Allsop Space auction to include 70 commercial investments
Commercial element to monster auction includes offices, shops and industrials
13, 14, & 15 Mainguard Street, Galway
Seventy commercial properties out of a total of 180 lots are to go under the hammer at the next Allsop Space auction in the RDS, Dublin, on February 25th.
Because of the larger than usual number of properties to be offered for sale the proceedings will begin at 9am.
The auction will be the largest ever staged in this country with the commercial section alone now bigger than any of the previous auctions held since they were launched in April, 2011.
The overall reserve prices for the commercial element will top €15 million out of a total reserve of €25 million.
Robert Hoban, director of auctions, said he was convinced that the vast majority of the properties would be sold on the day just as on previous occasions.
Range of properties
The mix of properties will range from three investment buildings rented by leading bookmakers, two retail buildings in the centre of Galway city, a shopping centre in Cork to an Ulster bank branch in Loughrea, Co Galway.
A reserve price not to exceed €1.9 million has been set for a prominent retail building at the corner of Mainguard Street and Lombard Street in Galway city.
The 388sq m (4,176s q ft) supermarket trades as Spar and is rented on a 35-year lease with no breaks from 2006 at a rent of €190,000 per annum. Three two-bedroom apartments overhead are producing a further €19,500, bringing the overall rent roll to €209,500.
An adjoining three-storey retail building at 16 and 17 Mainguard Street is let to Blacoe Jewellers at a rent of €41,600. The 21 year lease runs from 2006. The reserve in this case will not exceed €400,000.
Allsop Space has set a reserve of €750,000 to €850,000 on the sale of the North Main Street Shopping Centre directly opposite Dunnes Stores on North Main Street om Cork city centre.
Though five of the 14 shop units in the centre are currently vacant, the rent roll is still €119,000 per annum. There is obvious potential to strengthen the rent roll.
There should be no shortage of bidders prepared to take a punt on the headquarters of Boyle Sports in Drogheda which has a reserve of between €1.4 and €1.5 million. The 1,610s q m (17,330s q ft) building is held on a 15-year lease from 2003 at a rent of €250,000 per annum.
In Sandyford, Co Dublin, there will be a reserve of €530,000/€560,000 on a ground floor bookmakers shop let to Paddy P|ower and a two bedroom apartment producing a total rent of €56,400 per annum. The retail lease runs for 20 years from 2003.
A third bookmakers shop at 90 €55,000 has a reserve of €375,00 to €425,000. The 9 years and 11 months lease runs from 2007.
Only one of the three overhead apartments is occupied and is producing a further €9,000 per annum.
Investors looking for a particularly strong return should check out the Ulster Bank branch at Main Street, Loughrea, which is currently producing a rent of €180,000 per under a nine years and 11-months’ lease from 2008.
The 585sq m (6,296sq ft) building has a reserve of between €750,000 and €850,000.
In Dublin, the selling agents are quoting €375,000/ €425,000 for two retail units with overhead office accommodation at 30 and 30a Barton Drive, Rathfarnham.
The rent roll under three separate leases is €42,000 per annum.