Wednesday 22 November 2017

Allsop secures over €26m in sales in latest online auction

Over 1,000 acres of forestry land in Co Mayo attracted 80 bids
Over 1,000 acres of forestry land in Co Mayo attracted 80 bids
Ronald Quinlan

Ronald Quinlan

More than €26m in sales were transacted in Allsop's latest online auction of residential and commercial properties, which took place last Wednesday and Thursday.

In terms of the auction's residential offering, multi-unit residential investments proved to be especially strong performers with 38 apartments in Portarlington, Co Laois, - all with vacant possession - being sold for €1.505m.

A portfolio of 10 fully-occupied apartments at Kelly's Row in Dublin 1, with an annual rent roll of €136,200, was sold for €1.35m.

Highlights from the houses on offer were a four-bedroom one in Dublin's Goatstown with 0.25 acres of garden. It sold for €750,000. A three-bedroom, semi-detached townhouse on Mount Street in Dublin City Centre was sold prior to auction.

An attractive red-brick, three-bedroom house in Phibsboro, Dublin 7, received 59 bids before finally selling for €440,000; a mid-terrace four bedroom house in Ranelagh, Dublin 6 sold for €386,000; and a two-bedroom gate lodge in Ashtown, Dublin 15, sold for €288,000.

High-value commercial lots generated significant pre-auction interest and competitive bidding once the sale got under way. The Athlumney Centre in Navan, Co Meath - comprising three tenanted and six vacant units generating €70,000 per annum - attracted more than 30 bids before finally selling for €1.3m. A mixed-use investment in Bishopstown, Co Cork, comprising a ground- floor bookmaker's with two apartments overhead, also broke the €1m mark. The bookmakers is let to Boylesports and both apartments are also tenanted, bringing the total annual rent roll to €88,300. The property sold for €1.1m.

Athlumney Centre in Navan was sold for €1.3m
Athlumney Centre in Navan was sold for €1.3m

A retail and office investment on Talbot Street, Dublin 1, generating €81,000 per annum in rental income, was sold for €1.01m. Other notable results included the sale of a detached warehouse and office investment in Dunshaughlin, Co Meath, which was originally bought for €450,000 at an Allsop auction in 2014. With a total annual rent of €57,183 and the potential to add value provided by vacant possession of 16 office units, the property attracted 130 bids and sold for €691,000.

Over 1,000 acres of forestry land in Bangor Erris, Co Mayo, also went under the hammer and was the subject of intense bidding, selling for €692,000 after 80 bids.

Sunday Independent

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