Record amount raised at Allsop Space auction

Record amount raised at Allsop Space auction

A RECORD €17,774,000 was raised at the latest Allsop Space auction in the Shelbourne Hotel today.

In what was the company’s biggest ever Irish auction, 110 lots sold on the day, with just eight failing to sell and nine being withdrawn.

The final figure of almost €17.8m was €2 million more than the previous record of €15.8m raised at their inaugural Irish auction in April 2011.

The tally also brings to €54.2m the amount Allsop Space has raised from the sale of properties in Ireland this year, with one more auction still to come before the end of 2012.

That trumps the total of €52.4m that they raised from four auctions in 2011 and means that these sales – eight of which have now been held – have now raised €106.6m in total.

On the day, €3.2m (21.99%) was raised above the total reserve amount with 101 of the 110 properties sold selling for above their reserve.

One of the biggest attractions of the day was the sale of 34 Fitzwilliam Place in Dublin 2, which was being sold with a mews to its rear at 34 Leeson Close. The property had a reserve of €850,000 but eventually sold for €1.1 million in what was the biggest sale of the day.

Another notable sale was that of 23 Northumberland Road in Ballsbridge, Dublin 9. Set in nine flats, this property sold for €550,000 just three months ago according to the new Property Price Register but made a tidy €135,000 profit after being sold for €685,000 at The Shelbourne.

A row of four neighbouring semi-detached houses in Walkinstown, Dublin 12 – 3, 5, 7 and 9 Greenhills Road – sold for €560,000, more than €200,000 above its reserve while a retail and apartment block in Bridge Street, Dundalk, Co Louth also sold for well over its €300,000 reserve at €510,000.

The packed crowd at the Shelbourne Hotel today

The biggest margin of the day was in relation to the sale of the last four houses in the Rush Hall estate in Mountrath, Co Laois. The properties – which were accompanied by over four acres of land – sold for €128,000, which was 220% more than its reserve price of €40,000.

Three more apartments in the popular Tannery Apartments in Cork Street, Dublin 8 also sold for €75,000, €88,000 and €107,000 respectively – although this was down on the €111,000 top prize achieved at the previous auction in July.

It was also a good day for commercial sales. Paddy The Farmers pub in Cork sold for €485,000, while An Poc Fada pub in Kilkenny sold for €370,000. The Shannon Key West Hotel in Rooskey, Co Roscommon also sold for €100,000 above its reserve at €400,000.

The former convent of the Sacred Heart in Roscrea, Co Tipperary also sold for €15,000 above its reserve at €115,000.

The next Allsop Space auction is scheduled for December 4th.

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