Sunday 18 March 2018

Allsop auction: Modern office building sells for €2.4m following feverish bidding

Mixed development Clanbrassil Street
Mixed development Clanbrassil Street
Apartment block Tallaght
Development site, Delgany, Co Wicklow
Mark O'Regan

Mark O'Regan

Modern office building in Dublin sparked feverish bidding before eventually selling for a whopping €2.4m - €760,000 over the reserve range - at a special auction in Dublin today.

Several prime investment properties paved the way for strong sales in the Allsop Space auction in the RDS.

Among the range of big ticket properties on offer was a modern office building extending to approximately 1,711.45 sq.m. (18,415 sq.ft.) in Citylink Business Park, Old Naas Road, Dublin 12.

It went under the hammer for €2.4m, with a reserve range of €1.6m to €1.7m.

A ground floor retail unit extending to approximately 167.2 Sq. m (1,800 Sq. ft) in Lower Liffey Street, Dublin 1, sold for €810,000.

It had a reserve range of €370,000 - €400,000.

A ground floor retail unit in Liffey Street in Dublin 1, exceeded expectations when it was snapped up for €810,000, double the reserve.

A restaurant investment in Clifton Avenue, Monkstown, went under the hammer for €520,000, which wash €150,000 over the top reserve.

Meanwhile, a retail, office and residential accommodation on South Circular Road and Clanbrassil Street in Dublin sold for €650,000.

A retail unit in Temple Bar which sold for €185,000 - had a reserve range of €110,000-€120,00.

A number of industrial properties - with an estimated value of €11m - already found buyers prior for today's sale by Allsop Space.

The Project Steel portfolio includes 24 mainly warehouse units in Dublin, Galway, Mullingar, and Monaghan.

They arrived on the market in November seeking €13.5m.

The total rent involved was €2,321,769.

The properties are being sold on behalf of receivers Duff & Phelps and Mazars for a particular banking institution.

Commenting at the auction today, Robert Hoban, Director of Auctions said: “It is hugely encouraging to see the remarkable prices being achieved for prime commercial investments.

"Our bidders today are well informed having conducted three weeks of research before buying. It is clear therefore that they are placing great confidence in the future performance of the Dublin commercial investment market. 

"For instance we witnessed purchasers pay 30-50pc in excess of estimates in many cases.”

He added:“We look forward to seeing how the residential offering  later today performs. We have already seen several hundred people arriving for the afternoon session.”

For live auction click here

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