Bidder pays €2.4m for city offices

By Mark O'Regan

A MODERN office building in Dublin sparked feverish bidding before eventually selling for €2.4m - €760,000 over the reserve price range - at a special auction in the RDS.

Several prime investment properties, and much sought-after family homes, paved the way for strong sales by auctioneers Allsop Space.

Among the range of big-ticket items on offer was a modern office building, extending to approximately 18,415 square feet, in the Citylink Business Park on the Old Naas Road.

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 1,800 square feet in Lower Liffey Street sold for €810,000.

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

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

Bidding on residential properties was equally frenetic, with a two-bedroom apartment in Spencer Dock, boasting a communal garden and underground parking, proving particularly popular.


With a reserve price of €250,000 to €275,000, it eventually exchanged hands for €335,000.

Robert Hoban from Allsop Space said many international buyers now find themselves unable to compete with domestic purchasers.

"Overseas buyers have always been around - but the number of successful purchasers from other countries has definitely decreased," he told the Herald.

"A few years ago about 20pc of properties were sold to overseas buyers - but this is now down to about 5pc."