Thursday 29 September 2016

Group of REA agents set to launch first Leinster auction

Published 04/10/2015 | 02:30

Two office units at Bakers Corner will be auctioned off at the upcoming REA auction. The retail units are not affected.
Two office units at Bakers Corner will be auctioned off at the upcoming REA auction. The retail units are not affected.

The Real Estate Alliance has announced the first in a series of auctions comprising properties from its members throughout Leinster.

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The first REA Leinster Auction will be held at the Louis Fitzgerald Hotel, Newlands Cross in Dublin, on October 15. More than 35 residential and commercial properties from throughout the 12 counties will go under the hammer, with the auction expected to raise in excess of €6.5m.

Among the properties up for sale are a hotel in Carlow, office units at Baker's Corner in South Dublin, an industrial premises in Tullamore and as many as 30 residential properties from throughout Leinster

REA say bidding for the auction will take place over the phone, as well as at the hotel and will be streamed live on the internet. All properties are available to view prior to the auction.

Harry Sothern, an REA estate agent who is organising the auction, commented: "We have a wide range of superb commercial and residential properties that will appeal to both investors and home-buyers alike. REA agents from all over Leinster are bringing properties to this auction including several prime lots in Dublin.

"This is the first auction that we've organised by pooling the tremendous resources of the REA agents in Leinster, and we're looking forward to hosting a number of similar auctions in the near future."

Included in the portfolio of properties is the Courthouse Hotel in Carlow. The 18 bedroom hotel will be auctioned as part of a lot which also includes a retail unit, apartment and parking for 15 cars. The AMV for this lot is €375,000.

Other highlights include two office units in the Forge Building at Baker's Corner on Rochestown Avenue (AMV €165,000) and an industrial premises in the Axis Business Park, Tullamore.

An elevated roadside site of 1.903 ha/4.7 acres in Cloverhill, Ballybrook, Co Cavan, comes with planning permission for 49 residential units. It has an AMV of €60,000.

Also available is a 0.4 acre site on Main Street, Duleek, Co Meath. It comprises a building that was formerly operated as a public house with parking for 40 cars. It goes under the hammer with an AMV of €195,000.

The auction method has become hugely popular since the downturn, with numerous sales taking place throughout the country.

Allsop launched its third online auction a fortnight ago. That auction had over 55 properties with a total reserve of €5.45M available to purchase online.

It came after online auctions in March and May with 103 properties sold and a combined sales value of €13.5m.

"We noted a 70pc increase in bidders at the May auction and there was strong engagement by buyers, with many contacting us directly to say how much they enjoyed the process," the firm said.

Sunday Independent

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