Auction fever as Eddisons nets €1.59m
All but one of the 11 properties at Eddisons bumper auction last week sold for over their guide prices and combined they grossed almost €1.59m.
The highest price was for a mixed-use property, 16 Mary's Abbey, Dublin 1, between Capel St and the Four Courts.
It sold for €395,500, or €20,500 over its guide price.
Accommodating two retail units and five overhead flats, it is generating a rent of €74,500 a year. The highest bidder was a London-based couple, one of whom is Irish.
The highest premium was achieved for a commercial property, Unit 1, Block 3 City North Business Park, Stamullen, Co Meath, near Drogheda, which sold for €210,000 or 121pc above guide price.
Generating an annual rent of €24,000 a year, it had both storage and office space and was bought by a local businessman.
The third commercial property, 2A Ballyboggan Business Park, Glasnevin which is generating a rent of €12,000 a year sold for its €79,000 guide price.
Robert McGreal, head of Eddisons in Ireland expressed satisfaction that all of the lots in its first Irish auction were sold and on average all lots sold at 28pc above their guides.
As many as 65pc of the lots were purchased by foreign bidders with Irish people buying the others.
The highest residential price was the €253,000 achieved for 155 North Circular Road, a semi-detached redbrick house in four flats. That was €33,500 over its guide price.
"There was considerable interest from abroad with telephone bidders from China, Malaysia, London, Los Angeles, New York, Amsterdam, Leeds and Manchester on the day.
"In terms of sales bidders from the UK are still prominent, reflected in the fact that we distributed 3,500 catalogues throughout the UK," Mr McGreal adds.
Eddisons acts as receiver for a number of properties and usually uses auctions to dispose of some of these.
It plans at least two other auctions next year, one possibly in late spring and the other in the autumn.