Business Property & Mortgages

Sunday 31 August 2014

Auction breaks record as over €24m worth of property sold in a day

Mark Keenan

Published 11/12/2013 | 23:34

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The queue to get into the auction
Woodlands golf course
River House block at Charlotte Quay in Limerick City

THE Allsop Space auction broke all Irish records with more than €24m worth of property sold in a single day.

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More than 140 properties went under the hammer and 123 were disposed of by last night.

Yesterday's relentless six-hour-long marathon session -- Ireland's longest ever -- saw two auctioneers taking stints at the podium in order to last the distance.

Allsop Space director of auctions Robert Hoban, who shared the podium, said the session was a "phenomenal success and a sign that the Irish property market is kick-starting once again".

The previous proceeds record was for a 2011 Allsop Space auction, which raised €16m.

The auction got under way in the mid-morning and did not wind down until 7.30pm, with one property after another going under the hammer in rapid succession.

There were over 1,000 registered potential buyers on the day, with 820 registered in advance the night before.

However, a queue of several hundred more took the number of registered bidders up over the 1,000 mark by the time the auction had started.

Queues of buyers gathered in the morning to gain admittance to the auction session and, in contrast to previous sessions, there was a greatly reduced number of protesters.

In contrast to previous sales sessions, most of the potential buyers were middle-aged and older Irish men.

Previous sessions had been attended by large numbers of young couples, both Irish and foreign, given the numbers of bargain homes on offer.

In contrast to when Allsop Space first arrived here to sell property in 2011, the majority -- about 60/40 -- of the property sold was commercial rather than residential.

The fare was made up of apartment blocks, golf clubs, office buildings, pubs and other business premises.

REDUCTION

Sources said the change is being brought about by a reduction in the number of residential properties being brought to the market as a result of debt forgiveness by overseas venture capital companies.

There has also been a corresponding rise in the numbers of receivers and banks using the auction process to dispose of business properties.

Among the highlights of the day were an 18-hole golf course and club outside Naas in Co Kildare, which sold for €650,000 -- the price of a single suburban bungalow in Dublin's Blackrock. The Woodlands golf club, on 127 acres, also has a clubhouse with a bar and a pitch and putt course attached.

It had been reserved at €625,000 to €675,000.

A block of eight apartments at Harley Wood Estate in Togher, Cork, which is close to UCC and University Hospital, was reserved at €330,000. The two one-bedroom apartments and six two-beds in one block were sold for €415,000, the price of a five-bed detached home in a good Cork city suburb.

Another apartment block containing 11 one- and two-bedroom apartments in Delgany Co Wicklow was sold for €950,000 -- the price of a trophy home in nearby Dalkey/Killiney.

An unfinished five-bedroom house at Clane, with 4.4 acres attached, was guided at €250,000 but sold for €540,000 after heavy bidding.

Perhaps the most notable sale of all was that of the modern five-storey River House block at Charlotte Quay in Limerick City.

Rented to the Revenue Commissioners on a long lease, it failed to sell after prolonged attempts on the private treaty market where it had been offered for €2.8m. It sold for €3.25m.

Irish Independent

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