Online Auction Technology Defies the 'Beast from the East' as BidX1 Sells €36m worth of Properties
The power of BidX1’s Online Auction platform was demonstrated last week as Ireland’s largest auction house sold over €36m worth of property while the country came to a standstill due to the extreme weather conditions. The auctions took place last Wednesday and Thursday, resulting in the sale of more than 210 properties across the two days. All of the commercial results can be viewed here and the residential results here.
Jonathan Fenn, Director at BidX1 and Head of Residential Auctions, commented:
“Our focus is on using technology to enhance the experience of buying and selling property and last week’s events demonstrated the agility and resilience of our bespoke online bidding platform, allowing us to sell over 210 properties in the midst of the country’s worst storm in 30 years.”
“Having already completed an intensive marketing campaign led by our specialist teams of commercial and residential surveyors, we’re pleased that our sellers could trust BidX1’s combination of extensive real estate experience and the best of cutting edge technology to get their assets over the line. With bidders able to take part from anywhere in the world, on any device, it was business as usual for us despite the weather!”
BidX1 will hold its first UK online auction this week, featuring properties in England, Scotland and Northern Ireland. In January, the pioneering online auction house announced the acquisition of leading UK property auctioneers, Andrews & Robertson, in a move that makes BidX1 the second largest auction house in Britain and Ireland.
Further details on commercial and residential highlights from last week’s Irish auctions are provided below.
More than 80 commercial properties located throughout the country went under the virtual hammer last Wednesday. A large industrial portfolio comprising 34 industrial units and 10 office units at Gorey Business Park, Wexford, achieved the highest value - €1,550,000. With 31 of the units subject to tenancies, the total annual rent roll comes in at €242,980, making this an attractive asset management opportunity.
Income producing retail investments featured prominently in the commercial catalogue and performed strongly on the day. Three adjoining retail units in Dutch Village Shopping Centre, Clondalkin, generating €108,000 from its three tenants, sold for €1,150,000 while in Carrick-on-Suir, a mixed-use investment comprising a Sam McCauley Pharmacy together with 4 townhouses and 3 apartments attracted competitive bidding, jumping in increments as high as €6,000 to sell finally for €1,065,000 - €90,000 above the guide price. Retail investments at Wainsfort Drive in Terenure and Beaumont Avenue in Churchtown sold for €602,000 and €465,000 respectively.
Two adjoining Georgian red-bricks, 31 – 32 South Terrace in Cork, also passed the million euro mark, selling for €1,100,000. Partly let to the Cork Education & Training Board, there is also development potential in the form of a rear car park whose 24 spaces are currently being let on monthly tenancies. Also in Cork, four offices at Fota Business Park, Carrigtwohill, were sold for €600,000.
Another interesting investment was a prime town centre development site in Ennis that includes the former Our Lady’s Hospital building. Extending to approximately 16.65 acres with planning permission for a Health Care Facility, the property sold for €750,000. Many properties significantly over-shot their guide prices, including a car showroom at Kells Road in Navan which was guiding €300,000 and sold for €541,000 and a warehouse unit in Ballybrit, Galway which was guiding €350,000 but sold for €535,000 after 64 bids.
The residential offering included a strong spread of apartments throughout the country and these proved popular on the day. Highlights included a first floor two bedroom apartment on Tara Street, Dublin 2, which sold for €340,000 after 20 bids and a second floor three bedroom apartment at the Watermill in Raheny, Dublin 5, which sold for €335,000. It seems likely that an investor snapped up two apartments on Grangegorman Road Lower in Dublin 7, just a short walk from the new DIT campus, which were offered as one lot. Requiring some interior works, the vacant properties sold for €522,000.
A detached six bedroom house on more than 6 acres in Ratoath, Meath, was the subject of intense bidding – 11 separate bidders battled it out across 174 bids before the property finally sold for €561,000 – more than €300,000 above the reserve price.
Other residential highlights included a detached four bedroom house in Bray which sold for €590,000; a pre-63 red-brick property in up-and-coming Phibsborough which sold for €490,000; and a 0.27 acre site within a housing development in Kinsealy which sold for €425,000.
Lot 15: House at Loughlinstown (Folio MH35994F), Ratoath, Co. Meath. Sold For €561,000 After 174 Bids.