Allsop to sell 110 lots at one of largest ever commercial auctions

Wide range of investments on offer in Cavan, Dublin and Galway with combined reserve of €32m

 

Allsop is holding one of its biggest commercial property auctions on April 23rd with some 110 lots due to go under the hammer at a combined reserve value of €32 million.

Richard O’Neill, head of commercial auctions at Allsop, said the sale would be “our highest value commercial auction to date and provides a wide range of commercial investments to the market. It will be particularly interesting to note if the level of buoyancy shown in our February auction has been maintained into the spring.”

Among the highlights is Connolly Court on Connolly Street in Cavan town. This substantial mixed-use investment includes six ground-floor retail units and a primary care facility over three upper floors. The rent roll stands at €395,575 per annum but there’s potential to increase this once four vacant shops are let.

Of the shops that are let, Unit 3A is occupied by Specsavers on a 20-year lease from February 2010 at €30,000 per annum, while Unit 4 is let to a Sam McCauley chemist under a nine-year and six-month term from July 2013 at €80,000 a year.

Overhead, the 2,531sq m (27,243sq ft) of offices is occupied by a combination of the Farnham Medical Practice and the HSE.

Farnham rents 1,277sq m (13,746sq ft) under a 10-year lease from 2012 at €17,450 a year, while the HSE occupies 1,254sq m (13,498sq ft) on a nine-year and six-month lease from December 2011 at €199,375 per annum. There is also an SLA in place with the HSE amounting to a further €68,750 a year.

Allsop is suggesting a reserve range of €2.6 million to €3.1 million for Connolly Court.

Tenants

Fourteen tenancies are in place for these units – including with Kildare County Council and Specsavers – but four are vacant. The shops are currently generating a rent roll of €220,000 per annum.

Two office units at 8a Sandyford Business Centre in Sandyford, Dublin 18 have 381.45sq m (4,106sq ft) of space each.

Cruickshank Intellectual Property Attorneys occupies the ground floor element on a new unexecuted 10-year lease at €75,000 a year but the first floor unit is vacant. Allsop has a reserve range of €1.1 million to €1.25 million in this case.

Meanwhile, an office and retail investment at 72 Seamus Quirke Road in Westside, Galway city has a reserve range of €1 million to €1.35 million. The modern building extends to 880sq m (9,472sq ft) and is currently producing a rent roll of €109,127 a year.

Part of the ground floor is let to Paddy Power at a rent of €36,600 per annum for 10 years from September 2014. Fine Wines rents the remainder of the ground floor at €40,000 per annum on a 25-year lease from 2008.

Cancer Care West occupies the first floor and pays rent of €35,537 per annum on a 25-year lease from February 2009.

The second floor of the building is finished to shell and core specification, which suggests there is scope to increase the rental income.

Outside of the €1 million-plus bracket, the auction includes a portfolio of Paddy Power bookmakers in Crumlin, Ballybrack, and Cashel and a 465sq m (5,005sq ft) Tesco Express unit in Athlone let on a 25-year lease from September 2007 at €50,000 per annum. The reserve range is €515,000 to €535,000.

Shopping centre

Two hotels also feature in the auction. Killerig Hotel in Killerig, Co Carlow has 42 bedrooms and extends to 5,700sq m (61,354sq ft). The four-star hotel has a leisure centre with gym and pool, bar and restaurant and has a reserve range of €700,000 to €800,000.

In Youghal, the three-star Quality Hotel has 25 bedrooms, conference and banqueting facilities, and a leisure centre. It has a reserve range of €340,000 to €360,000.

Allsop will launch the catalogue tomorrow with the auction taking place in the RDS on April 24th.