The latest Allsop Space offering is nothing short of controversial with a ghost estate in Co Galway for 100k or an entire retail block in Clonmel for 900k. Investors will be happy to see the spread of one and two bed apartments in the city centre, many of which come with parking; however, home buyers in Dublin will be disappointed.
The ghost estate in Williamstown Co Galway consists of 6 sites and 7 terrace houses. While the new owner is likely to need deep pockets to make safe and complete the development, with a max reserve of 100k there is likely to be strong interest.
The retail block in Clonmel is a different story, with 18 units available the asking price of 900k might seem steep however, looking at the income close to 232,000 per annum – based on only half occupancy – it is easy to see the appeal of such a high performing asset to a pension fund that can take a longer term approach.
1st time buyers in the Clarinbridge area will need to outbid developers to get hold of the 2.5k square ft partially completed house on half an acre. With the max reserve price of 46k this residential lot will be the one to watch.
There are more sites available for one off residential homes in this auction than ever before. Sites for sale can be a very valuable asset as building costs have reduced greatly due to a large amount of builders being out of work due to the bigger developers not operational at present.
For example, if a buyer found themselves under employed at the moment and took on the project management of building their own house, they could save themseleves 50k straight away by being their own project manager. That together with employing direct labour could save them a total of approx 80 k on the overall build.
So take a few examples of the existing sites on sale at the moment; .7 of an acre in Kildare town for 20k could realise a four bed house in a prime central location for a cost of €150,000.
Or a site for sale in Dublin 8, [Long place] a half acre for 20 k would give a buyer the same or similar outcome.
The most controversial lot must surely be Lot 24, 6 Dartmouth Square, which is back in the news. This particular Square was the scene of a recent battle between the owner, Athlone business man Noel O’Gara and the residents of Dartmouth Square. In an unusual turn the Square itself was sold to Mr O’Gara who, in 2006 locked the gates and denied access to the residents. His attempts to use the beautiful and iconic south Dublin Square as a car park outraged locals and they protested angrily. The saga continued until 2009 when a piece deal was brokered by the local residents. It will be interesting to see who will bid on this property and what they could possibly hope to achieve. It is clear that any attempts to develop, be it a car park or tile store as previously floated, will be objected to by local residents.