Auction specialist Allsop announce their first online auction of commercial property

Auction specialist Allsop has announced the launch of its March online auction which will open for business at 8am on Wednesday March 16. There are over 60 properties, with a total reserve of over €7m, available to purchase via the company’s online bidding platform.
Auction specialist Allsop announce their first online auction of commercial property

This month’s catalogue has a largely residential feel, but there are also a number of commercial properties and parcels of land going under the virtual hammer.

This is the first time commercial property has featured in the Allsop online auction.

Among the lots on offer are four multi-unit residential properties located in Limerick, Cork, Waterford and Donegal.

One of these is an investment apartment block with six apartments fully let in Upper John Street, Cork.

This produces a total current gross rent reserved of €56,184 p.a. and is guiding at a reserve price range of €500,000 to €520,000.

There is also a portfolio of 20 student apartments, all three-bedroom, on the Old Cratloe Road in Limerick.

These produce a total current gross rent reserved of €98,460 per academic year and are guiding in a reserve range of €450,000 to €500,000.

This auction features five commercial investments which include a modern warehouse unit on the Old Mallow Road in Cork. The entire 139 sq. m property is let to a recruitment firm for a term of 4 years and 9 months from October 2015.

There is a current rent reserved of €9,300 p.a. and the auctioneer is guiding a reserve range of €75,000 to €85,000.

Ellen Prenderville of Allsop commented: “Throughout 2015, the popularity of our online auction grew significantly with each auction. Over 1,000 bidders took part in 2015.

“The introduction of commercial property into the online auction catalogue is a new development for 2016.”

In four auctions throughout 2015, 198 properties were sold, 85% of all lots offered, with a total gross sale value of close to €24m. The online catalogue is now available at onlineauction.

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