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Auction fever continues to grip the Irish property market as Allsop Space releases its third catalogue of the year.

The widely anticipated sale will be held on the 23rd September at Dublin’s Shelbourne Hotel.

After unprecedented overseas interest in the first two Allsop Space auctions, the team is confident that this catalogue will once again appeal to UK and international buyers.

The lots have been carefully selected, after close consultation with clients, to ensure that they match the demand that buyers have demonstrated at the two previous sales. There is a wide selection of Dublin property, much of it within good postcodes, comprising approximately half the sale. There are further interesting opportunities from around the country in locations such as Wexford, Limerick, Galway and Cork. In all cases, the auctioneers have endeavoured to ensure that maximum reserve prices remain realistic.

With two significant sales behind them, and two more planned before the end of the year, Allsop Space are establishing an important bank of publicly available sale prices and investment data, of particular importance in the continued absence of a national register of sale prices.

Gary Murphy, director and auctioneer for Allsop Space commented “Until now transactional evidence in Ireland has been almost impossible to establish. Analysts have been confined to studying asking prices and quoted rents. But this information is only a reflection of owners’ aspirations, not true market value. With the transparency that our auctions now offer, benchmarking Irish property performance against that of other countries, or indeed other asset classes, is now becoming viable.”

Residential investment yields established by the two Allsop Space sales have averaged 9.7% for Ireland overall with Dublin showing 9.95% and the rest of country 9.46%. Compare this with a UK average from auction sales (2011 to date) of 9.25% and 8.53% for Central and Greater London. *

Steve McCarthy, Director for Allsop Space commented “Whilst we saw immediate and strong domestic investor interest at our recent sales, we are now noticing an emerging awareness from overseas. We believe the case for medium to long term investment in Ireland is strong, particularly in great locations such as the better areas of Dublin. There are opportunities for double digit gross returns and ultimately prospects for capital growth.”

Guide to Buying Auction Property in Ireland:

Dublin
Capital of Ireland and subject to the most inflated prices during the boom. Dublin is situated near the mid point of Irelands East coast at the mouth of the River Liffey. Rental demand is high with the approx population of 1.8m within the greater Dublin area.  Universities include University of Dublin, National University of Ireland and the Royal College of surgeons in Ireland.

Highlight in Dublin from the September Catalogue:

Lot 29
64-65 Prussia Street,
Dublin 8Entire development of 14 apartments and 4 commercial units producing €111,720 pa.
Reserve not to Exceed €850,000

 

Previously sold lots in Dublin:

Ailesbury Road, Dublin 4
35 Ailesbury Road
Freehold semi-detached six bedroom house
Maximum reserve €1.45M
Result €2.235M

Galway
Galway is located in the west of Ireland and is the fifth largest and the fastest-growing city in Ireland .Galway is known for its vibrant lifestyle and numerous festivals, celebrations and events including the Galway arts festival and the Galway races.

Highlight in Galway from the September Catalogue:

Lot 9
9 Old Coastguard Station, Renvyle, Co. GalwayLong leasehold two bedroom semi-detached house with sea views 
Reserve not to exceed €90,000



Previously sold lots in Galway:

19 Clan House
Dominick StreetCo. Galway
Leasehold Self-Contained Duplex Apartment subject to Tenancies
Maximum Reserve €70,000
Result €70,000

Cork
Cork is the second largest city in the Republic of Ireland  Music, theatre, dance, film and poetry all play a prominent role in bustling Corks city life. Cork is an important educational centre in Ireland. University College Cork (UCC), a constituent university of the National University of Ireland was named “Irish University of the Year” in 2003–2004[48] and 2005–2006 by The Sunday Times.

Highlight in Cork from the September Catalogue:

Lot 13
The Poachers Lodge,
Kent St, Fermoy, Co. Cork
Arranged to provide a former restaurant and bar and two self contained apartments
Reserve not to exceed €300,000



Previously sold lots in Cork:
The Mill House and Mill Mews
Schull, Co. Cork
Freehold Detached Three Bedroom House with a Separate Three Bedroom Waterside Mews House 
Maximum Reserve €270,000 
Result €560,000

Limerick
Limerick is a bustling city located in the west of Ireland and is the known for its rich heritage and rural appeal. It is also known as the commercial capital of the mid-west.

Highlight in Limerick from the September Catalogue:

Lot 39
1008 River Point, 
Bishops Quay, Limerick City
Long leasehold 10th floor one bedroom apartment 
Reserve not to exceed €50,000



Kildare
Kildare is located 50 km west of Dublin and although a regional centre in its own right it is also a commuter town for the capital.

Highlight in Kildare from the September Catalogue:

Lot 58
Chapman’s Garage, 
Dublin Road, Kildare, Co. Kildare
Freehold former car showroom with petrol station on site of approximately 0.53 ha (1.3 acres). Petrol station subject to a tenancy and producing €10,000 pa. Remainder vacant.
Reserve not to exceed €365,000.



Previously sold lots in Kildare:

The Cove Bostoncommon
Co. KildareA Freehold 
Detached Cottage situated on a Site extending to Approximately 0.81 Hectares (2 Acres) – Vacant
Reserve €140,000
Sold €140,000

Wexford
It is situated near the south eastern tip of Ireland, close to Rosslare Europort. The town is connected to Dublin via the M11/N11 National Primary Route, and the national rail network. Wexford is bound by the sea on two sides and famous for its many beaches including Courtown, Curracloe, and Duncannon and is noted for having some of the most spectacular scenery in Ireland.

Highlight in Wexford from the September Catalogue:
 
Lot 24
Apartments 7-18, Tuskar House, 
John’s Gate Street, Co. Wexford
Two freehold buildings comprising twelve x two bedroom apartments. Producing €52,548 pa. Gross yield on maximum reserve 18.12%.
Reserve not to exceed €290,000



Previously sold lots in Wexford:

Apartments 1-6 and Units 1-3 Tuskar House
Freehold Building comprising Six Apartments together with Three adjacent Commercial Units and Six Parking Spaces – Vacant Possession
Reserve €210,000
Result €560,000


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 97%. 

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.

To view the catalogue and results from our April and July Sales please go to www.allsopspace.ie

Contact

For further information, to arrange an interview or for the supply of high resolution images please contact:
Anna.Jones@allsop.co.uk
020 7543 6728