Second auction of distressed properties to net €16m
Published 04/06/2011 | 05:00
THE country's second-ever bumper auction of distressed properties is expected to generate more than €16m in sales next month.
At least 85 properties are scheduled for auction on July 7, following quickly on the heels of an auction in April during which 80 properties were sold.
Such was the interest in April's sale, crowds spilled out of the venue at the Shelbourne Hotel in Dublin and on to the street.
The forthcoming Allsop Space auction will include more valuable properties.
The most valuable is 35 Ailesbury Road, Dublin 4, which has a maximum reserve price of €1.45m. It is a long way short of the €10m paid for similar houses when the market was at its peak in 2006. In 2007, investor Derek Quinlan paid €8.5m for a similar house at number 45 Ailesbury Road.
Auctioneer Stephen McCarthy says Allsop Space has been inundated with banks and receivers looking to auction off their properties.
"This means the second auction features a broader mix of lots from different receivers on behalf of a number of financial institutions," he said.
A Dublin city centre pub known as The Pint has a guide price of €485,000. A second pub known as Katy Barry's pub at Mall Lane, Waterford, has a €180,000 price tag.
The full line-up will be detailed early next week, but other properties seen by the Irish Independent will include 32 Villiers Road, Rathgar, Dublin 6, which has a €495,000 price tag. Its guide price is almost half the €995,000 being sought by another estate agent for four-bedroom terraced home on the same road.
A huge 75pc price cut is being earmarked for a detached bungalow in the foothills of the Dublin Mountains. The one-acre property known as Whitelands, Ballycorus Road, Kilternan, was sold prior to auction for a price believed to be in excess of €1.85m in 2006.
Now a maximum reserve of €450,000 is being quoted for the auction.
In Kilkenny city, a large detached period house and outbuildings on two acres, known as Newtown Manor, New Orchard, has a €400,000 price tag. The cheapest lot will be 43 Headford Grove, Kells, Co Meath, priced at €25,000. The cheapest Dublin house is 4 St Canice's Street, Glasnevin, at €55,000.
There are 44 houses in the auction, 19 apartments and 27 commercial properties.