Ireland’s largest property auction took place today at the Shelbourne Hotel Dublin. The auction held by Allsop Space was their fourth and final sale of 2011.
108 properties were offered to a packed room of domestic and international buyers. Halfway through the sale 1600 bidders had descended upon the auction venue, 31 properties received remote overseas bids and successful bidders came from Ireland, UK, Sydney, Gibraltar, Cairo, China and France. At the time of writing 99 lots have sold – a success rate of 91%. The total amount raised was €11.4 million.
Gary Murphy, Director and Auctioneer for Allsop Space commented on the sale “Over the course of 2011 we have sold €51 million worth of property and clearly established that there is a market in Ireland when properties are priced sensibly and the open market establishes true value in a transparent environment.”
The highest price achieved on the day was €630,000. Lot 109, Dublin 4 a commercial building containing two restaurants, was offered with a maximum reserve of €485,000.
The highlight of the day was a detached, four bedroom lakeside house with access to tennis courts and a marina in Shercock, County Cavan. Lot 110 was offered with a maximum reserve price of €50,000 and sold for €131,000.
A freehold mid terrace building in Dublin 7, 456 North Circular Road, (lot 82) sold for €277,000. The maximum reserve was €200,000. In September of this year it was unsold at the Allsop Space auction with a maximum reserve of €265,000.
Auctioneer Gary Murphy commented “This is a perfect example of how auction pricing works best. The more appealing the reserve price the more competition we are able to generate. Today we substantially exceeded the higher reserve price that we failed to reach in September.”
Notes to editor
Notes to editor
Allsop Space is a property auction partnership between Allsop, the UK’s most successful property auctioneer and Space, a Dublin based property consultancy. The partnership provides a leading property auction service for distressed and private property across the Republic of Ireland with an average success rate to date of 92%.
The Allsop Space auctions bring to market a broad selection of properties carefully selected to appeal to the existing emerging Irish markets. They include residential investments, first time buyer opportunities, desirable country and town houses, commercial property (both vacant and let) as well as development and agricultural land.
For further information please go to www.allsopireland.ie
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