Tuesday, 23 August 2011

Allsop Space Next Auction...

New property fire sale next month...

Two period houses in Rathgar and a six-bedroom house on one of the leafiest roads on Dublin’s northside are likely to be among the most sought after properties going under the hammer at the Allsop/Space auction next month.

The auction of distressed properties, the third to take place in Dublin since April, will be held in the Shelbourne Hotel on Friday September 23rd. There will be 74 residential and commercial properties across the country on offer.

The two Rathgar houses are currently split into flats. One of the houses will have a reserve which will not exceed €240,000 while a neighbouring house has had its maximum reserve set at €380,000. At the height of the boom, houses on the road were routinely priced at over €1.5 million.

A six-bedroom, three-storey house on Alphonsus Road in Drumcondra has a reserve which will not to exceed €295,000. It is located not far from an Iona Road property which proved to be the most sought after lot in the July auction.

Seven recently-built apartments on Francis Street in Dublin 8 have will have reserves not exceeding €92,000, while three student village units in Cratloe Wood Student Village in Limerick are being sold as one lot with a reserve of €75,000.

Five properties in Blackrock’s Meadow Court development are up for auction, including two townhouses and three apartments with reserves not exceeding €185,000 and €325,000.

The most expensive lot is 64/65 Prussia Street in Dublin 7. The lot features an entire development of 14 apartments and 4 commercial units with a current rent roll of over €110,000 per annum and potential for more. The reserve will be no greater than €850,000.

Other unusual and attractive lots include a house in the Old Coastguard Station in the popular Renvyle area in Galway with a reserve of €90,000 and a riverside period house in need of work with a private jetty in Rooskey, Co Leitrim, which has a reserve of €50,000.

“We expect a similar level of interest - despite some media reports of lower numbers at the July auction, the Shelbourne Hotel clicked in an equal number of people to that of the April auction, hence we expect equal interest at our September auction,” Stephen McCarthy of Space Auctioneers said.

Gary Murphy of Allsop said he was confident that the next auction would be “equally as successful” as the first two “having firmly established that there is still an appetite for property in Ireland at the right price.

The July auction realized €16.3 million and 95 per cent of the properties were sold. The properties went for an average of 34 per cent more than their reserve. Some 9 per cent of the purchasers were from overseas.

Report by CONOR POPE - Irish Times

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