Lukewarm reception for sales at Allsop’s major property auction

Hopes of a major revival in the property market might seem somewhat premature after more than a quarter of lots at a major public auction in Dublin yesterday were either withdrawn or failed to sell.

The latest Allsop Space auction of 156 properties at the Shelbourne Hotel saw a total of 23 lots failing to sell, while a further 18 lots were withdrawn during a marathon six-hour sale.

Seasoned observers of the 10 auctions held to date by Allsop Space noted the atmosphere was more subdued than on previous occasions with only a few vying for individual lots.

Nevertheless, overall sales totalled €14.25m. Properties in Dublin and Galway sold particularly well attracting prices significantly over their reserve, while sales of residences and commercial units in Cork and Waterford were more sluggish. Worse of all, more than half of 11 properties for auction in Limerick were not sold.

Among the main attractions was the former Irish home of the Kenyan-born singer, Roger Whittaker whose hits included The Last Farewell and Durrow Town.

The musician’s residence, an old converted convent in Eyrecourt, Co Galway, which included a wine cellar, gym and former recording studio sold for €285,000 — €10,000 above its reserve.

In Cork City, two buildings on Maylor Street housing the Munster Rugby Store and Diamond Bridal store were sold for €295,000 and €155,000 respectively. However, the property housing a Barnados outlet on North Main Street failed to sell after the highest bid fell €50,000 short of its €400,000 reserve price.

Two of the biggest prices of the day were fetched by a mid-terrace Georgian building on Herbert Street in Dublin (€640,000) and a commercial property housing a Centra store on Capel Street (€620,000).

A number of well-known pubs and hotels were also auctioned including the Farran Well Bar — a popular watering hole on the main Cork-Killarney road which sold for €192,500. The former Hourihan’s bar in Passage West, Co Cork, sold for €42,500 and The Woodpecker in Ashford, Co Wicklow, fetched €137,500.

However, other pubs failed to sell, including The Castle Inn in Buttevant, Co Cork, as the highest bid was €5,000 short of its €125,000 reserve. JC’s bar and nightclub in Clifden, Co Galway, attracted no bids matching its €450,000 reserve.

The Ashford Court in Ennis, Co Clare, sold for €305,000 — €90,000 above its reserve, while the Kilkee Bay Hotel in Kilkee was withdrawn after failing to reach its reserve of €315,000.

The winning bid for an entire estate in Leitrim — Inis Temple in Kinlough — comprising 10 residential units just matched its reserve of €250,000.