Saturday 20 January 2018

Security tight as block of flats fetch more than twice expected price at Allsops auction

SECURITY was intensely tight at a property auction under way at the RDS in Dublin today, with all attending asked to show a credit card on arrival, while inside, gardai patrolled the auction rooms.

A block of six apartments in Phibsboro that had been expected to fetch €67,000 each went for twice that rate, at €125,000, for a total of €750,000.

An Irish consortium which did not want to be identified paid €6.25m for a large office building in Phibsboro. It was the highest price ever commanded at an Allsops Space auction in this country.

The lot was Park House and Kirwan House on the North Circular Road in Dublin, which had a guide price of €5.5m to €6m.

Situated next to the new DIT campus site at Grangegorman, there was speculation that the property could be used for student accommodation, subject to planning.

The HSE is among government agencies currently paying €740,000 per annum rent roll, for the building.

Allsop auctioneer Gary Murphy during an Allsop Space commercial auction last October. Photo: Frank Mc Grath
Allsop auctioneer Gary Murphy during an Allsop Space commercial auction last October. Photo: Frank Mc Grath

Among other lots included €58,000 paid for a former pharmacy in Saggart, Co Dublin.

The atmosphere at the auction was very investor-orientated and confident, with little sign of eager prospective house-buyers trying to get a foot on the property ladder, which were a strong feature of these auctions in the past.

Allsop Space said they had 224 residential and commercial properties under the hammer, predicting that it would be yet another record-breaking public auction, with a reserve total of €37m.

Robert Hoban, director of Auctions, said the level of interest in the sale of properties throughout Ireland is a further indication of the continued confidence in the property sector and an improving economy generally.

He revealed that the next Allsop auction taking place in July will likely be split into two days, with residential and commercial separate because of the volume of properties.

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