Property agents Allsop are to launch a new sales platform today specifically designed to cater for higher value commercial and investment assets priced between €500,000 and €5 million. There will be a minimum entry value of €250,000. The planned auctions will be held on a different date and in a different venue to Allsop’s residential and remaining commercial property sales to give bidders a longer due-diligence period – five weeks instead of the usual three or four weeks.
The inaugural auction, to be held in the Minerva Suite at the RDS at 2pm on Wednesday, March 9th, will focus attention on 25 lots with a total capital value of about €14 million. The catalogue, to be released this evening on the allsopprivate.ie site will, include a string of central Dublin investments, as well as regional properties.
Richard O’Neill of Allsop said they had noticed that their greatest success rate over the past year had been in the sale of commercial properties priced between €500,000 and €3 million, accounting for about 95 per cent of this business.
Highlights from the March sale will include a retail building at 22 South Great George's Street, Dublin 2, which will have a reserve range of €650,000-€750,000. It is let to Teflar Ltd on a 20-year lease from last July at an initial rent of €45,000, rising to €47,500 and then to €50,000 in year five. An open-market review in 2020 "provides clear reversionary potential", according to the agents.
Allsop has a reserve range of €890,000-€1 million for Dungarvan District Court at South Main Street in Youghal, Co Cork, which is let to the Courts Service for 35 years from 2009 at €97,000 per annum, with no breaks and five-year reviews linked to the consumer price index.
A €900,000-€1 million reserve has also been set for three retail warehouses known as 7-10 Merchants House, Briarhill Business Park, Ballybrit, Galway. Two of the units are rented at €80,000 per annum and the third is vacant.
