Eighteen investment properties with a combined reserve value of €12.6 million are included in an Allsop Private auction on May 11th.
The auction highlight is a prime office and retail investment at 80 Dame Street in Dublin 2.
It is 177sq m (1,955sq ft) with the ground floor shop let to Fogarty Lock & Safe Company and the four storeys of offices overhead rented by Mercroft Taverns.
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No 80 is producing a rent roll of €65,000 while the reserve range is €800,000 to €900,000.
Meanwhile, two retail units with three two-bedroom apartments overhead at 27 Parkgate Street in Dublin 8 are quoting €650,000 to €700,000. The shops are let to William Hill and The Sandwich Market while the apartments, extending to a combined 242sq m (2,608sq ft), are subject to three tenancies. Rental income from the entire investment is €65,100.
Over at 84 and 85 Marlborough Street, and 1 and 1A Cathedral Street in Dublin 1 three shops extending to a combined 446sq m (4,800sq ft) that are producing a rent roll of €75,500 have a reserve range of €900,000 to €1.1 million. One of the shops comes with vacant possession so there is obvious potential to increase rental income.
Also included in the auction are three shops and three storeys of office space at Sarsfield House at Mill Street in Balbriggan, Co Dublin.
The shops are above a basement car park and two of the retail units are occupied and one is vacant. County Dublin VEC and Dublin and Dún Laoghaire Education and Training Board rent the office space.
Sarsfield House, which has 1,324sq m (14,250sq ft) of space is producing rent of €214,402 per year and comes to market with a reserve range of €1 million to €1.2 million.
Forty per cent of the investments in the auction are located outside the capital and the highlight of these is undoubtedly apartments 1-7, 13-14 and 16-36 at Riverbank on Burrin Street in Carlow.
The 30 student apartments have 83 bedrooms in total, are 90 per cent occupied and produced rent of €259,058 in 2014/2015. Riverbank is close to Carlow IT and the town centre. The agent is suggesting a reserve range of €1.3 million to €1.4 million here.
There should also be plenty of interest in a retail and office investment at 61/62 High Street and 76 St Kieran’s Street in Kilkenny. This extends to 372sq m (4,000sq ft) and is spread over two high street retail units, a cafe to the rear, and five retail/office studios overhead.
Rental income of €50,000 is generated from eight tenancies while the reserve range for this investment is €570,000 to €630,000.
This will be Allsop Private’s second auction where the focus is on higher value commercial property assets valued between €400,000 and €5 million. The combined rent roll for the May 11th auction is €1.196 million indicating an average net initial yield of 9.09 per cent across the catalogue while 60 per cent of the properties are in Dublin.
