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.

All sorts at Allsop auction lots

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.

Apart from individual houses and lots, the auctions will feature 32 apartment blocks, housing clusters and developments, spanning 13 counties.

One of the larger lots is a Dingle, Co Kerry scheme of 46 residential units at Gortenora (pic, above), with ten five-bed detacheds, 13 three-bed semis, 23 terraced three- and four-beds, and 12 are at shell stage: price for the mix is €3.25/3.5m, or an average of €75,000 per house.

Also for sale, in another highly regarded tourism spot, on the Wild Atlantic Way, is Glandore’s Castle Lane apartments (four units) and a detached, seven-bed house with swimming pool and games room at Aghatubrid Beg, Glandore, West Cork: the reserve here is €450,000.

The combined reserves, for the day of residential sales are €40m, while the 113 commercial lots have a combined reserve of €33m.

Robert Hoban, Allsops, said the sales give “a range of opportunities to Ireland’s hard-pressed buyers faced with a low level of supply. With background commentary centred on increasing levels of bank lending and pressure on interest rates, we expect this substantial collection of commercial and residential properties will be welcomed by those keen to invest in Ireland’s property market and trading economy.”

Some eight commercial lots have reserves of €1m-plus, and other offers include land, shopping centres, offices, etc. Two hotels are for sale: Carlow’s four-star Killerig Hotel, with 42 bedrooms, gym and pool, which is priced at €700/800,000; and Youghal/Redbarn’s 25-bed, three-star Quality Hotel, with leisure centre, conference and banqueting facilities. It’s not trading and has a price of €340/360,000.

Details: www.allsopireland.ie.

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