QRE have completed the sale of 27 Dublin Road, Bray (otherwise known as Rathclaren House). The property comprises a prominent two storey mid‐terrace building extending to approximately 186.47 sq.m (2,007 sq. ft). Rathclaren House is let to the HSE for a term of 35 years from May 2000 (on a full repairing and insuring lease) at a passing rent of €40,000.
The agents had been quoting €400,000 for the property which was launched to the market in early September. Due to the level of enquiries, QRE utilised the innovative BidX1 technology to secure a signed contract and ultimately reduce execution risk on behalf of the Vendor. Multiple bidders took part in the online bidding process over a period of half an hour with the property eventually contracting in the region of €470,000, reflecting a keen. net initial yield of 8.15%. Brian Kelly of QRE handled the sale on behalf of the Vendor. This is the fourth property that QRE have sold through the BidX1 process, recording an average of approximately 15% above guide price. The agent plans to dispose of a further three properties utilising the same method of sale by year end.
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