Property auction lands a crowd for €14.5m sales

The debate about whether house prices are falling or rising might remain but one fact is certain — Irish people love a property auction.

Large crowds again turned out in Dublin’s Shelbourne Hotel yesterday for the latest Allsop Space auction of mostly distressed properties.

It was one of the largest turnouts in recent months for the now regular Allsop auctions, with people still queuing to gain entry almost an hour after the auction began at 10am.

The ballroom was packed to capacity at the start of yesterday, leading to stuffy conditions with potentially expensive consequences.

Allsop auctioneer Gary Murphy warned one woman about the dangers of trying to cool herself.

“Were you bidding or fanning yourself because you nearly bought an industrial unit,” he remarked to much laughter.

Yesterday’s auction was Allsop’s largest to date with 127 lots of residential, commercial, lands and mixed use properties listed for sale with maximum reserves totalling €14.5m.

A total of 100 lots were sold with the vast majority fetching prices in excess of the reserve, while nine properties were withdrawn from auction and eight lots were unsold including a numbers of pubs such as the Bit and Bridle Inn in Limerick Junction, Co Tipperary, and South 51 in Wexford town.

Sales for the day totalled almost €17.9m.

One landmark sale was the former Sacred Heart Convent in Roscrea, Co Tipperary, which sold for €115,000 — €15,000 above its reserve.

A mid-terrace Georgian house on Fitzwilliam Place in Dublin combined with a mews on adjacent Leeson Close fetched the highest price of the day being sold for €1.11m — €260,000 over its reserve.

The lowest winning bids were €22,000 for both a third-of-an-acre site in Kells, Co Meath, and two derelict cottages in Shillelagh, Co Wicklow.

Paddy the Farmer’s pub in Cork City, which was sold as a lot with nine residential apartments above the premises, fetched €485,000, just €5,000 above its reserve.

The new owner, who declined to reveal his identity, did however, admit that he was a publican.

Another well-known pub, An Poc Fada in Kilkenny, which carried a reserve of €345,000, sold for €370,000 to its current operator, Philip McBride.

With his bushy beard and stetson festooned with black and amber, Mr McBride proved a distinctive character in comparison to the traditional suited attire of most bidders.

He even stunned the auctioneer by increasing bids in excess of their usual €5,000 and €10,000 increments. With a rival bid standing at €345,000, McBride made a bold and successful counterbid of €370,000, subsequently declaring it “another winner for Kilkenny.”

Mr McBride, who also runs a garage in Hugginstown, said: “It’s important to let people know your mind. Being strong, it knocks them for six,” before adding he had been prepared to pay up to €470,000 for the pub.

He also recently sought planning permission for a casino on the site.

A spokesperson for Allsop said it had now achieved sales of €110m over the last 18 months.

Its next auction will be held on Dec 4.