Allsop to sell €72m worth of property over two days later this month

Allsop to sell €72m worth of property over two days later this month

Allsop will auction off €72m worth of property, comprising 331 lots, in two sales later this month.

A total of 218 residential properties will go under the hammer in the RDS Tuesday April 21st, followed by 113 commercial properties two days later on Thursday April 23rd.

This is the first time that Allsop have split their residential and commercial properties over two auction days.

Amongst the highlights in the auction include an 18th century Galway castle on 28 acres, Ardfry House, which is priced at between €1.8m and €2m.

Eleven student apartments developed in a 48-unit scheme on the site of Cork City’s old Arcadia Ballroom, by Kent Railway Station and with a rental income of €125,000 per annum, are also set to go under the hammer at a price of €825,000.

Also among the student accommodation sell-offs are 40 units (29 are two-beds, the rest are three- and four-beds) in Block 8, Brookfield Hall Student Village, in Limerick’s Castletroy, with an income of €168,000. The reserve is €1.65m. Also in Limerick City are 19 out of 59 two-bed apartments at Mulgrave Street, offered in one lot at a reserve of €750,000, with rental income of €116,000.

Apart from individual houses and lots, the auctions will feature 32 apartment blocks, housing clusters and developments, spanning 13 counties.

One of the larger lots is a Dingle, Co Kerry scheme of 46 residential units at Gortenora (pic, above), with ten five-bed detacheds, 13 three-bed semis, 23 terraced three- and four-beds, and 12 are at shell stage: price for the mix is €3.25/3.5m, or an average of €75,000 per house.

Also for sale, in another highly regarded tourism spot, on the Wild Atlantic Way, is Glandore’s Castle Lane apartments (four units) and a detached, seven-bed house with swimming pool and games room at Aghatubrid Beg, Glandore, West Cork: the reserve here is €450,000.

The combined reserves, for the day of residential sales are €40m, while the 113 commercial lots have a combined reserve of €33m.

Robert Hoban of Allsop said the sales give “a range of opportunities to Ireland’s hard-pressed buyers faced with a low level of supply. With background commentary centred on increasing levels of bank lending and pressure on interest rates, we expect this substantial collection of commercial and residential properties will be welcomed by those keen to invest in Ireland’s property market and trading economy.”

Some eight commercial lots have reserves of €1m-plus, and other offers include land, shopping centres, offices, etc. Two hotels are for sale: Carlow’s four-star Killerig Hotel, with 42 bedrooms, gym and pool, which is priced at €700,000-€800,000; and Youghal/Redbarn’s 25-bed, three-star Quality Hotel, with leisure centre, conference and banqueting facilities. It’s not trading and has a price of between €340,000 and 360,000.

You can check out the residential catalogue here and the commercial catalogue here.

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