A portfolio of 20 apartments in Doughiska in Galway is among the highlights of an online auction of around 280 properties nationwide which takes place next month.
The block at Sraith Fhada on the Doughiska Road has a reserve price range of €2m to €2.25m – when they were launched in 2009, apartment prices started at the €200,000 mark.
It is being sold as one lot in the BidX1 auction taking place on November 9 and 10.
The two-bed apartments are fully let and producing a total annual rent of just over €173,000 – rents vary from €600 to €900 per month. The properties range from 861 square feet to 1,076 square feet.
The portfolio is being sold by receiver Ken Fennell on behalf of US vulture fund Cerberus.
Jonathan Fenn, Director of BidX1 – formerly Allsop Ireland – said: “We expect another strong performance from apartments nationwide as investors seek to purchase assets with strong ROI (return on investment). [The Doughiska apartments] will interest those looking to make a sizeable investment.”
Also for auction is a five-bed detached house at Carraig an Iolar in Barna, which measures 3,742 sq ft and has a reserve price range of €545,000 to €555,000. It is being sold with vacant possession. The property was placed on the market last year with a guide price of €675,000.
In Ballinderry North, Tuam, an unfinished detached four-bed house (2,185 sq ft) is being sold in a receivership sale with a reserve price guide of €65,000 to €75,000.
Also being sold by receivers is No. 8 Bride Street, Loughrea, an office building with two units, with 2,100 sq ft in total. The guide price is €80,000.