Friday 15 December 2017

Huge auction to offload over 200 properties in one day

Auctioneer, Robert Hoban at the Allsop Space auction at the RDS
Auctioneer, Robert Hoban at the Allsop Space auction at the RDS
Mark Keenan

Mark Keenan

Allsop Space is planning to offload 218 Irish properties in one day - at which it is expected the most ever Irish homes will be sold in one auction session.

The sale takes place on Tuesday, April 21. Many of the lots are entire blocks of apartments or residential schemes with large batches of homes included.

The record-beating residential auction takes place at the RDS as part of a larger two-day event in which 331 properties with a combined value of €72m are up for grabs.

The balance of 113 commercial properties will be sold in a session on the Thursday.

Allsop Space says the supply of property for sale has increased so far this year, and is expected to increase further as rising prices free many from negative equity.

The trends is also closing the loan gap for stressed owners, allowing them more leeway to cut a deal with their banks and sell up.

According to Allsop director of auctions Robert Hoban, around 60pc of the residential properties in the catalogue are residential investment properties, many with live rents attached.

The rest are being sold by owner-occupiers.

He added that the recent recovery of the market in rural Ireland means that the auction will feature property from all 26 Irish counties.

Ardfry House - built in 1770 in Oranmore - is being sold together with an orchard, stone cottages and outbuildings with a reserve range of €1.8m-€2m.

It was the location of the 1970s movie 'The Mackintosh Man' starring Paul Newman.

Irish Independent

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business