Allsop’s third Online Auction of 2016 took place last Wednesday with over 45 houses, apartments and commercial premises, both vacant and tenanted, going under the virtual hammer. 36 properties were sold with a total value of €5.8m.
Bids began coming in within 16 seconds of the auction opening and continued at a fast-pace throughout the day. Property sales were on average 33% over the reserve price with 97% of the buyers based in Ireland.
An end of terrace mixed-use building on Main Street in Maynooth reached the highest number of bids ever recorded at an Allsop Online Auction; 116 bids over two and a half hours before the property sold for €331,000 – €171,000 above the maximum reserve.
Ellen Prenderville, Online Auctions, commented: “We witnessed competitive bidding for well-located residential and commercial investments. The results achieved highlight the current demand from investors nationwide. As with each online auction, the interaction from bidders has resulted in significant results being achieved.”
Commercial properties performed particularly strongly on the day. This is the third Online Auction to feature a selection of commercial properties and the success of the commercial offering at each auction suggests a strong commercial market and also an appetite among commercial investors for the ease and transparency provided by the Allsop Online Auction process. Wednesday’s auction was no different with a success rate of 90% for commercial properties and an average sale price of 45% over the reserve.
The commercial offering was headlined by Lot 17, the Former IBM Headquarters in the IDA Business Park in Dublin 15, which sold prior to auction in excess of €1m. This was the first time that a property with a reserve of over 1 million has been offered through the Allsop Online Auction process. Comprising a detached office/industrial facility extending to approximately 3,953 Sq. m, the facility is situated on a wider site of approximately 3.75 acres and benefits from parking for 240 vehicles.
Other commercial highlights include a mid-terrace modern warehouse unit in the M7 Business Park in Naas which sold for €325,000; a mid-terrace retail investment in Drogheda with an annual rent of €24,700 per annum which sold for €324,000; a retail and development investment on a prominent corner site in Bray which sold for €310,000; and a third floor office suite in Park West Business Park, Dublin 12 which sold for €220,000.
There was a strong Dublin offering in this catalogue with over 20% of the houses and apartments located in the capital. Highlights included a detached four bedroom house in Carrickmines which sold for €315,000 after 92 bids; a second & third floor three bedroom duplex apartment in Blanchardstown which sold for €224,000; and a ground floor two bedroom tenanted apartment in Lucan which sold for €162,000.
Regionally, highlights include a detached five bedroom house in Ballybofey, Donegal, which sold for €135,000 – €65,000 above the maximum reserve; and an attractive semi-detached three bedroom house at Tarmon Harbour in Roscommon which sold for €111,000.
You can view all of the results here.