Gutsy bidders win the day at BidX1 April auction as development sites and investment opportunities dominate
Plenty of pre-auction interest resulted in two days of intense bidding on the latest BidX1 selection of commercial and residential properties. It was a sale that favoured gutsy buyers with an eye for opportunity as development and investment properties in prime locations dominated the catalogue. Both residential and commercial results can be viewed here.
Jonathan Fenn, Director at BidX1 and Head of Residential Auctions, commented:
“We’ve had an exciting few days here, with a number of stand-out sales and plenty of competitive bidding driving prices above reserves. It wasn’t for the faint-hearted though, with single bids escalating as high as €50,000 on some lots. Development sites at Walkinstown and Cabinteely were the headline results.”
Full planning permission for the construction of 11 four-bedroom houses made Lot 29, a 1.48 acre development site in Dublin 12, an attractive proposition. Four contenders resulted in some very competitive bidding, jumping in increments as high as €50,000 before the property sold for €1,732,000. A development site in the centre of Cabinteely Village, this time with lapsed planning for a mixed-use scheme, was also the subject of intense bidding, selling for €1,325,000 – an impressive €425,000 above the guide price. Further development opportunities were provided by a portfolio of 23 houses requiring completion works in Emly, Tipperary, which sold for €540,000, and 3 x partially complete houses in Bray which sold for €510,000.
Income-producing properties with asset-management potential, whether commercial or residential, also performed strongly on both days. Three retail units at Hampton Wood Road in Finglas, generating €135,400 per annum, were sold for €1,225,000 while the virtual hammer fell at €1,150,000 for a portfolio of 9 apartments at Santry Cross, Dublin 9. Fully occupied, the total annual rent roll on the apartments comes in at €111,900.
Lot 85: 22 The Beeches, New Road, Straffan, Co. Kildare. A Semi Detached Three Bedroom House Sold For €345,000.