Over €11 million raised at Allsop Space auction

Over €11 million raised at Allsop Space auction

Annagh Banks in Kerry, which sold for well above its €50,000 reserve at €235,000

A total of €11,286,000 was raised at today’s Allsop Space auction in the Shelbourne Hotel.

On the day 78 of the 82 properties to go under the hammer sold, with 66 of them going above their reserve and just selling below it.

In total, €3,847,850 was raised above the reserve mark, with a 96% success rate. That was a huge improvement on the last Allsop Space auction when just €465,000 was raised above the reserve.

Today’s sales mean that the auction brought in 51.7% above the total reserve amount of €7,438,150.

One of the biggest highlights of the day was the sale of the sale of a ghost estate for €235,000 – 370% over its €50,000 reserve.

At least six bidders endured a lengthy battle to purchase the 14 holiday homes at Annagh Banks in Castlemaine, Co Kerry but in the end a phone bidder prevailed.

The biggest sale of the day was for a mid-terrace building in Dublin’s Merrion Square, which went for €400,000 above its reserve at €1,420,000.

White Castle in Athy, Co Kildare, also attracted huge interest and also sold for well above its €50,000 reserve at €195,000. The Fox and Marine Cottages in Co Wexford also sold for over four times their reserve price at €122,500.

The day was also a big success from a commercial point of view. The Drinagh Court Hotel in Co Wexford had a reserve of €230,000 but ended up selling for €600,000. Meanwhile The Stout Bar in Rathmines sold for €835,000 – €235,000 above its reserve – and Shortts Bar and Crystal Nightclub in Waterford sold for €155,000 over its reserve at €565,000. A third pub – Ruby Finnegan’s in Ballyfermot – also sold for €165,000 over its reserve at €415,000.

The biggest yield of the day, however, came from the sale of lands at Easkey, Co Sligo, which went for 440% above their €5,000 reserve at €27,000.

There were bargains to be had on the day too, however, with a three bed detached house at 1 Three Rock Grove on the Harold’s Grange Road in Rathfarnham, Dublin 16 selling at its reserve of €220,000.

Commenting from the Shelbourne Hotel, MyHome.ie managing director Angela Keegan described the latest Allsop Space auction as “another boost for the property market”.

“82 properties went under the hammer, achieving 51.7% over the reserve. What the market needs are transactions and to see 78 of them in one day is fantastic. It was also heartening to see such strong bidding on a number of lots and the overall interest. It’s definitely a positive sign for the market,” said Ms Keegan.

There is 1 comment for this article
  1. Paddy at 11:32 am

    Anyone wishing to sell should contact Allsop Space as they appear to be the auctioneer with the ability to correctly price Irish property. And as Paddy has mentioned before in this forum; “when a property is properly priced, it sells”. The only reason all those hundreds of houses remain unsold month after month on MyHome.ie and other property web sites is overpricing.
    Unavailability of finance is a red herring, dig into every ‘finance denied’ sob story and you will find very good grounds for the bank’s decision such as; insufficient deposit, excessive existing debt, insecure future income or bad credit history.
    Allsop have again proven there are plenty of buyers out there, but only at fair prices.

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