Michael Fassbender joins Roy Keane in buying Cork city offices

Auctions were where much of the sales activity was for the Irish market in 2014 — with Shame and Hunger actor Michael Fassbender among those showing an appetite for a slice of the action. 

Michael Fassbender joins Roy Keane in buying Cork city offices

The top German-born actor, raised in Kerry, paid over €1.4m for a South Mall office building with Allsops, who have just reported €264m in sales for the year just ending.

Mr Fassbender joins Roy Keane as recent celeb buyers of South Mall, Cork city offices. Mr Keane bought the more slender No 44 for €450,000,back in 2011.

Auction houses such as I Am Sold/The Munster Property Auction, Resolve and Ganly Walters/GW2 added tens of millions more to the pot, making for north of €300m at auction events in 2014, much of it investor-driven.

GW2/Ganly Walters yesterday reported €5m in auction sales in 2014, with 43 lots of a possible 54 sold at Leopardstown racecourse.

Joining Mr Fassbender’s Mall auction purchase (it’s understood his father Josef did the bidding, as a sole bidder) of 57/59 South Mall with rent-roll of €164,000 was another Mall sale No 81, last week via Resolve Auctions. Corner property No 81 on Crane Lane/South Mall, with 3,900 sq ft, had a prior private treaty guide of €400,000 with DTZ/Cahalane Skuse and sold under the hammer with Denis Barrett of Resolve for €250,000 to a Fermoy buyer, who will take on responsibility for an additional €43,000 in attached liabilities.

It was the only commercial offer among Resolve’s seven lots on December 11, all of which sold under the hammer, bringing the tally to date for Resolve’s six 2014 auctions, and two in 2013, to over €9m. “Auctions work because they are seen as so transparent,” said Mr Barrett.

Meanwhile, the fourth and final I Am Sold/Munster Property Auction of 2014 earlier this month saw 17 of 20 properties offered selling under the hammer: the group held eight regional auctions in the year ending, in Galway and Cork with 154 disposals in alll.

It indicated a 86% success rate, and its southern end represents a partnership with 40 auctioneers (80 nationally) from across the Munster province, offering properties by both online and public auctions. Highlights from December’s Munster Property Auction were a Main Street, Charleville investment (let to Paddy Powers) for €272,000, and a Custom House Quay/High Street, Waterford city property, making €268,000, with 15 bids and bought by a local tourism-related body. Over 25 bidders registered for the event.

Patrick Convey of The Munster Property Auction said they are now taking listings for five more auctions planned for 2015.

On the national stage, Allsop Space had seven auctions in Dublin, disposing of 1,074 properties, with a 90% success rate. Last week, 72 properties sold at their commercial auction, for a combined €29m, with a further 172 residential properties later in the week making over €25m. “The results of the commercial auction indicate that there is strong investment demand in prime tenanted commercial properties in urban locations,” said Allsops.

Sales from last week included 53 Arundel Square and Broad Street Waterford, (prior to auction) to Wetherspoons, and the Grand Hotel, Tramore, after auction, for over its c €500,000 reserve.

In Limerick, an investment let to KBC Bank on O’Connell Street, made €970,000, while in Denny Street, Tralee, Nos 9/10, let to AIB and home to The Kerryman with a rent of €160,000, sold for €960,000.

Lot 117, a complete student development of 36 apartments in Castletroy, Limerick sold for €2.4m. In contrast, 12 houses and land at Carraig Naofa, Durrus, West Cork sold for €290,000.






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