€20m of assets in mammoth auction

Yet another golf club that ran into financial difficulties in the recession is to be offered for sale at a knockdown price when Allsop Space stage a mammoth auction in Dublin’s RDS on December 10th.

Allsop Space has set a reserve of between €625,000 and €675,00 for the 18-hole Woodlands Golf Course at Coolearagh, Coill Dubh, Naas, Co Kildare, which will primarily appeal to investors but also possibly some farmers.

With the guide price equating to no more than €4,921 to €5,314 per acre and agricultural land prices remaining strong at €8,000 to €10,000 per acre in the counties adjoining Dublin, it is just possible that some farming interests might pitch for the 127-acre course even though it is described on the members’ website as “Kildare’s precious gem”.

The attractive, well- equipped clubhouse extends to 673sq m (7,250sq ft) and includes changing facilities, bar, office, pro shop and kitchen.

Earlier this year estate agent Knight Frank sold the 120-acre Knockanally House and Golf Club near Kilcock, Co Kildare, for €1.1 million.

Woodlands was a privately owned nine-hole course until 1993 when it was sold to local golfing enthusiasts. They bought an adjoining 60 acres in 1996 and after redesigning and converting it into an 18-hole venue it was opened by the then finance minister, Charlie McCreevy, in June, 2000.

Six years later a modern clubhouse was added courtesy of loans from the Ulster Bank but with debts standing at around €2.5 million and fewer members finding time to improve their golfing skills, the club was put into receivership last May.

Woodlands is just one of 150 lots, composed mainly of commercial and investment properties with a combined reserve of €20 million, due to go to auction in the RDS. It will be by far the largest property auction ever held in this country. Last month Allsop Space sold 93 properties in the same venue for a total of €11.2 million.

Robert Hoban, director of auctions, said he was very proud of the fact that their auctions would see new premises bought for the next crop of Irish start-up businesses. Every shop, factory and office bought at the December sale marked a new beginning for another Irish entrepreneur.

He said two distinct patterns had emerged from their auctions in the commercial property sector. Lots located in urban areas had been generating great interest and this had now extended beyond Dublin to Galway, Cork and Limerick.

There was also evidence of a widening gap in prices between vacant and occupied properties, with overseas bidders in particular chasing tenanted investments.

One business premises that is likely to attract considerable interest is the 27-bedroom Rock Glen Hotel in Clifden, Co Galway, along with a three-bedroom house and over 21 acres of land. The hotel includes restaurant, bar, conservatory, residents' drawingroom, TV room and snooker room. Surprisingly, the reserve will be no more than €450,000.

In Limerick city, a reserve price of €750,000 to €850,000 has been set for the Specsavers store in Cruises Street, which is currently producing a rent of €200,000 per annum. The 25-year lease runs from 1992. Investors who don’t spot the value here need to go to Specsavers.

At Harold’s Cross in Dublin 6 the reserve has been set at €550,000 to €600,000 for a newly built mixed-use development that includes three apartments and a retail unit with planning permission for use as a takeaway.

Also in Dublin a reserve ranging from €200,000 to €250,000 will apply when The Croppy Acre pub at Ellis Quay goes under the hammer. The business is rented at €35,000 per year.

Another public house is up for grabs in Dún Laoghaire. A reserve of not more than €650,000 has been set for the freehold premises at 128 George’s Street Lower which is let to Total Bars Entertainment, trading as Gilbert & Wright, at a rent of €75,000 per annum.

One of the highest reserves is the €1.15m to €1.35m being set for the auction of an office block and three warehouses extending to 2,743sq m (29,536sq ft) at Grant’s Rise, Greenogue Business Park in Rathcoole, Co Wicklow.

The overall site extends to eight acres and there is a current income of €63,600 from the three warehouses. Also in Wicklow, the Ashford Fair Filling Station has a reserve of €250,000/ €300,000 and is currently rented at €48,000.

A seasonal sale of a Christmas tree farm at Ballinvalley, Redcross, Co Wicklow, is bound to generate considerable interest.

The 47.6 acres are planted with coniferous trees and the reserve is a mere €45,000. A nice Christmas present . . .