BidX1 auctions last week raised more than €40m and our final auctions for 2017 will take place on 13th & 14th December.
Richard O’Neill, Director at BidX1 & Head of Commercial Auctions, commented: “Industry concerns about the increase in commercial stamp duty were eased with sustained bidding on a range of commercial investments. Despite guide prices being set prior to the changes to stamp duty levels, our success rate, average premium over reserve price, and average number of bidders per property were all up on the September auction. We also noted that development land in good quality suburban areas sold particularly well, the highlight being a site at Whitechurch Road, Rathfarnham, which sold for €2.75m.”
Jonathan Fenn, Director at BidX1 & Head of Residential Auctions, commented: “It was no surprise that family homes in popular Dublin locations attracted competitive bidding – more than 120 bids were placed on a five bedroom house in Clontarf which eventually sold for €1,152,000 while the virtual hammer fell at €595,000 for a three bedroom house in ever popular Ranelagh."
Commercial Highlights
Development land performed very strongly and included the auction’s highest value property: 10.08 acres on Whitechurch Road in Rathfarnham which sold for €2.75m. 11 acres in Cobh – previously granted planning for 212 residential units – was guiding €650,000 and attracted competitive bidding which resulted in a final sale price of €792,000. An industrial site in Naas sold for €425,000 and 29 acres on Greenhills Road in Wicklow sold for €390,000.
A mixed-use investment on the well-known D’Olier Street in Dublin 2 was the subject of heated bidding – five bidders battled it out before the property sold for €862,000, overshooting the guide price by €212,000.
Warehouse investments also proved popular. Top performers included a modern warehouse in Naas Industrial Estate generating €96,000 per annum which sold for €810,000; a large retail warehouse facility in Kells which sold for €800,000; and two modern warehouse investments arranged over two blocks in Blessington which sold after the auction.
Residential Highlights
The highest value residential lot was a portfolio of 20 x two bedroom apartments on Doughiska Road in Galway. With all of the apartments tenanted and a total annual rent of €173,040, the property sold for €2,050,000.
Family homes and apartments in sought-after Dublin locations were also in high demand. 127 bids were placed on a detached five bedroom house in Clontarf which eventually sold for €1,152,000 – €172,000 above the reserve price; and a three bedroom house in Ranelagh sold for €595,000 after 38 bids. Apartment highlights include a third floor two bedroom apartment at Longboat Quay which sold for €340,000; and a two bedroom apartment at Beacon South Quarter in Sandyford which sold for €290,000.
Garryurra, an Arts & Craft style house in Nenagh with magnificent views over Lough Derg, was another stand-out property which sold for €850,000.
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