All sorts at Allsop auction lots

ELEVEN student apartments developed in a 48-unit scheme on the site of Cork City’s old, famed Arcadia Ballroom, by Kent Railway Station, and with a rental income of €125,0000 per annum, are to go under the auction hammer with Allsop later this month: the former Section 50 units (the tax reliefs have now expired) are priced at €825,000, or less than seven years’ income.

The Allsop auction is set to sell 331 lots, or €72m worth of commercial and residential properties, in two days of sales on April 21 and 23, ranging from apartment blocks to land — and an 18th century Galway castle, Ardfry House, on 28 acres, which is priced at €1.8/2m.

Also among the student accommodation sell-offs are 40 units (29 are two-beds, the rest are three- and four-beds) in Block 8, Brookfield Hall Student Village, in Limerick’s Castletroy, with an income of €168,000. The reserve is €1.65m. Also in Limerick City are 19 out of 59 two-bed apartments at Mulgrave Street, offered in one lot at a reserve of €750,000, with rental income of €116,000.