The recent success of the first Allsop Space property auction in Ireland has proved that the Irish property market is finally showing signs of recovery.
The 82 lot distressed sale, the first of its kind in Ireland, was held at the Shelbourne Hotel, Dublin on Friday 15th April. 81 of the 82 lots were sold in the room. Bidding was highly competitive resulting in strong sale prices with some lots going for over double their reserve.
There was less than standing room in the hotel. Even before the sale began, the venue was approaching its capacity of 850. In anticipation of this, the auction team had organised a live stream to nearby pub, Doheny & Nesbitt, to allow spectators a chance to watch the proceedings.
When the gavel hit the rostrum on lot 1, an apartment in Dublin’s trendy Temple Bar district, for €126,000, the audience spontaneously applauded in one of the first positive signs since the Irish property crash in 2008.
The Irish Gardai arrived during the early stages of the sale to ensure the safety of the hundred strong crowd on the street outside. Members of the Allsop team began taking bids from the street and relaying them back to the room. Lot 9, a retail unit in Co. Tipperary, was sold to a relieved bidder on the steps of the hotel.
By lot 10 the crowd had grown to such a size that auctioneer, Gary Murphy, was prompted to ask spectators to leave the venue and allow buyers the chance to come in. Only those with cheque books and proof of ID were admitted.
After five hours, the sale had raised over €14.86 million. Over the course of the day over 2,200 had come through the doors of the Shelbourne. Most of the successful buyers were Irish with cash to invest, with further interest from various corners of the UK, Scotland, France, Spain and Monaco.
Allsop Space was delighted with the success of the auction. “This has been one of the most exciting sales I have held” said Gary Murphy. “We had anticipated a strong turnout and knew that, from over 100,000 hits to our catalogue website, over 1120 legal document downloads and over 1160 viewings, bidding was likely to be keen. But to sell 99% of the catalogue was more than anyone had hoped for”
Stephen McCarthy, MD of Space, Allsop’s Dublin based partners, was equally enthusiastic. “We hope that this extraordinary result will now mark the turning point in the Irish property market. The auction process offers complete transparency and the prices that we have achieved have set new benchmark values upon which buyers will be able to base future buying decisions”.
The next Allsop Space Dublin sale will be held on 7 July, also at the Shelbourne Hotel, and will comprise around 200 lots for receivers and mortgagees in possession. Further auctions are scheduled for September and December and throughout 2012.
Lot 1Highlights of the sale included:
A studio apartment at 1 Lensman House, Essex St, Temple Bar, Dublin 2
Maximum reserve €80,000.
Sold for €126,000.
Pharmacy, 11 Lord Edward Street, Killmallock, Co. Limerick
A retail investment producing €32,000 pa.
Maximum reserve €140,000.
Sold for €285,000.
Tuskar House, Wexford, Co Wexford.
Six apartments with three business units and car parking.
Maximum reserve €210,000.
Sold for €560,000.
42 Raglan Lane, Ballsbridge, Dublin 4.
A four bedroom mews house.
Maximum reserve €600,000.
Sold for €550,000.
Crohamhurst, Sandyford Lane, Sandyford, Dublin 18
A six bedroom detached house on one acre.
Maximum reserve €400,000.
Sold for €530,000
Cross Pharmacy, The Square, Castletownbere, Co. Cork
A retail unit with self contained apartment above. Producing €47,500 pa.
Maximum reserve €205,000.
Sold for €365,000.
Rascal’s Pub, Arklow, Co. Wicklow,
A public house with self contained apartment.
Maximum reserve €260,000.
Sold for €400,000.
Notes to editor
About Allsop LLP
Allsop is the leading residential and commercial property auction house in the UK. The residential sales total for the 2010 calendar year is currently £335m and 88% from 2089 lots. The commercial total stands at £385m with 83% sold. Total raised £720m.
In 2010, Allsop was voted Residential Auctioneer of the Year by a panel of its peers.
Allsop has also formed a joint venture in Dublin with chartered surveyors, HWBC. The new vehicle, named HWBC Allsop, is now delivering fixed charge receivership advice to banks exposed to the Irish property market.
In Ireland, Allsop hopes to replicate its hugely successful UK business model. The firm’s rapidly expanding UK insolvency team now advises an impressive list of bank clients and, where appropriate, instructs the firm’s commercial and residential sales teams in the disposal of distressed property assets.
Space is a leading property consultancy offering sales, professional and management services from its central Dublin offices.
For further information please go to www.allsopireland.ie
Photography by Peter Houlihan.
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