Allsop’s online auction will offer more than 130 residential and commercial properties

Now that there’s a distinct chill in the air and the nights are drawing in, auction room action is back in full swing. So also, are Allsop’s growing collection of online auctions.

More than 130 residential and commercial properties with a total reserve of more than €20million are going under the virtual hammer on Thursday, November 3.

Bidding at will open at 8am with a lot closing every three minutes until 5pm.

In the residential sector, Robert Hoban of Allsop says there has been a keen appetite for multi-unit lots and this catalogue has a selection of offerings likely to attract this market.

He says they are seeing ongoing demand from investors looking for asset management and development opportunities.

The multi-unit selection is fronted by an unbroken development of 15 houses in Tullamore with an annual rent of €86,292. Consisting of two and three bedroom bungalows it carries a reserve range of €900,000 to €1m.

One of the more interesting offerings in the south is Hammond Marsh House on Henry Street in Cork.

This is a seven apartment portfolio consisting of four x 1 beds, two x 2 beds and a 3 bed unit. The current gross rent is €69,900 pa and it guides a reserve between €770,000 and €780,000.

In residential there is a 109 sq m (1,173 sq ft) semi-detached three-bedroom house in Carrigaline. It has front and rear gardens and is guiding a reserve of €185,000 to €195,000.

In coastal Waterford, there is a six-unit scheme on offer at Coxtown in Dunmore East. It is an entire development of two- and three-bedroom properties ranging in size from 85 sq m (914 sq ft) to 115 sq m (1,237 sq ft).

One of the properties is rented for a current return of €7,800 pa. This lot is guiding a reserve of €565,000 to €580,000.

The 30 commercial properties on offer are headlined by a substantial three-storey detached office block on Cork’s Model Farm Road.

Located in the Cork Business and Technology Park, QC House is currently vacant. It extends to approx. 1,647 sq m (17,728 sq ft) currently containing a reception area and offices on the ground floor with further office accommodation on the upper floors. The reserve is €950,000 to €1,050,000.

Across the water, a recent Allsop auction in London may indicate sentiment following the UK’s vote to leave the EU.

The event achieved an 87% sale success rate in its largest auction in more than a decade. The day raised £117 million at the fifth such sale of 2016.

A range of commercial and mixed use developments sold across London and the south east region offering yields of between 4.25% and 6.26%.

Allsop’s Duncan Moir, said: “The strong showing from private investors exceeded all expectations, the demand was clearly evident from the start.”

Seventy-five percent of sales went to cash purchasers, the highest ever recorded.

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