Sam's bar complex at Barrack Square in Allsop's end-of-year auction

Auction sales are set to continue to year’s end. Allsop’s final 2015 event takes place next month having over €43 million in reserves, and which includes a bar/restaurant business in Cork’s Ballincollig at circa €1 million, as well a city centre off-licence and three unfinished apartments near UCC on Washington Street/Little Hanover Street, guiding €350,00/€400,000, with a lease expiring in December 2016.

Also, in Waterford, Becketts bar/restaurant on the Dunmore Road, Waterford is to be auctioned, with a reserve in the €280,000/€320,000 range.

In West Cork, the former Ardnavaha House Hotel, a period house with 15 old apartments and outdoor swimming pool is due for auction, with a guide of €500,000.

The final 2015 Allsop auction on December 9 will have more than 260 commercial and residential properties, with four of the five lots guided at excess €1 million being commercial/investment buys.

The auction comes after a successful DNG residential property auction in Cork of over 30 properties (covered here last week), and one in Galway, netting over €5m in sales and billed as “a lucky Friday the 13th for first time buyers and investors” by O’Donnellan and Joyce auctioneers.

Highlight of their Friday auction in Galway was a block of 17, one and two-bed apartments in Spiddal, sold as one income-generating lot for €1.05m.

Allsop director Robert Hoban describes 2015 as “an eventful, but encouraging, 12 months for the property market; the new lending rules are in place for residential owner occupiers and are now well established and understood.

The commercial investment market has witnessed a continued level of healthy activity, and the rental market continues to seek a release valve to relieve some of the upward pressure on prices.”

The December 9 auction is expected to see over €26m transacted on 200 residential units, and €16m in commercial sales.

In Kinsale, two interconnecting mid-terrace buildings with 15 apartments at 16/17 Lower O’Connell Street in Kinsale, Cork, have a reserve of just €275,000, and six two-bed apartments in Limerick, have a reserve of €300,000.

Largest of the Cork properties is Sam’s Bar, a retail unit and first floor restaurant at Barrack Square, totalling over 10,000 sq ft and described as substantial leisure investment, guided at €950,000/€1.05m.

www.allsopsireland.ie