Fifteen of twenty-five lots fetch almost €4 million at Cork-based auction with many passing reserves

Almost €4 million was transacted in a Cork-based property auction, with 15 of 25 lots selling under the hammer, at an inaugural DTZ/Sherry FitzGerald southern auction with a further DTZ commercial property auction due with 15 more lots, on July 27 in Dublin.

More than 100 people attended the Cork auction in the Clarion Hotel last week when €3,945,000 was spent on the 15 sold lots, and “most of the remaining 10 lots are currently under active negotiation,” say the agents.

Among the sales in Cork city were seven two-bed apartments at Camden Quay, sold in three lots, totalling €1.02m, while development land at Gleann Ull in Ballyhooley, Co Cork, which had a guide of €400,000 fetched €465,0000, and had five houses, one serviced site and remaining serviced lands with previous planning for 19 units.

In Glanworth, a six acre field with lapsed planning for 58 units had a guide of just €60,000, and soared past that low reserve to make €180,000.

And, in Waterford, 20 acres of land at Ferrybank which had a AMV of €280,000 made €370,000.

Last week’s auction brought to DTZ’s 2016 property auction sales (inaugurated in 2015) to €15m-plus, conducted by Des O’Malley, Head of the Solutions Platform in DTZ who says “it’s an easy way to buy and it brings great clarity and certainty to the sales process”.

The July 27 Dublin auction includes a former 1,600 sq ft butcher’s shop at Ballintemple village, Cork, guiding €130,000.

Details: DTZ, 01-2376300