Allsop Space launches private treaty service
New company will offer vendors selling option for period before full auction
The bank building at the junction of Pearse Street and Lombard Street, which is among the first properties the new company, Allsop Space Commercial and Investment, is offering for sale by private treaty
The success of the Allsop Space auction model has prompted the company to launch a private treaty service to be run in conjunction with the auctions.
In future, the company will give vendors the option of selling their properties by private treaty by a pre-defined date, typically between three and six months, and if a sale has not transpired in that timescale it will then go to auction.
The new company, Allsop Space Commercial and Investment, says the combination of both methods of sale would offer the vendor a unique package that ensured best possible price and a carefully planned disposal strategy with clearly defined timelines.
Allsop Space has had a 93 per cent success rate at its auctions. Since July 2011, it has sold 1,192 properties with a combined value of more than €164 million. Its online catalogues have had about two million hits in that time.
The first three investments going for sale by private treaty are a parade of shops in Stillorgan, a bank branch in Pearse Street and a mixed use building at Lower Kilmacud Road.
The agents are seeking in the region of €1.9 million for the Magic Carpet Centre at Cornelscourt which has six retail tenants and 34 car parking spaces. The tenants are paying a rent roll of €284,000 for a combined floor area of 681sq m (7,330sq ft). The traders are Centra, Hiltons Pharmacy, Foxrock Credit Union, Annie Blooms, Looks Salon and Pizza Hut.
A price in the region of €800,000 is being sought for a substantial retail and office building at the junction of Pearse Street and Lombard Street, opposite Trinity College.
Bank of Ireland, currently paying a rent of €47,497 per annum for 194sq m (2,097sq ft) office, plans to vacate the premises in six months.
The overall rent at the moment of €136,695 comes not only from the bank but from Lombard Pharmacy and Koh Creative. Whoever buys the block is expected to seek planning permission to convert the bank premises for use as a cafe or restaurant.
About €675,000 is being sought for the partially occupied 2 Lower Kilmacud Road which is currently producing a rent of €36,000 from the Indian Summer restaurant.
The agent says there is interest in the ground floor shop which could make €40,000 per annum. A second floor office space, currently vacant, could bring in an additional €3,880 per annum.