This article is from page 6 of the 2014-07-08 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 6 JPG
A PRIME Ennis development almost doubled its original asking price when it went under the hammer at the Allsop Space Estate Agents distressed property auction in Dublin last week.
The mixed residential and commercial development, located on the Mill Road in Ennis, attracted a lot of attention and was eventually sold for € 315,000 – despite having gone on the market with a reserve of just € 180,000.
The property comprises five apartments and three retail units right in the heart of Ennis, which already have a sizable rental income.
According to Allsop’s, the rental income on the property at present amounts to more than € 25,000 per annum, a figure made up of € 18,000 from three of the apartments while one of the retail units is bringing in € 7,380 per annum for the present owner. Two of the retail units are vacant at present as are two of the apartments.
This means that, even with the current level of vacancies, the development will pay for itself in just 13 years.
According to the auctioneers, the Ennis block is “internally arranged to provide five two-bedroom apartments and three retail units” and was advertised as an “ideal investment opportunity”.
The property is located along the Mill Road close the junction with Pound Lane and the Old Mill Road, while Allsop have revealed that first floor offices are not included in the sale as they have previously been sold.
Two other Clare properties were sold at the auction with a further two not being sold.
Three vacant warehouse units located at the the Portdrine Development Park in Cratloe sold for € 145,000, while a vacant house at Ashview Drive, Shannon Road in Sixmilebridge, sold for € 140,000.
A second house in Chapel Court in Sixmilebridge was withdrawn before the auction as was a property at Castle Gardens in Bunratty.