Irish News

Tuesday 29 July 2014

Property auction generates €34m as protesters stay away

Nicola Anderson

Published 03/05/2014|02:30

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Auctioneer Gary Murphy at Allsops Auction at the RDS yesterday
Potential bidders at Allsops Auction at the RDS yesterday
Park House and Kirwan House on the North Circular Road

A large office block which sold for €6.25m was one of 155 properties which went under the hammer at an Allsop Space auction, commanding €34m in total.

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An Irish consortium swooped on the office development on Dublin's North Circular Road, paying the highest price paid at an Allsop Space Irish property auction.

The developers declined to comment on their purchase or to be publicly identified.

The results were relatively close to what the organisers had hoped for. In all, some 180 lots were offered which had been estimated to reap €37m. A number of lots were subsequently withdrawn, though around 20 were sold before or immediately after yesterday's auction.

A spokesperson for the auction said 88pc of properties offered had been sold, with a breakdown of 60pc commercial to 40pc residential.

Security was extremely tight for the event at the RDS in Dublin, with all those entering asked to show a credit card, while gardai patrolled the auction rooms throughout the proceedings.

The event was entirely peaceful, with no protesters or any sign of dissent following a guarantee given by Allsop Space that no property that was the subject of legal proceedings or repossessed family homes would be offered for sale.

A block of six apartments in Dublin's Phibsboro with a reserve of €400,000 to €450,000 almost doubled the reserve, at €750,000.

Seller Rita Gantley was "happy" to offload a converted old schoolhouse in Castlecomer, Co Kilkenny, for the reserve price of €85,000 though she had thought it might fetch a little more.

The mother of three from Kimmage, Dublin, had hoped to move there with her daughter Victoria (13) this summer – and had even purchased some fishing rods to fully enjoy her new surroundings.

However, life took a different direction when Victoria was accepted at the Monica Loughman Ballet Academy, training full-time as a ballerina and will travel to Russia in May to train with the Bolshoi for two weeks.

"The house is lying there nearly three years and it was becoming a real headache. I didn't want it to go into terrible disrepair," explained Ms Gantley.

Meanwhile, buyer Frank Doyle from Gorey, Co Wexford, was delighted to walk away with a retail unit in his home town for €30,000. He had attempted to buy a property at auction last year but was unsuccessful.

DELIGHTED

He admitted that he's not sure what he will do with the unit now that he has it.

Sharon Bell and Lorna Clarke from the Pugwash Bay childcare providers in the north-east were delighted when they obtained a unit in Aston Green, Drogheda, Co Louth, for €105,000, which they plan to open as a creche in September.

Ms Bell said she was happy with the price and revealed the auction was "an eye-opener" as she had never purchased a property in this manner before.

Irish Independent

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