Monday 25 May 2015

Auction to sell apartments at just €67,000 each

Published 02/05/2014 | 08:15

Lot 10 of the May 2 2014 Alsop Auction - Apartments 1, 4, 6, 7, 8 & 10, Royal Canal View, Phibsborough, Dublin 7 - expected to sell for the equivalent of €67,000 each
Lot 10 of the May 2 2014 Alsop Auction - Apartments 1, 4, 6, 7, 8 & 10, Royal Canal View, Phibsborough, Dublin 7 - expected to sell for the equivalent of €67,000 each
Up to 200 properties have been lined up to go under the hammer

Property investors are eyeing up a deal in today's Allsop Space auction that includes six apartments near Dublin's city centre, for as little as €400,000.

The auction lot includes numbers one, four, six, seven, eight and 10 on Royal Canal View, in Phibsborough.

The apartments are being sold as a single unit, with each apartment costing the equivalent of €66,666.

Up to 200 properties have been lined up to go under the hammer with a combination of commercial, residential and land on offer.

PROPERTIES

The reserve total for the listed properties has been set at €37m, but the true value will be determined once the hammer goes down on the final property this evening.

According to Allsop Space, there has been a keen interest in the properties, with increased interest from within Ireland – recently, many properties have been purchased by foreign investors.

The property auctioneer said that the Phibsborough apartments, with a reserve price of between €400,000 and €450,000 had generated “a lot of pre-auction calls” from interested potential buyers.

A prime mixed-use Georgian building, at No6 Merrion Square, in Dublin, with a reserve range of between €900,000 and €1m has also generated interest.

In February this year, Allsop Space promised that it would not auction any property that was subject to a legal dispute or was a repossessed family home.

Director of auctions, Robert Hoban, yesterday reiterated that commitment.

 He added: “In the pre-auction visits to our website we are seeing an increasingly large number, approximately 79pc, originating from the local regions within Ireland”.

A detached house in Magheracorran, Convoy, Co Donegal, with a reserve of €15,000 is also among the lots up for auction.

The property has been dubbed “the cheapest house in Ireland,” by a US website, though cheaper houses have been sold – albeit none in such good condition.

The auction has been scheduled to take place in Dublin's RDS, starting at around 9am.

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