LAST week’s Allsop Space auction in the Shelbourne Hotel in Dublin saw €11.4 million recorded in sales.
With 108 properties going under the hammer on the day to domestic and international buyers, a 91% success rate was recorded for what was Ireland’s largest ever property auction.
Halfway through the sale 1,600 bidders had descended upon the auction venue with 31 properties receiving remote overseas bids. Successful bidders on the day came from Ireland, the UK and France as well as the likes of Sydney, Gibraltar, Cairo and China.
In what was Allsop Space’s fourth and final Irish auction of the year, 99 properties were sold, including 26 of the 31 commercial and development properties – two of which sold after the auction.
Speaking about the success of the auctions, Allsop Space director and auctioneer, Gary Murphy said: “Since April 2011 we have sold €51 million worth of property with an average 92% success rate.
“We have clearly proved that there is a strong market in Ireland as long as properties are priced sensibly. We are establishing true value in a transparent environment.”
The highest price achieved at the auction was €630,000 – lot 109, a Dublin 4 commercial building containing two restaurants, that had a maximum reserve of €485,000.
The highlight of the day was a detached four bedroom lakeside house with access to tennis courts and a marina in Shercock, Co Cavan. Lot 110 was offered with a maximum reserve price of €50,000 and sold for €131,000.
A freehold mid terrace building in Dublin 7, 456 North Circular Road, Lot 82 sold for €277,000. The maximum reserve was €200,000. In September last year it was unsold at the Allsop Space auction with a maximum reserve of €265,000.
Gary Murphy said: “This is a great example of how realistic pricing can maximize value through generation of strong competition.”
Allsop Space’s next auction will again be held in the Shelbourne Hotel on March 1 2012.