Friday 9 December 2016

Auction bandwagon continues its roll

Published 15/07/2011 | 05:00

The AUCTION bandwagon continues to roll, with a Donegal agent set to auction more than 42 properties valued at around €6m on July 28.

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Today, O'Donnellan Joyce expects to generate about €1m. from its last auction of the season in Galway. Next Thursday Gunne Residential will auction three southside Dublin houses in the €99,000 to €220,000 range.

Also on July 28, Carlow agents Sothern Real Estate Alliance will auction Albi Lodge, Kilkea, Castledermot, Co Kildare, a four-bedroom stone-fronted former B&B on 0.8 acres with a guide price of more than €450,000.

However, the biggest of the forthcoming auctions will be Easy-Let's, which will include at least 32 Donegal houses as well as nine sites and a shopping centre development in Ballinamore, Co Leitrim.

One of the cheapest lots on offer will be a holiday home at Greencastle, Co Donegal, three minutes' walk from the beach, which has a reserve of €25,000. A three-bedroom, single-storey property of 83sqm, it was built by Seomra in the professionally managed Greencastle Cove Leisure holiday home park.

One of the attractive houses on offer is Rathdonnell, Trentagh, Letterkenny, a new four-bedroom, detached home with sea views finished to a high standard with a reserve of €185,000.

At Loughview Park in Greencastle there are four detached four-bedroom houses at various stages of completion, ranging in price from €162,000 up to €185,000 for the show house. Each comes with a site of 0.45 acres. When the first house sold near market peak it fetched €400,000.

The most valuable property for auction is The Rock shopping centre in Ballinamore Co Leitrim, where Tesco is the anchor tenant and paying an annual rent of €210,000 a year. A further 14 units of 186sqm are also completed, and one of these is let to a hairdresser.

It is located on a 15-acre site, which has underground parking for 179 cars as well as 25 apartments awaiting completion.

The Rock also has planning permission for a nursing home, car showrooms and a hotel. Easy-Let managing director Ger O Riain says the developers who are selling the property do not wish to disclose the reserve.

However, local property observers say it could achieve around €4m.

The nine Donegal sites will go for auction at disclosed reserves which are discounted to less than 40pc of their peak market values. A 13-acre site with five incomplete houses at Culdaff has a reserve of €300,000.

Contact Easy-Let 074 9161916

Irish Independent

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