UK-Irish auction partnership Allsop Space held its third successful sale of Irish property at the Shelbourne Hotel, Dublin last week raising almost €10m from the sale of 84% of 67 lots offered. This brings the newly formed company’s sales receipts since April to over €40m with an overall success rate of 92%.
The composition of the catalogue was less reliant upon distressed stock with a greater proportion of lots being offered on behalf of private sellers. A total of six Irish lenders were represented along with various fixed charge receivers and administrators. Lots ranged from residential investments in Dublin to vacant houses in rural locations. Commercial properties offered included vacant pubs and industrial investments, mixed use buildings and a partly let garage site for redevelopment.
Commenting on the sale, auctioneer and director, Gary Murphy, stated:
“This result demonstrates a continuing and, we hope, a sustainable demand for Irish property. The evidence gathered at the auction established that only 14% of successful buyers were using borrowed money. The majority were cash purchasers.”
The auctioneers reported a broad international interest in the event with buyers registered fromAustralia, Luxembourg, Gibraltar and the UK. The mix of buyer was equally varied. 57% of lots went to buy to let investors, 29% to owner occupiers and 11% were sold for development.
The sale saw auctioneer, Chris Berriman’s debut performance on the Dublin rostrum. “The Irish audience was very welcoming.” he said “There was a buoyant atmosphere in the room and a really competitive attitude to bidding.”
• Lot 1, a two bedroom apartment at Custom House Harbour, IFSC (International Financial Services Centre), Dublin 1 producing €11,700 pa, received a record level of interest with over 120 legal packs downloaded prior to sale. It sold for €160,000, a yield of 7.3%
• Some of the fiercest bidding of the day was for lot 24, Tuskar House, Wexford, two freehold buildings arranged as 12 apartments, ten let and producing €65,556pa. With a disclosed maximum reserve of €290,000, it sold for €470,000.
• The largest lot (29) of the day sold for €1,150,000 from a maximum reserve of €850,000. 64-65 Prussia in Dublin 7 comprises two freehold buildings with four commercial units and 14 self contained apartments. It was partly let and producing €86,520pa.
• The sale saw the first disposal by Allsop Space to a buyer on line. Lot 57, three vacant apartments in Cratloe, Co. Limerick, was knocked down to an Irish bidder for €112,000.
Allsop Space’s next sale will be held on 30 November, also at the Shelbourne Hotel, Dublin. The catalogue will be released on line on 5 November.
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 90%.
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.
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