Tuesday 25 November 2014

An idyllic island and Dublin apartment blocks among the lots for auction

Sarah Stack

Published 29/08/2014 | 12:13

Under the hammer: Dunvillaun Beg island off Belmullet, Co Mayo, which is on the books for the next Space Allsop auction.
The Hayes Hotel on Liberty Square in Thurles, Co Tipperary is the site of the foundation of the GAA in 1884.
Lot 21: The Hollows, Lucan, Co Dublin, a 27 unit development being sold by Alsop Space
Lot 42: Castle Terrace Court, Malahide, Co Dublin, a 23–apartment development being sold by Allsop Space

More than 260 properties will go under the hammer next month as auctioneers try to meet demand for homes in Dublin.

An idyllic island off the west coast of Ireland and the historic Hayes Hotel in Thurles, where the GAA was founded in 1884, are also among the more unusual lots for sale by Allsop Space.

With apartment blocks in Malahide and Lucan on the book, the catalogue has a combined reserve of €60m – the biggest to date. The sale will be in the RDS on September 16.

Allsop Space director Rob Hoban, said the firm stands by its pledge not to handle the sale of repossessed family homes, or any properties subject to a legal dispute.

“It is very encouraging for the Dublin property market to see such a strong offering of Dublin properties, up to 100 properties in this catalogue – because the of the well documented demand for property in the capital,” he said.

“It is pleasing to see the increase in the number of our clients who are buying properties through mortgages, and believe this reflects the overall increase in confidence in the Irish property market.”

The two largest residential lots in the catalogue, a 23-apartment development in Malahide and 27 units in Lucan, have a combined reserve of €8.5m and are being brought to market by private sellers.

Elsewhere the 55-acre Dunvillaun Beg island off Belmullet, Co Mayo, on the Wild Atlantic Way tourist trail, has a reserve of €100,000. Also known as Little Black Island is was previously on the market for €250,000.

Commercial properties will make up almost half of the lots on offer and include investment opportunities for a number of banks currently in operation, public houses and hotels.

The 30-bedroom Hayes Hotel, which includes two nightclubs, is expected to fetch over  €450,000.

“Further echoing current market trends, the general profile of Allsop Space clients has changed significantly in recent months, moving from 87pc cash buyers earlier in the year to less than 50pc as of their July auction,” the firm added.

“This reflects the positive movement within the industry and an increased confidence, which saw cash buyers account for approximately only one in three purchases in the property market in the second quarter of 2014, down 50pc from the previous quarter.”

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