Allsop Space racks up over €300k profit in first year

Allsop Space, the go-to auction house for distressed properties recorded profits of over €300,000 in its first year operating in Ireland.

Accounts filed with the Companies Registration Office show that the Dublin-based Allsop Space Ltd recorded profits of €307,011 in the 12 months to the end of March 2012.

The firm’s cash at the end of March last stood at €343,484.

The business’s first Irish auction at the Shelbourne Hotel in April 2011 required gardaí to control the crowds that attended and Allsop Space has held a further nine actions since.

The firm is a 50/50 venture between UK auctioneering house Allsop and Dublin based property consultants Space.

Director of auctions at Allsop Space Robert Hoban confirmed yesterday the business has sold €136m of property at its auctions.

“We’re very encouraged at how well received the auctions have been,” said Mr Hoban.

“It has been a very, very hectic two years. We started with a relatively small company to employing 15 full time today and we are recruiting.”

Mr Hoban said the firm also employs part-time employees engaged in viewing work across the country.

“We are unfairly branded an auction business for distressed properties, but we are here for anyone and everyone who wishes to sell property,” he said. “The competitive nature of the auction ensures best market price, often exceeding private treaty sale prices.”

Mr Hoban said that typically, 120,000 copies of the firm’s online brochure are downloaded in 130 countries ahead of each auction.