€13.8 million raised at Allsop Space auction

€13.8 million raised at Allsop Space auction

Just under €13.8 million was raised at the latest Allsop Space auction at the Shelbourne Hotel today.

In what was the fifth and final auction of 2012, transactions amounted to €13,772,500. While that was almost €4 million down on the company’s last Irish auction, it was still their second best figure of the year, even if it was just 1.95% or €264,000 above the total reserve amount.

A total of 90 properties sold on the day, 76 of which were above reserve. A higher total than normal of 14 were not sold, while five were withdrawn.

The latest sale brings to just under €68 million the amount of property Allsop Space have sold in Ireland this year, easily surpassing last year’s total of €52.4 million.

The biggest seller of the day was an entire shopping street – Market Place, Clonmel, Co Tipperary – which sold for €920,000 (€20,000 above reserve) when it was auctioned in one lot.

Another property to bring in a huge price was Olympia House in Dame Street, Dublin 2, which sold for almost double its €380,000 reserve at €730,000.

Other big sellers on the day were The Step Inn Stores in Dublin 18, which sold for €555,000 and 47 Leinster Road in Rathmines, Dublin 6, which went for €530,000.

Some of the major success stories include a building in Main Street, Buttevant, Co Cork which sold for 242% or €170,000 above its reserve at €240,000 and the Blackwater Mill on the Kells Road in Navan, Co Meath, which went for 355% above its €50,000 reserve for €227,500.

There was shock and awe in the Shelbourne Hotel, however, when Dartmouth Square – which had attracted the most media attention before the auction – failed to attract a single bid. It is expected it will be sold by private treaty, however, possibly as soon as later today.

The dates for the 2013 Allsop Space auctions will be released shortly.

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