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Thursday 18 September 2014

Allsop auction: 'Early results show resurgence in property market'

Emma Jane Hade

Published 01/07/2014 | 12:53

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Allsop Space said today that early indications from its latest property auction shows a resurgence in the property market.

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There are 160 properties going under the hammer during the course of today’s sale, and the portfolio consists of a mix of both residential and commercial units.

The bidding kicked off shortly after 9am this morning, with 1,000 people present in the Main Hall of the RDS.

Sales include:

- Lot 30: Permanent TSB, Sligo sold for €2,400,000

- Lot 11: Commercial premises, Stillorgan sold for €1,007,000

- Lot 40: Advance Pitstop and An Post units, Mallow, Co. Cork sold for €1,550,000

Allsop Stillorgan,
PermanentTSB, Sligo

- Lot 13: Garage/ workshop, Liberty Lane, Dublin 8, sold for €185,000

- Lot 18: Deadman's Inn, Palmerstown, sold for €410,000

- Lot 51: Units 1, 2 & 3, Cashel Retail Park, Cashel, Co. Tipperary sold for €700,000  (reserve €150,000-200,000)

-Lot 70: Drake Inn, Fingla sold for €610,000 (reserve €450,000-490,000)

As the results show, properties in urban areas have proved to be popular, as a heated bidding war ensued for a commercial unit in the south Dublin suburb Stillorgan.

Robert Hoban is a director of auctions and auctioneer with Allsop Space.

"I think the harbingers of a revival that we saw in our Autumn auctions have been proven to be correct," he said.

He added that he expects 1,200 people to participate in the auction throughout the day.

“So far it has been very very busy,” he told Independent.ie.

“We have sold a number of commercial and residential properties.  The properties in the city are going very well- we sold a commercial unit in Stillorgan for over €1m- that was €350,000 more than we expected.  So the urban properties are very strong.”

He said that he is optimistic that it will be a successful day of bidding, adding: “typically we have about an 80 to 90pc success rate from auction to auction”. 

Few sales have managed to break the million euro mark under the hammer so far.

The commercial unit on Kilmacud Road fetched over €1m, while two large warehouse units in an industrial estate in Mallow, Co Cork, went for €1,55m.

There is a heavy security presence at today's auction, after a number of similar events were disrupted by protest groups in the past.

A spokesperson for the auctioneers later confirmed that "they will no longer offer properties for sale where the owners are engaged in a legal dispute with the bank or receive", and in return protesters agreed to no longer disrupt their business.

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