Sunday 24 September 2017

Allsop to offload property worth €20m in its biggest auction

Mark Keenan

Mark Keenan

Allsop Space plans to sell off 150 properties with a combined reserve value of €20m in its biggest auction so far.

Previously, the most properties sold at one session in Ireland occurred in March this year, when the same company offered 138 properties for sale, disposing of 126 of them for €16m.

The biggest auction yet will take place at the RDS on December 10 next.

Allsop Space director of auctions Robert Hoban, said: "This will be the biggest property auction ever held in Ireland. These sales reflect a new willingness to buy properties that will help create jobs and add real value to the economy."

In a departure for the firm, which has become well-known for its regular 'monster' sales of residential properties, this time around the auction catalogue is comprised mostly of commercial premises.

According Mr Hoban, the interest from commercial vendors has been increasing steadily – and this is the first occasion where commercial properties have been dominant in the offerings.

APARTMENTS

This time there are just 40 houses and 16 apartments included in the sale, with most of the rest being made up of pubs, offices, hotels, petrol stations and shops.

Among the more unusual lots on offer is the festive addition of a 47.5-acre Christmas tree farm in Co Wicklow (€45,000 plus), an 18-hole golf course and club house at Coolearagh in Naas (€675,000) and a housing estate – 32 Bowgate Court in Ballinrobe – which comprises 12 apartments and three houses (€150,000).

Other lots include eight separate blocks of apartments ranging in size from three units to 11, a private hotel suite at Dublin's Grand Canal Hotel, two office blocks, seven pubs, including the well-known Croppy Acre on Dublin's Ellis Quay (€200,000 to €250,000), two hotels and a petrol station.

The sale follows the last Allsop Space auction in October which was heavily picketed by protesters. This session saw 93 properties (largely private homes) sold for a total of €11.2m. A previous sale due to be held in the city centre was cancelled altogether after protests.

Mr Hoban reiterated the Allsop Space pledge that no repossessed family homes would be sold at any of their auctions.

However, there is a high number of receivership disposals among the commercial properties featured.

Irish Independent

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