Forty commercial properties out of a total of 121 lots are set to go under the hammer at the next Allsop Space auction to be held in Dublin’s Shelbourne Hotel on July 4th.
With the fall-off in consumer spending increasingly affecting individual shopkeepers rather than the large multiple traders, no fewer than 19 retail units are to be offered for sale throughout the country. Seven bars with realistic reserves will also be auctioned along with two office units, a hotel and a shopping centre.
Robert Hoban of Allsop Space said an added incentive is that many of the commercial properties going for sale are producing substantial rental income.
The best-known licensed premises going to auction is Nancy Hands pub at Parkgate Street in Dublin 8, which is located close to Heuston railway station and the new Criminal Courts. Allsop Space is quoting a reserve range of €650,000 to €700,000 for the 793sq m (8,541sq ft) bar which is leased until 2033. The tenant is paying an abated rent of €143,000 rather than the reserved rent of €250,000 per annum.
Next highest reserve is the €380,000 for the Hamlet Pub and Fei's Garden at Castle Mill shopping centre in Balbriggan, Co Dublin. All the remaining bars are located in the provinces and have reserves ranging from €80,000 to €125,000.
The selling agent has also announced a reserve of €400,000 for the 40-bedroom Bayview Hotel and leisure complex which overlooks Killybegs Harbour in Co Donegal. The premises extend to 3,334sq m (35,894sq ft) and accommodate two roof masts which yield an annual income of €15,000 per annum.
Rental income
One office building certain to attract considerable attention is the Excise Building in Dublin's IFSC where the reserve will not exceed €650,000. The two-storey cut-stone building dates from 1821 and was extended to include two glazed cafes, which are producing a rental income of €90,000 from Munchies and MYO. The central part of the building was used up to recently as a restaurant and bar.
A reserve of €225,000 to €275,000 has been set for the Ross Abbey Town Centre at Ferrybank, Co Kilkenny. This includes 20 retail units in shell and core condition and extends to 5,048sq m (54,336sq ft). The buildings stand on a site of 0.989 of a hectare (2.44 acres).
The selling agent is reporting a particularly high level of interest in Tracey’s Yard, a former builders’ providers yard extending to 1.08 acres at Cabinteely, Co Dublin.
It is currently rented at €59,475 per annum. The reserve range is €650,000 to €750,000.
In Waterford, the guide is €500,000 to €550,000 for a commercial building in Woodbine Business Park which is rented to An Post until 2028 at a current rent of €55,000 per annum.
