Allsop Space raise €11.43m by selling properties from abandoned auction

Allsop Space raise €11.43m by selling properties from abandoned auction

Eighty-eight of the 121 properties from the abandoned Allsop Space auction earlier this month have been sold privately in recent days, grossing a total of €11.43m.

As many as 60 residential properties, including houses and apartments, were sold for €5.3m and 28 commercial properties raised €6.13m.

The auction on July 4th at the Shelbourne Hotel was abandoned after protesters disrupted it. Within days, the organisers contacted the vendors and most of them agreed to sell them by tender instead.

A total of 104 of the 121 properties originally available for auction were put forward for the tender and Allsop said the 88 sales represented 85% of the number put up for tender – a sales rate which is in line with its usual auction performance. While Allsop Space did not reveal the exact selling price for any property, they did say whether or not it sold for above or below its reserve.

The auctioneers also stressed that no repossessed family homes were accepted into the tender process, in keeping with their policy all along.

Almost one in three of the properties in the tender were sold by private individuals.

Among the properties to sell was a ghost shopping centre on the outskirts of Waterford city, the Ross Abbey Town Centre in Ferrybank, once valued at €20m. Allsop sold it for more than its €225,000 to €275,000 guide price.

The highest price paid for a Dublin residence was paid for a duplex penthouse at 17 Hogan Square, near Holles Street Hospital. It sold for more than its €160,000 guide.

The lowest Dublin price was the €60,000 plus paid for 99 Sundale Avenue, Jobstown, Tallaght, Dublin.

One of the more valuable properties to sell was Nancy Hand’s bar and restaurant on Parkgate Street, Dublin, which also sold for over its €700,000 guide but that was only 13.5% of the €5m which was paid for it in 2005.

Overseas bidders from Hong Kong, Canada, the UK and US bought 12 of the properties.

Among the more valuable commercial properties to sell for over their guide prices was The Excise Building in the Irish Financial Services Centre (IFSC), Dublin 1, the central part of which was used until recently as arestaurant and bar. Its guide price had been €650,000.

Meanwhile, the 40-bedroom modern Bayview Hotel & Leisure Centre in Killybegs, Co Donegal sold for over its €400,000 guide.

In all, five pubs were submitted for the tender process and three of them sold, including the aforementioned Nancy Hand’s.

In Balbriggan, Co Dublin, the Hamlet Pub and Fei’s Garden Chinese restaurant at Block A, Castle Mill Shopping Centre sold for over its €380,000 guide price.

That guide price had been reduced from the €575,000 which was quoted for it before it was withdrawn from the previous Allsop auction in May. It is generating €100,000 a year in rental income from two tenants, one operating the restaurant and the other the bar. The former Doran’s Pub, in Main Street, Athboy, Co Meath sold for above its €125,000 reserve.

Among the 12 plots of land to sell through tender was an 8.2-acre lot with a four-bedroom bungalow and stables at Lisnagar, Rathcormac, Co Cork, which sold for over its €150,000 guide.

A 60-acre farm at Kiltoohig, Charleville, Co Cork, together with its three-bedroom bungalow, sold for in the region of its €475,000 reserve and its guide of €7,917 per acre.

The most valuable site in the auction catalogue was a 1.08-acre site on Clonkeen Road, close to Dunnes Stores, Cornelscourt shopping centre and Cabinteely Village. The site known as Treacy’s Yard had a €650,000 to €750,000 guide and it was sold prior to the auction.

Allsop Space’s next auction is scheduled for October 15th.

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