Prime Residential Investments Take Centre Stage at Allsop September Auction
Total sales of over €20m were recorded at Allsop’s auction in the RDS last Wednesday 28th September and all of the results can be viewed here.
Residential investment opportunities performed particularly well on the day, especially multi-family investments. The residential catalogue was headlined by Lot 23, a three storey house arranged to provide 5 x residential units on Sydenham Road in the heart of Ballsbridge, Dublin 4, which sold for €1,065,000. Other multi-unit highlights included a portfolio of six bedsit investments on Meath Street in Dublin 8 with an annual rent of €57,000 which sold for €910,000; a portfolio of five residential units in Summerhill, Dublin 1 with an annual rent of €60,000 which sold for €800,000; and a portfolio of 4 terraced houses in Castlebellingham, Louth which sold for €370,000.
Apartments in prime Dublin locations also proved popular. Highlights included a second floor two bedroom apartment in popular Temple Bar which sold for €410,000; a fourth floor two bedroom apartment in Spencer Dock which sold for €405,000; and a three bedroom penthouse apartment in Castleknock which sold for €302,000. Outside the capital, an attractive two bedroom duplex apartment at the K Club in Kildare boasting views of the Smurfit Championship Golf Course sold for €280,000.
The highlight of the commercial offering was Hainault House on the Belgard Road in Tallaght, a stand-alone office investment with a reserve range of €1,700,000 – €1,900,000 which sold after the auction. The property is subject to two tenancies (with a total annual rent of €147,090) but also offers potential to enhance return as there is vacant possession of approximately 518 Sq. m. Retail highlights included Lot 25, an extensive ground floor unit on North King Street in Smithfield, Dublin 7. The property, a former convenience store, occupies a corner position overlooking Smithfield Civic Square and was also sold after the auction.
Prominent public house sales included The Kings Inn on Bolton Street, a landmark former public house which sold for €400,000 and The Four Roads in Crumlin, a corner public house offered as a going concern which also sold for €400,000.