Allsop auction: Mixed use Harcourt St building with warehouses sold for €2.95m
The first of two major property auctions is underway at the RDS in Dublin today, with over 370 properties set to go under the hammer.
The highlight is 10 Harcourt Street, Dublin, a Georgian property with two warehouses on site which sold this morning for €2.95m.
It was bargains galore at the auction with some properties going under the hammer for less than €55,000.
Over 370 properties with a combined reserve of almost €60m are up for auction today and Thursday.
Commercial properties across the country appealed to many bidders this morning.
Three adjoining retail units on Talbot Street in Dublin city centre sold for €790,000 after intense bidding in the Concert Hall at the RDS.
While many commercial properties were sold, it wasn't until the residential lots went to the floor that hands started waving and phones ringing.
A semi detached three bedroom house in Tyrellstown, Dublin 15, was attractive to several bidders, selling at €202,500, over double the price of its modest €100,000 reserve.
A lucky bidder managed to secure a two bedroom apartment in Tralee, Co Kerry for just €55,000.
Buyers are keen to profit from tenants seeking apartment living, buying properties which are ready to rent and will earn income immediately.
A two bed apartment on the North Strand, Dublin 3, went under the hammer at €187,500, while a one bed apartment in Rialto was sold for €90,000.
Commercial director and auctioneer Robert Hoban encouraged the floor that all bids are welcome.
"A good bid is a good purchase. "It doesn't matter where we start, it's where we finish that matters," said Mr Hoban.
The auction continues this afternoon and on Thursday.
Head of Commercial at Allsop Richard O’Neill said: "The commercial catalogue provides a diverse range of owner occupier and investor opportunities. The common theme running through the investment properties is the strength of the retail covenants with Poundland (Dealz), Boylesports, Ladbrokes and Rabobank all featuring."
On the residential side Allsop are featuring 290 properties at a value of over €35m, the largest amount of residential auction properties brought to the market by auction in Ireland.
Prime Dublin properties make up 25pc of the residential list with a total reserve value of over €15m.
Jonathan Fenn, Head of Residential at Allsop, said: "This is the largest residential catalogue to date providing a wide selection of Dublin based properties with over 70 properties located in the capital.
“Highlights include properties in Dublin 2, 4 and 6 as well as in Foxrock and Blackrock. Investment assets are also dominant in the catalogue with opportunities available in Waterford and throughout the midlands."