Auctions take centre stage as year end moves closer

The most valuable lot is a group of 56 dwellings and 22 marina berths at the Shannon Quays estate in the scenic riverside village of Roosky, Co Leitrim. Its dwellings include 34 detached and semi-detached houses and 22 two bedroom apartments. In 2007 at the peak of the market some of these homes were asking as much as €340,000 but at that time they had tax incentives. Now a bidder could buy the 56 residences for that amount. The maximum reserve is €300,000 plus VAT at 13.5pc or the equivalent of €340,500. Auctioneer David Diffley says the tax relief "is no longer at play on the development. They possibly won't qualify now anyway because they won't be fully completed by the deadline when the relief ends at the end of this year."

Already two apartments and one of the houses in the estate have been sold and are occupied. One of the apartments is believed to have sold in the downturn for around €74,800.

Of the 34 houses that are for sale in the auction, two are completed to almost walk in standard while the remainder are in shell and core finish. All of the apartments are plastered, wired and plumbed with doors hanging and some have kitchens. None of the 56 units have been finished or occupied.

The Mayo hotel, known as Cill Aodain Hotel, in Kiltimagh, has a €150,000 guide price which is a substantial reduction on a deal last year, believed to be for around €250,000, which fell through. Its 13,800 sq ft of accommodation includes 17 ensuite double bedrooms which are decorated to modern standards as well as the Court Bar and Bistro and The Gallery Restaurant.

Its ground floor also accommodates a reception area, a modern commercial kitchen, cold rooms, drinks stores, offices, toilets, servicing facilities and a sun terrace/dining area. Outside in a yard there are store rooms.

The bedrooms, some of which are family rooms, are located over the two upper floors. Refurbished as recently as 2007, it has not been operating for about two years. Part of its guest trade was generated from visitors to Knock Shrine which is six miles away, and Knock Airport which is 11 miles away.

The second ghost estate is located at The Waterside, Ballytoohey, in the picturesque Shannon side village of Tarmonbarry, Co. Roscommon. Its 15 houses include 13 four bedroom semis and a four bedroom detached house all of which are substantially completed and have a combined guide price of €65,000 plus VAT.

A large percentage of site works have been completed and the site is at full capacity.

Tarmonbarry is located about 8 kms from Longford town and 13.5 km from Strokestown.

The fourth lot is a one bedroom penthouse apartment, 29 Weavers Hall, on The Square, Longford Town and this unit has a €25,000 guide. Extending to 550 sq ft, and with a roof terrace on the five storey building, it is generating an annual rent of €3,640.

Meanwhile, more than 60 property lots including a Dublin warehouse property will be offered for sale in the last bumper auction of the year on December 16 at Leopardstown Racecourse, Dublin 18.

Among the lots scheduled for the auction are Tam House, Ballymount, Dublin 12. Fully occupied and generating an annual rental income of €53,750 from three related tenants, it has a €450,000 guide price which suggests a yield of 11.94 pc gross.

It comprises a 1960's detached warehouse unit which also accommodates a two storey office accommodation to the front. The industrial warehouse accommodation comprises of three interconnected, double span and single units which extend to almost 1,697 sq.m

Ballymount is an industrial area at the south western edge of Dublin Adjacent to the M50.

The auctioneers, GW2, a division of agents Ganly Walters, had not finalised the catalogue by the time of going to press but the Irish Independent has seen a sneak preview of lots being listed.

Two retail units in Clondalkin, Dublin 22 are among those and they will be sold in two separate lots. Of these, the most valuable is a two storey terraced property at Castle Crescent, which is occupied by a TV repair shop and hairdressers on the ground floor and a solicitor's office on the first floor. It has a €100,000 guide price.

The second Clondalkin retail unit is a former convenience store at Bawnogue Road, Deansrath Shopping Centre, Dublin 22, which has some smoke damage and its guide price is €65,000.

On Dublin's northside, Unit 5, Block 2, Port Tunnel Business Park, Clonshaugh, Dublin 17, is an industrial unit with a €50,000 guide price. It is occupied by two lighting businesses. Port Tunnel Business Park is a development of 38 own door office suites and 57 business units and Northside Shopping Centre is nearby.

In Co. Cork a modern corner retail unit with overhead apartment at Cork St, Macroom, is for sale with an €80,000 guide price.

In Ballyjamesduff, Co. Cavan, a pub formerly known as Sodens is for sale with a €50,000 guide price. The mid-terrace two storey property comes with an overhead apartment.

A number of other commercial properties had not had their guide prices finalised at the time of going to press. These include a property known as Brookvale House Hotel, in the Gaeltacht village of Bunbeg, near Gweedore, Co Donegal; A 268 sq m end of terrace investment property, at Main Street, Slane, Co Meath, which is let to a restaurant guesthouse, together with an adjoining derelict building of 31.6 sq.m. Tenants not affected.