Allsop witnessed a busy day of property transactions at their auction on Thursday 28th April with 147 properties sold and total sales in excess of €20m.
Top performers on the day included Dublin tenanted properties; apartments throughout the county – 92% sold; houses in Munster where only one property failed to sell, and commercial properties in urban locations.
Commenting on the auction results, Jonathan Fenn, Divisional Director, Residential, Allsop said: “An 85% success rate, growing towards 90% including post auction sales, represents our highest in-room result to date in 2016. It was evident that investors are dominating the auction room driving strong prices, given the strength of the rental market”.
He added: “Dublin proved to be the most attractive location for investors with 11 out of 13 tenanted investment properties selling. Yields achieved ranged from 8-9% on the gross income, with even narrower margins on well-located properties.”
Multi-unit properties proved very popular and include two Pre-63 houses in Glasthule, each arranged in 10 residential units and both selling in excess of reserve after competitive bidding – 10 Eden Park sold for €645,000 and 7 Eden Park sold for €615,000. Other highlights include 4 x two bedroom apartments in Clondalkin and a detached house and five terraced houses in Monasterboice, both selling after the auction.
Dublin city apartments drew a lot of interest and include a one bedroom ground floor apartment on Townsend Street sold for €160,000; and a third floor two bedroom apartment on Parnell Street sold for €180,000.
Other property highlights include a detached four bedroom house in Youghal which garnered a high level of pre-auction interest and did not disappoint on the day selling for over 3 times the reserve at €260,000; Togher House, a detached twelve bedroom period house in Monasterevin sold for €440,000 after vibrant bidding in the room; and a detached four bedroom house in Galway sold for €305,000, €70,000 over reserve.
There was a clear demand for commercial properties nationwide with a large proportion of those sold achieving sales prices well in excess of the reserve. Retail and industrial lots in urban locations were strong sellers, highlights include a pharmacy investment in Swords that sold for €460,000 – over double the reserve; a modern end of terrace warehouse investment in Walkinstown sold for €335,000; and a warehouse investment in Waterford sold for €330,000.
In Dublin city centre a retail unit and two bedroom duplex apartment overhead on Blackhall Street sold for €255,000; and a three storey mid-terrace derelict building in Abbey Street sold for €170,000.