€37m worth of properties up for grabs in 'monster auction'
Published 02/05/2014 | 02:30
A Georgian building with a reserve price of up to €1m is among 200 properties to go on sale at an auction today.
Over 1,000 people armed with cash are expected to descend on the RDS today, in a bid to snap up properties in Allsop Space's biggest sale yet.
A spokesperson for the auctioneers said last night that they are expecting a record attendance at what will be the "biggest auction they have ever held" later today.
Almost 200 plots of land, commercial and residential properties will go under the hammer in Dublin today, with a combined reserve total of €37m.
However, it is expected that this figure will be exceeded by the close of business.
A spokesperson for the company said that there has been "healthy levels of interest from both home and abroad" ahead of their latest auction.
Robert Hoban is the director of auctions at Allsop Space, and he said that they have noticed "an increasingly large number" of visits to their website recently.
"Approximately 79pc (of the hits are) originating from the local regions within Ireland, which is a welcome development and a powerful endorsement of the local markets," he added.
One of the properties set to go under the hammer is 6 Merrion Square, a mid-terrace building in the heart of Georgian Dublin. It has a reserve price of €900,000 to €1m.
The spacious building has five floors, and currently contains office space as well as one apartment.
The auctioneers are confident that this city centre property will be snapped up, as there has been "considerable interest" shown in it and "quite a number of enquiries" recently.
Allsop Space faced controversy in February this year, on the eve of their last "monster auction".
Members of the group 'Friends of Banking Ireland' stormed the Allsop Space offices demanding that "the consent of the owners is required" before repossessed properties were sold.
The auctioneers agreed that they would "no longer offer properties for sale where the owners are engaged in a legal dispute with the bank or the receiver." Last night they reiterated that this guarantee remains in place today.