Pub bids to recapture Celtic cubs
Published 14/04/2011 | 05:00
A PUB that was once a playground for Celtic Tiger cubs will now cash in on the country's first jumbo auction of distressed property.
Dublin pub Doheny and Nesbitt's -- just up the street from the auction room in the Shelbourne Hotel -- will screen the auction as Friday-lunchtime entertainment.
With hundreds of bidders and onlookers set to pack the auction room to see how the 84 properties fare, many interested parties are expected to watch proceedings from the more relaxed back bars of Doheny's.
The pub was famously the birthplace of the "Doheny and Nesbitt school of economics", characterised by its call for low corporation tax rates.
Now the pub can be part of the economic action again, on a smaller scale, as auctioneers Allsop Space have arranged to take remote bids either over the phone or online.
The auction will be keenly watched because it will give an idea of property prices in the current distressed market.
However, casual pub-goers -- perhaps flush with inspiration after taking a few pints -- will not be able to make impromptu bids on bargains.
"Only those who have already registered an interest in buying a particular property and paid a deposit two days in advance to the value of 10pc of that property's maximum reserve can put in a remote bid," said Robert Hoban of estate agents Space.
As many as 20 people have registered to make remote bids, and 15 minutes before their chosen properties come to auction the agents will phone bidders to make sure they are ready.
"So for the interested parties at Doheny's it will be a matter of don't phone us, we'll phone you," said a source close to the agents.
Some apartments in the auction are guiding only €35,000.