Property & Mortgages

Thursday 24 July 2014

Ireland's cheapest house? Cottage with €7,500 reserve

Donal Buckley

Published 07/02/2012|05:00

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Two-bed cottage Carrigallen, Co Leitrim
Reserve: €7,500
Restaurant in converted church Duleek, Co Louth
Reserve: €65,000

A COTTAGE in Co Leitrim is to go under the hammer next month with a reserve price of just €7,500.

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The two-bed rural retreat is one of 100 lots to be auctioned in the next Allsop Space auction on March 1.

The cottage is situated near Gallough's Lough, 2km outside the south Leitrim village of Carrigallen and features a reception room, two bedrooms, kitchen, dining room and bathroom.

The best-known property up for auction is the Sandhouse Hotel in Rossnowlagh, Co Donegal, which has a guide price of €650,000 -- a drop of 89pc on the price sought for the hotel when it was offered for sale in 2008. Last year, the price was cut to €1.5m, but it failed to secure a buyer.

Overlooking a long stretch of sandy beach, the 55-bedroom hotel has hosted a range of film stars and historic figures. Former British prime minister Tony Blair spent some childhood holidays there and it was once a holiday-hideaway spot for Mia Farrow and Woody Allen before their marriage hit the rocks.

Paul Diver, who had managed the hotel for the Britton family before it went into liquidation in 2009, has continued to manage it for the liquidator KPMG. He plans to re-open it this weekend prior to Valentine's Day after its closure for the traditional winter break.

Auction

The 100 properties up for auction have a combined target value of €10.3m

Some 74 of the 100 properties to go under the hammer will be residential, including 41 apartments and 33 houses. Nine of the houses are in Dublin, with prices ranging from only €35,000 to €100,000.

The cheapest Dublin house is a four-bedroom, mid-terrace period house with a reserve of €35,000 on Dublin's Seville Place, close to Connolly Station, and is the street where film producer brothers Jim and Peter Sheridan grew up.

The most expensive Dublin house is 1 Drumcliffe Drive, Cabra, Dublin 7 -- a three-bedroom, semi-detached property priced at €100,000 and which is generating a rental income of €10,800 a year.

In Dublin 8, a three-bed redbrick house at 15 Church Avenue South, Rialto, is guiding at €80,000. The Dublin houses are much cheaper than many of the Dublin apartments which are being sold.

Some of the most popular flats to sell in each of the four Allsop Space auctions last year were at Liam Carroll's Castleforbes Square development in Dublin's North docklands.

In next month's auction a further 10 of these will be on offer with guide prices of €135,000 for two-bedroom flats, which are practically unchanged from the guides quoted in last November's auction.

One of the more photogenic properties on offer is a mill residence in Rathvilly, Co Carlow, which has a €150,000 guide.

Also going under the hammer is a former church in Duleek, Co Meath, which has been converted into a restaurant whose name, The Spire, reflects its aspirations. Its guide price is €60,000.

Irish Independent

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