Sunday 22 April 2018

Properties from abandoned auction sold privately for €12m

Donal Buckley

THE majority of the 121 properties from an abandoned Allsop Space auction have been sold privately in recent days, grossing a total of €11.43m.

As many as 60 residential properties, including houses and apartments, were sold for €5.3m and 28 commercial properties raised €6.13m.

The auction on July 4 was abandoned after protesters disrupted it.

Within days, the organisers contacted the vendors and most of them agreed to sell them by tender instead.

A total of 104 of the 121 properties originally available for auction were put forward for the tender and Allsop said the 88 sales represented 85pc of the number put up for tender – a sales rate which is in line with its usual auction performance.

The auctioneers also stressed that no repossessed family homes were accepted into the tender process, in keeping with their policy all along.

Almost one in three of the properties in the tender were sold by private individuals.

Among the properties to sell was a ghost shopping centre on the outskirts of Waterford city, the Ross Abbey Town Centre in Ferrybank, once valued at €20m. Allsop sold it for more than its €225,000 to €275,000 guide price.

The highest price paid for a Dublin residence was paid for a duplex penthouse at 17 Hogan Square, near Holles Street Hospital. It sold for more than its €160,000 guide.

The lowest Dublin price was the €60,000 plus paid for 99 Sundale Avenue, Jobstown, Tallaght, Dublin.

One of the more valuable properties to sell was Nancy Hands bar and restaurant on Parkgate Street, Dublin, which also sold for over its €700,000 guide.

But that was only 13.5pc of the €5m which was paid for it in 2005.

Overseas bidders from Hong Kong, Canada, the UK and US bought 12 of the properties.

Meanwhile, a ghost estate which was emptied of residents less than three months ago has sold at auction for €1.7m.

That's more than double its €750,000 guide price or an average of €33,333 per home for the 51 almost completed houses and apartments at Hampton Gardens, Balbriggan, in north county Dublin.

See today's Business supplement for more details of the commercial property sales

Irish Independent

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