Irish auction sales realise millions
Showing continued recovery in values, very many lots went over initial pre-auction guides, with average premiums of 43% over reserves in Allsop’s case last week for Dublin properties.
Among the sales yesterday were Barrow House in Tralee, the eighth lot in DNG Creedon’s €2m-plus auction with DNG Giles, making €342,000 for an eight bed house on 0.25 acre, and which had carried a €300,000 AMV.
Selling too for over its guide with DNG were two adjoining five-bed houses at 14/14 A Rockboro Avenue, Cork, making €415,000 having had an AMV of €350,000.
Coincidentally, two different Cork city investments by Watercourse Road, Blackpool sold under the auction hammer, by different agents, yesterday.
DNG Creedon’s Shane Finn knocked down 38 Watercourse Road, with three two-bed apartments and a shop producing €19,800 a year in rent, at €342,000, fetching almost double its pre-auction guide/AMV of €185,000.
Closeby, in their 70-lot online auction yesterday, Allsops sold six apartments in one block at Cathedral Mews, Upper John Street, Cork after one bid, at the guided price: it made €510,000 and has €56,000 a year in income.
Yesterday’s Allsop auction also saw 20 student apartments in Cratloe Woods, Limerick, sell for €505,000 after 29 bids: the 20 apartments had income of €85k for the academic year.
Less successful so far in Limerick was the proposed sale of the former Brazen Head/Ted’s bar on O’Connell Street, offered at last Wednesday’s Allsop Private Auction but unsold. It was part of a larger block of property comprising bars and nightclubs associated with the Robert Butler Group that transacted for €4 million in 2004.
The Brazen Head/Ted’s bar had a guide of €380,000/€420,000 with Allsop, down from a €550,000 guide with local agents a year earlier.
At its peak of popularity, it had been frequented by the likes of Oliver Reed and Richard Harris, Johnny Depp, Russell Crowe and Kiefer Sutherland.
Meanwhile, Limerick’s former ACC bank with over 11,000 sq ft at 17/19 Patrick Street sold prior to auction, for close to its upper reserve range of €755,000.
Back at Cork’s DNG Creedon auction, all 14 lots offered (seven others were held back) sold under the hammer, and sales included a strong €162,000 for a small townhouse at 7 Harringtons Square, which had carried a AMV of €85,000, and €97,000 for a derelict, protected structure Belmont House, Cobh, with a €35,000 AMV.
Commentating on the inaugural Allsop Private auction, a spokesperson noted that tenants trying to buy their properties had been outbid by investors in a number of cases.
Director Richard O’Neill said bidding surpassed all expectations and “the net initial yields achieved clearly demonstrate that these were not ‘value buyers’, but serious professional purchasers looking at a wide range of the property’s investment characteristics.
From a market perspective, there was clearly rental growth being factored into investor bidding, especially where a lease was approaching reversion in the short to medium term.”
: www.dngcreedon.ie, www.allsopireland.ie
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