Auction house BidXI has cut the reserve on seven properties ahead of a two-day auction, billed as Europe’s biggest online property auction. On Wednesday, the company will bring more than 300 properties, totalling more than €60 million in reserve, under the hammer.
It is the first auction since a change in ownership earlier this year. Back in August, the Irish interest in the Allsop Ireland business bought out the UK real estate agent and rebranded the company and plans to focus on online sales both here and in the UK. In total, the company has sold € 1.1 billion worth of property at auction over the past six years, involving almost 6,000 units.
Ahead of the auction, BidX1 has cut the reserve on a number of properties. Once bidding hits the reserve price, the property must be sold. According to a spokeswoman for BidX1, the reserves on the seven properties were cut based on feedback from the marketing campaign ahead of the auction.
The properties with reserve cuts include a two-bedroom apartment in Kilmainham, (was €205k, now €195-€205k); two four-bedroom houses in Co Galway (were €105k now €95k-€105k); a mixed use building in Dungarvan, Co Waterford (was €180k now €125k) and a foodstore in Glin, Co Limerick (was €90k now €75k).
Other properties going under the hammer include a five-bedroom luxury home at Bloomfield Avenue in Dublin 4 (reserve range €2.1 million-€2.3 million) and Glashnacree House in Sneem, Co. Kerry (range €1.395 million-€1.405 million) – a Victorian coastal country house complete with a 40-foot swimming pool, stables, tennis courts and two guest houses.
For investors, the auction has numerous options, with leisure investments, particularly restaurants and take-aways, featuring prominently in the catalogue. The highest value lot is a prime mixed-use investment at The Green in Malahide comprising a ground floor restaurant and cocktail bar with three storeys of offices overhead. The restaurant and bar are let to Siam Thai and the offices are also fully let, bringing the total annual rent roll to € 288,000. The property carries a € 3.4 million reserve.
Office investment highlights include a substantial unit in Tallaght Retail Centre extending to more than 38,000 sq ft. The property is being sold with vacant possession with a reserve of € 1.5 million.
BidX1 is expecting about 800 registrations across both auctions.
