Life Homes

Saturday 23 August 2014

Auction to sell apartments at just €67,000 each

Luke Byrne

Published 02/05/2014 | 08:15

  • Share
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
More than 12 million euro of property has been sold at auction by Allsop Space, at the Shelbourne Hotel in Dublin
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.

  • Share
  • Go To

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.

Read More

Editors Choice



Also in Life