REA sells 33 lots for nearly €4m at its public auction
AS MANY as 33 Dublin and Leinster properties sold under the hammer at the REA Dempsey Sothern public auction in Naas, Co Kildare last Tuesday, generating a total of €4,982,000. Sales prices achieved on average 12.5pc above the reserves.
Auctioneer Harry Sothern said afterwards: "We are actively negotiating on several properties and expect the total sale figure to exceed €6m in the coming days."
The most valuable lot was a five-bedroom detached house on a one-acre site, whose back garden leads directly to the River Barrow. Known as Barrow House, Kilkenny Road, Co Carlow, it sold for €600,000 or €50,000 over its €550,000 AMV and was bought by a young family.
A residential investment property at 118 North Strand, Dublin 1 sold for €406,000 or €131,000 over its €275,000 AMV. With a total floor area of 160 sq m (1,722 sq ft), it is laid out in four residential units which generate a combined rent receivable of €45,966 suggesting a gross initial yield of about 11.3pc. This mid terrace red-brick house is convenient to Fairview, the IFSC and city centre.
Just off O'Connell Street in Dublin city centre, a vacant one-bedroom unit, Apartment 2, 37 North Lots Road, sold for €237,000 or almost 21pc over its €195,000 AMV. Extending to 55 sq m, it is located in a lane between Bachelors Walk and Middle Abbey Street. The price equates to €4,309 per sq m.
Near Dublin Airport and Dublin City University, a vacant two-bedroom, first floor apartment at 24, Block 2 Parklands, Northwood, Santry, Dublin 9 sold for €247,000 or €32,000 over its €215,000 AMV. With a floor area of 79 sq m (850 sq ft) this equates to almost €3,127 per sq m. An attractive feature includes its south facing L-shaped balcony which wraps around the corner accommodation. It also has a secure parking space.
Also on the northside, a one-bedroom, third floor apartment, 103 The Distillery, Drumcondra, Dublin 3, sold for €200,000 or €5,000 over its AMV.
In Dublin 6, a vacant one bedroom apartment at 1 Charleston Heights, 20A Charleston Avenue, Ranelagh sold for €193,000 or €23,000 over its €170,000 AMV. With a floor area of 36 sq m this equates to €5,361 per sq m but it needs modernisation and the auctioneer advised it would only suit a cash buyer. If it were to rent for €1,500 per month, this could equate to an initial gross yield of 9.32pc.
One of the surprises of the auction was the price paid for a very badly damaged house, 70 Laurel Drive, Esker Hills Road, Portlaoise, which sold for €85,500. That was a multiple of the €15,000 the auctioneers had quoted for the detached house which is in a housing estate about 1km from the midlands town.
In Dublin 12, a one-bedroom unit, Apartment 21, Block A, Lansdowne Valley, Drimnagh, 12 sold for its €150,000 AMV. Extending to 54 sq m, this equates to €2,778 per sq m.