portfolio of 20 residential units, nine of which are generating €59,880 per annum, in The Kerries, Tralee, is also going under the hammer with a reserve of €1,090,000 - €1,110,000.

Commercial Highlights

Leisure investments, particularly restaurants and take-aways, feature prominently in the catalogue. The highest value lot is a prime mixed-use investment at The Green in Malahide comprising a ground floor restaurant and cocktail bar with three storeys of offices overhead. The restaurant and bar are let to Siam Thai and the offices are also fully let, bringing the total annual rent roll to €288,000. The property is reserved at €3,400,000.

A modern service station investment, situated at the entrance to the Mile Height Retail Centre in Tralee, is reserved at €1,425,000. Currently trading as Tralee Food Court, the property is generating €130,000 per annum. Other leisure highlights include Amerta Chinese Restaurant in Monkstown which is generating €50,000 per annum and is reserved at €600,000.

Office investment highlights include a substantial unit in Tallaght Retail Centre extending to more than 38,000 sq. ft. The property is being sold with vacant possession and is reserved at €1,500,000. A modern headquarters facility in Blanchardstown comprising two storey offices to the front and warehousing to the rear is also going under the hammer, reserved at €1,250,000.

Lot 70: Glashnacree House, Sneem, Co. Kerry. Reserve Range €1,395,000 - €1,405,000.