€2m earned at auction as 15 lots sell

Just under €2m in property deals transacted at last week’s DNG Munster Property Auction, with 15 of the 16 lots offered selling under the hammer.

Three lots were postponed in advance of the day, and just one, a Caherconlish, Co Limerick bungalow failed to find a buyer.

Top seller was a commercial site off the Cork-Limerick road, by Blarney. It was previously Phelan’s restaurant and, after that, a garden centre and Steeltech Sheds retail outlet. With road profile, and on 1.15 acres, it sold under the hammer for €350,000, below its €395,00 AMV, to a buyer understood to be from Galway. It “is undoubtedly great value for its new purchaser,” said DNG’s Shane Finn.

In an opposite turn of events, a Ballyhooly, Co Cork, townhouse, with a €25,000 AMV sold for €106,000, and the bargain basement AMV saw 25 parties register as possible bidders.

More than 180 attended the DNG auction in the Imperial Hotel, Cork, and 140 registered as potential bidders, noted auctioneer, Mr Finn, who said the sale of 15 of the 16 lots represented a 94% auction success rate.

A recently renovated, two-bed detached house in Rathmore Park, Blackpool, Cork, with an AMV of €130,000, went for €191,000. A Cobh, two-bed terraced townhouse, at 2 Church St, which had previously sold as a doer-upper at an earlier DNG auction for €58,000 had a €75,000 price guide, and sold at auction, last week, for €120,000, netting a tidy gain for its owner, who carried out a refurb.

A two-bed apartment at South Terrace Court, Cork city, had an AMV of €120,000 and fetched €178,000, while a three-bed semi-d, 6 The Orchards, Kinsale, was another achiever, exceeding its €180,000 AMV to sell at €224,000.

Going for just €40,000, shy of its €50,000 AMV, was a compact, c 500 sq ft retail unit at 9, Main St, Tipperary town. It was previously a jewellers.

DNG Creedon are currently listing lots for their next investor and home-buyer auction, scheduled for September, with a further auction due November 15.

Details: DNG Creedon, 021-4897300, www.dngcreedon.ie 

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