Wednesday, 13 June 2012

A Ghost Estate For Just €50,000 !

Auctioneers to sell 14-house ghost estate in Co Kerry for just €50,000...

DEPENDING on how deep your pockets are, you can pick up a ghost estate of 14 houses for only €50,000 or a Georgian House for €1m in the Allsop Space auction next month.

A total of 90 properties are available at the event on July 6.

Another unusual property on offer is Whites Castle, Athy, Co Kildare, a 15th century castle in the centre of the town, which also has a €50,000 guide price.

The auctioneers are hoping to raise about €8m from the auction, which is below the €13m it achieved in its last auction in May. But then there are fewer lots this time and less valuable commercial properties.

The ghost estate was conceived as a multi-million holiday home development at a pivotal point on Kerry's tourist trail.

The 14-house lot at Annagh Banks in Castlemaine, Co Kerry, is about to be auctioned for only €50,000. It will be the first time that Allsop Space will include a full ghost estate as one lot at auction.

The houses vary in size and some have attic space, but it will be up to the buyer to divide up their accommodation into bedrooms and reception rooms. At present they are built to only shell finish and have not been fitted out.

In contrast, the most valuable lot will be the four-storey over-basement Georgian house at 26 Merrion Square in Dublin, which is being sold by a private vendor.

It had previously accommodated a language school, a bank headquarters and a family home. It retains many of its original features and the original layout is largely intact.

The cheapest Dublin house to go for auction is a three-bedroom semi in Killiney, which has a €95,000 guide price.

The most expensive Dublin residential house is 1 Three Rock Grove, Harold's Grange Road, Rathfarnham, Dublin 16 -- a three-bedroom detached house with a €220,000 guide price.

A Dublin city centre penthouse apartment is also expected to attract strong interest as the three-bedroom duplex at 14 Hogan Square near Merrion Square and Holles Street hospital is guiding at €160,000.

Outside Dublin the cheapest house is a one-bedroom town House at Clancy Mills, Kilrush, Co Clare, which has a €20,000 guide price.


It is closely followed by a two-bedroom bungalow at Sun Street, Tuam, Co Galway, which has a €25,000 guide price.

Despite recent government figures showing that Dublin apartment prices had risen in March and April, the auctioneers have cut the guide prices for one-bedroom apartments at The Tannery complex at Cork Street, Dublin 8, to €75,000.

In April 2011, one-bedroom units in this Liam Carroll development had sold for between €93,000 and €103,000.

So in March of this year, when some more of them were brought to auction, the guide price was increased from €85,000 to €90,000.

However, the one-bedroom units failed to sell and so they cut the guide to €75,000.

Robert Hoban, director of Allsop Space, said that the price cut was a reflection of the weaker demand for one-bedroom flats.

Among the commercial properties to go for sale is the 20-bedroom Drinagh Court Hotel, in Drinagh, near Wexford town, which has a €230,000 guide price.

It is being sold on the instructions of the receiver, Smith & Williamson Freaney, who is also selling two Waterford pubs.

One of these at 45/47 Morgan Street, Waterford, has a €50,000 guide price and comes with five bedsits.

A Dublin pub, The Stout Bar at Lower Rathmines Road, Dublin 6, has a €600,000 guide price and it comes with four flats in an adjoining investment property.

Report by Donal Buckley - Irish Independent

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