Auction proves to be a big hit in Cork

Nine out of eleven lots, representing 14 out of 16 properties, sold this week at a packed DNG Creedon auction in Cork City’s Clarion Hotel, with one property having had so many viewers in one session “if I had put a wooden box in the front room, it would have seemed like a wake.”

Auction proves to be a big hit in Cork

So quips estate agent Shane Finn, of one of the DNG losts that had 220 viewings in the run-up to auction, with 90 visitors alone pass through its front door in one afternoon’s open view.

That same property, No 21 St Patrick’s Road, Turners Cross, paid its own respects when it sold Tuesday after 23 bids, soaring past its €120,000 guide to fetch €176,000 as the auction’s final ‘X-Factor’ bustling buy.

Top price in the day of sales was Kenvilla, Wilton Road, Cork, making €310,000, the only one of the 14 sold lots to go under its guide, as it had been floated at €325k. The 14 lots totalled over €1m in sales.

“We had an 87.5% success rate, and this has shown that Cork is ready for auctions, and Cork buyers want to buy in Cork and not travel to Dublin,” said DNG Creedon’s Mr Finn, adding they expect a further auction in October.

  • Meanwhile, as auctions continue to gather hold with a variety of agents and umbrella groupings, a Dublin-based Allsop auction is set to offer warehouses in Kells, Co Meath, Santry in Dublin and Ballincollig, Co Cork. They are among the lots to be included in Allsop’s October auction, as almost 100,000 sq ft of warehouse property is off-loaded for the house materials group Door Depot.

More than €34 million in value of commercial, investment and residential lots, totalling 209 properties, are to be offered on October 22.

Commercial lots make up half the anticipated value, guided at €17 million for 62 assets, and including retail, office and warehouse properties in urban locations.

Guide for four Door Depot properties is €1.455m, with €390/€450,000 sought for a 15,750 sq ft premises at West Point Business Park, Ballincollig.

There are to be 147 residential properties sold, including a Templemore, Co Tipperary development of 10 completed houses and 18 partly-completed houses in Templemore, with a reserve range €600,000-€650,000; ten must be given to the local authority.

Allsop director Robert Hoban said the sale launch showed interesting changes in the marketplace: “It is a tale of two markets. Investment yields are fast compressing in the cities to 6% and 7%.

"At the same time, however, value can still be found in the provinces with returns of 10% or greater.” He added: “a rise in the number of Dublin assets reflects the unsated demand for residential and commercial investments in the capital.

"The approaching year-end signals the now regular rush to use up funds earmarked for investment in the 2015 financial year.”


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