Published on May 23rd, 2017 | by Martin Clancy
Two-Day Allsop Auction Results in Sales of Over €26m
Allsop’s residential and commercial auctions, held on Wednesday and Thursday this week, have raised more than €26m in sales. All of the results can be viewed here.
Jonathan Fenn, Director at Allsop, commented on the results:
“This week’s auction had something of interest for all buyers – from red-brick period homes in Dublin to large tracts of stunning forest in Mayo – and the results underline the effectiveness of the online auction as a method of sale for all types of property.
Private sellers seeking extensive market exposure and a secure platform for competitive bidding – many of whom have previously purchased at Allsop auctions – were a strong presence in the catalogue. A warehouse in Dunshaughlin initially secured for €450,000 at an Allsop auction in 2014 attracted 130 bids yesterday, finally selling for €691,000. We’re very pleased that the process has been embraced by vendors and buyers alike.”
As expected, multi-unit residential investments were strong performers on the day. Thirty-eight apartments in Portarlington – all with vacant possession – were sold for €1,505,000 while a portfolio of ten, fully-occupied apartments at Kelly’s Row in Dublin 1 with an annual rent roll of €136,200 sold for €1,350,000.
Highlights among the wide selection of houses on offer include a lovely four bedroom house in Goatstown with 0.25 acres of garden which sold for €750,000 and a three bedroom semi-detached townhouse on Mount Street in Dublin City Centre which was sold prior to auction. An attractive red-brick three bedroom house in Phibsboro, Dublin 7 attracted 59 bids before finally selling for €440,000; a mid-terrace four bedroom house in Ranelagh, Dublin 6 sold for €386,000; and a beautiful two bedroom Gate Lodge in Ashtown, Dublin 15 sold for €288,000.
Over 1,000 acres of forestry land in Bangor Erris, Mayo also went under the hammer and was the subject of intense bidding, selling for €692,000 after 80 bids.
High-value commercial lots generated significant pre-auction interest and competitive bidding on the day. The Athlumney Centre in Navan – comprising 3 tenanted and 6 vacant units generating €70,000 per annum – attracted more than 30 bids before finally selling for €1,300,000. A mixed-use investment in Bishopstown, Co. Cork, comprising a ground floor bookmakers with two apartments overhead, also broke the million euro mark. The bookmakers is let to Boylesports and both apartments are also tenanted, bringing the total annual rent roll to €88,300. The property sold for €1,100,000. A retail and office investment on Talbot Street, Dublin 1, generating €81,000 per annum was sold for €1,010,000.
Other notable results included the sale of a detached warehouse and office investment in Dunshaughlin which was originally purchased for €450,000 at an Allsop auction in 2014. With a total annual rent of €57,183 and the potential to add-value provided by vacant possession of 16 office units, the property attracted an impressive 130 bids and sold for €691,000.