Hotel sale is highlight of auction season

A MUNSTER property auction is set to offer 30 lots to investors and buyers in Cork on October 2, following hot on the heels of a very successful Allsops auction last week that netted an all time high of €54m from 194 lots.

Hotel sale is highlight of auction season

Among the strong Munster sellers last week via Allsops was 7.8 acres at Ringmeen, Cobh, which netted €655,000 for a site with planning extended for 65 new homes, far surpassing the €200,000/250,000 reserve. In Cork City, six apartments at 15/16 Watercourse Road made €350,00 at auction, while in Rosscarbery eight apartments on North Square made €325,000.

In tipperary, 42 warehouse units in Clonmel’s Ard Gaoithe Business Park, went for over double the reserve, making €1.61m — or €40k per unit.

Also selling well in Tipperary was the very well-known Hayes Hotel, the birthplace of the GAA on Liberty Square, Thurles. It exceeded its reserve to make €650,000, bought by an Irishman with London bar-owning experience who will upgrade it.

Main sellers were urban offers, with Dublin apartment blocks making multi-million euro sums, and apart from a full RDS hall for the day-long sale, another 4,000 followed its progress events online.

Five major Dublin developments fetched close to €12m: they included Castle Terrace Court, Malahide where 23 apartments made €4.5m. In Lucan, The Hollows with 27 residential units made €4.15m, and in Dundrum 12 apartments fetched €1.45m

Duvillaun Beg Island, off the west coast sold for €105,000 to a European buyer.

Meanwhile, the Munster Property Auction’s third public sale is schedule for the Rochestown Park Hotel, Cork, where 95% of previous auction lots found buyers.

“We’re expecting a strong end to 2014 and the strongest period of sales for some time, partly down to the property Capital Gains Tax exemption which will end December 31, for buildings acquired and held for seven years,” said Patrick Convey of MPA.

Lots include 49 Lower Glanmire Road, Cork city, a nine-bed townhouse offered at bids over €169,000 in partnership with Property Partners Matt Fallon, who says once renovated it could give a yield of over 10%.

The majority of lots are residential, in Cork, Limerick and Tipperary.

Details: www.allsopspace.com; Munster Property Auction www.munsterpropertyauction.ie)

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