Successful city auction nets €1.7m in 30 minutes

A total of €1.7 million was transacted in just 30 minutes this week at the latest Resolve auction.

Auctioneer Denis Barrett, who conducted the multi-property sale on behalf of a number of Cork city and county auctioneers, said he was very pleased with this round of results:

“It went very well. There were around 150 people in the room and all the agents were delighted.”

A city centre apartment block, which was selling through Cahalane Skuse and which had made a total of €706,000 in bids by private treaty, made €850,000 for seven apartments at 38 Mary Street. The rental income is €65,000 gross per year, representing a 7.76% gross yield.

The remarkable element of the sale was that most of the bidders were serious investors, who were represented by agents or solicitors, says Barrett, which side-steps overbidding, he suggests.

Two apartments in Killarney sold for €47,000 and €50,000 apiece, while four apartment units at Cois Coille, Tivoli made €706,000 in total. “This auction had a very different demographic in that it involved more professionals,” says Barrett, “these investors want new and relatively good spec properties... We had six individual bidders with in excess of €750,000 to spend.”

* Details: resolve.com, 021-4278455.