BidX1 offers €17m worth of properties in October auction
44/45 South William Street at €2.1m guide has ‘significant asset management potential’
At €2.1m, 44-45 South William Street carries the highest guide price in BidX1’s October auction
BidX1 has brought 15 commercial property assets with an overall value of €17 million to the market this week in advance of offering them for sale by way of online auction on Thursday, October 22nd next.
A prominent four-storey building at numbers 44-45 South William Street, the basement and ground floor of which are currently let to Moroccan restaurant Dada, has the highest guide price at €2.1 million. Two additional commercial tenancies on the upper floors, both informal agreements, bring the total rent roll for the premises to €137,524 per annum, reflecting a net initial yield of 5.95 per cent.
Gillian Earley, who is handling the sale, says there is significant asset management potential as eight studio apartments and one commercial unit within the South William Street property are currently vacant.
The Leinster Mills, a heritage property on the outskirts of Naas, is one of the more interesting properties set to go under the digital hammer. Dating from 1790, these traditional stone and timber buildings cover more than 2,787sq m (30,000sq ft), and include a fully modernised three-storey annex and detached mews building, both of which have been refurbished recently to provide more than 650sq m (7,000sq ft) of modern, high-spec office accommodation.
Located on a 0.9 hectare (2.4 acre) site on the banks of the Grand Canal, the subject property, which is guiding at a price of €1.5 million, is surrounded by a number of major employers including the Kerry Group, State Street and the HSE.
Commenting on the sale of Leinster Mills, Earley says: “This is a rare opportunity to acquire a unique, heritage property in a strategic location, with potential to develop an integrated commercial, residential and tourism complex.”
A development site in Portmarnock has been listed with a guide price of €1.4 million. The site extends to more than 12.5 hectares (31 acres), with greenbelt zoning and dual road frontage.
Two suburban office and warehouse investments, both in north Dublin, also carry €1 million-plus guide prices.
In the first instance, a substantial warehouse and office investment at Willsborough Industrial Estate in Clonshaugh is guiding at a price of €1.55 million, reflecting a net initial yield of 5.88 per cent. The entire is currently let to RMS Cash Services for €100,310 per annum, with a guarantee provided by parent company RMS Cash Solutions Ltd.
In Santry, BidX1 is offering 31 and 34 Northwood Court, a self-contained ground-floor office investment with eight car-parking spaces at a guide price of €1.1 million. Let to Tifco Limited on a lease expiring in December 2028, with five-yearly upward-only rent reviews, the property is currently generating €104,000 per annum. The €1.1 million guide price equates to a net initial yield of 8.6 per cent.
Other noteworthy investments available for sale include a multi-unit residential building on Rathmines Road in Dublin 6, comprising three one-bedroom units and two studio units. Four of the units are tenanted, generating almost €50,000 in annual rental income, and BidX1 is guiding €625,000. In Ballagh, Co Tipperary, 10 three-bedroom houses – nine of which are finished to first-fix standard – are being offered for sale in one lot with a guide price of €800,000.
Separately, BidX1 is set to offer more than 200 residential properties for sale by way of online auction today, while this month’s commercial and residential investment assets will go under the virtual hammer tomorrow. All bids will be shown in real-time on the BidX1 platform.