An online auction of properties in Co Donegal has sold for almost €5M.
The portfolio of as many as 93 commercial and residential property in Letterkenny and Falcarragh has sold for its combined guide price of €4.85m prior to the BidX1 auction.
The auctioneer raised more than €35.6m over three days of online auctions and 46pc of the revenue was generated by 34 commercial lots.
BidX1’s Bernard Cully said this September’s auctions were its most successful this year.
“The level of interest shows that, despite the economic and political uncertainty, investors are still confident about the outlook for Irish property market,” he told independent.ie.
Many of the properties in the Co Donegal lot are located close to each other at Upper Main Street, Pearse Road and at Academy Court in Letterkenny.
One of these, McKendrick Place, next to Pearse Road, is responsible for €107,000 in rental income and nine of its 11 retail and office units are tenanted with EBS among the occupants.
In all the Co Donegal lot generates annual rent of almost €306,100, although the auctioneer also points out that current passing annual rent totals €423,116. With vacant possession of 30 units, they have potential for a significant increase in rental income.
