Thursday 23 March 2017

30 bids on 20 properties in first 30 seconds of auction

Allsop associate director Ellen Prenderville consults with the firm's commercial director Robert Hoban during last Tuesday’s online auction, in which 146 properties were sold
Allsop associate director Ellen Prenderville consults with the firm's commercial director Robert Hoban during last Tuesday’s online auction, in which 146 properties were sold
Ronald Quinlan

Ronald Quinlan

More than 140 properties have been sold for a combined €24m by Allsop in its largest online auction to date.

While the appetite of investors had been apparent in the days leading up to last Tuesday's sale with 898 registered bidders from Ireland and overseas putting down deposits of €5,000 apiece, it was confirmed with bids placed on 20 properties within 30 seconds of the auction's 8am commencement.

Between 10am and 5:30pm, a lot closed every two minutes, a spokesman for Allsop said.

Some 3,898 bids were placed throughout the day, with 1,328 of these submitted during the bidding extension period, the longest one of which ran to 26 minutes. While 80pc of the auction's participants on the day were located in Ireland, numerous bids came in from ex-pats based in the USA, Australia and the United Arab Emirates (UAE).

Some 30pc of bids came from mobile devices and a total of 146 properties were sold when bidding closed.

Among the auction's commercial highlights were the sales of a prominent Georgian mixed-use investment on Eyre Square in Galway, with an annual rent of €71,360 which sold for €810,000; a semi-detached warehouse unit extending to 1,407 sq m on Bluebell Avenue in Dublin 12 which sold for €503,000; and an end-of-terrace mixed-use investment comprising a take-away unit with two apartments overhead in Windy Arbour, Dundrum, which sold for €310,000.

Public houses also proved to be hugely popular, with the well-known Tynan's Bridge House Bar in Kilkenny selling on the instruction of receivers for €503,000 - well in excess of its €240,000 to €290,000 guide price; and the Killinarden House in Tallaght, Dublin 24, selling (again on the instruction of receivers) for €493,000, or some €43,000 more than its €450,000 guide price.

All told, the auction's commercial offering featured 12 pubs, two of which are located in Dublin; 12 office properties, four of which are in Dublin; 36 industrial units, of which 23 are in Dublin; and 55 retail properties, of which 12 are in Dublin.

The auction's residential highlights included a portfolio of eight one-bedroom apartments in Drogheda, which sold for €420,000, and a portfolio of six two-bedroom apartments on Henry Street in Limerick, which sold for €375,000.

The residential catalogue also featured a wide selection of vacant houses and apartments offering buy-to-let investment opportunities. Highlights include a detached two-bedroom bungalow on .42 acres in Saggart, Co Dublin, which sold for €337,000; and an end-of-terrace three-bedroom house on the South Circular Road in Dublin 8, which sold for €285,000.

Allsop will hold its next auction at the RDS on September 28.

As of yesterday, the details of a total of 170 residential, commercial and industrial properties were availablee for inspections in the auction's online catalogue.

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