Dublin warehouse portfolio sold at auction for €1.4m

Ten units at Ossory Industrial Estate in North Strand draw 150 bids from 10 parties

The 10 warehouses at Ossory Industrial Estate in Dublin’s North Strand are producing €20,400 in annual rental income

The 10 warehouses at Ossory Industrial Estate in Dublin’s North Strand are producing €20,400 in annual rental income

 

The auction of a portfolio of warehouses in Dublin’s North Strand drew strong interest last Friday, with 10 parties vying to secure ownership of the units on the day.

Having been offered to the market at a minimum opening bid of €650,000 by online auction specialist BidX1, the properties were sold for €1,424,000 following the receipt of more than 150 bids.

The portfolio at Ossory Industrial Estate comprises 10 ground-floor warehouse units, along with garages and lock-up units. All of the properties are currently occupied, many via informal agreements, and are generating a total of €20,040 in rental income annually.

The industrial estate occupies a convenient location between Dublin city centre and the M1 motorway, providing access to both the M50 and Dublin Airport.

Commenting on the sale, Thomas O’Dowd, associate director at BidX1, said: “Offers submitted via the platform during the marketing period allow us to clearly gauge the level of interest and plan a strategy based on that. That often means setting up a standalone auction in which interested parties are invited to take part in the bidding.

“In this case, we set a minimum opening bid of €650,000 and 10 individuals registered in advance of last Friday’s sale. More than 150 bids were placed, which resulted in a final sale price of over €1.4 million.”

Last Friday also saw the sale of 24 holiday suites in the grounds of Seafield Resort Hotel in Ballymoney, Tipperary, for €870,000. The portfolio consists of a mix of 12 three-bedroom duplex apartments and 12 two-bedroom apartments. The condition of the suites varies, with some requiring significant refurbishment.

BidX1 held a large-scale auction in late March, which saw 1,102 parties register for bidding and 186 properties sell on the day. On average, the properties that sold secured a premium of 25 per cent on their respective guide prices.