Allsop/Space third auction in September – preview

(UPDATE: 22nd September, 2011. There is a more up-to-date preview of the 23rd September auction here)

This afternoon, the Allsop/Space auctioneering joint venture has published its catalogue for the third auction which will be held again in the Shelbourne Hotel on 23rd September. The catalogue is available here free of charge (might take a few seconds to load, the PDF is 10mb), if you want your personal printed copy it will cost you €5 and is available here. This entry takes a look at the catalogue and assesses the maximum reserves.

There are 74 lots comprising the usual range of geographically dispersed, residential and commercial property – these auctions are certainly giving a taste of property throughout the country. To my eye at least, the maximum reserves – the minimum amount of money to secure the property but which may be reduced on the day of the auction – seem generally lower than the previous two auctions. Where property is subject to an existing tenancy the implied yields are generally – there’s the odd exception at 6% or 24% but generally – 10-17% on residential and up to 20% on commercial. This auction has only 74 lots which is less than the 80+ in each of the previous two auctions. There’s no trophy home or trophy address and to my eye, the range of property is more limited than previously. Many of the properties are foreclosed but there’s a fair smattering that appear to be owner-vendor sales. There appears to have been quite a lot of last minute finalisation of details and there are a number of errors in the catalogue.

Highlights

a 2-bedroom, 700-sq ft apartment in the holiday town of Bundoran in Co Donegal is the cheapest property on offer with a max reserve of €20,000

Michael Daly’s Foundmount Group’s development at River Point in Limerick City has a few apartments on offer

A 5-storey Georgian mid-terrace on Gardiner Street with a max reserve of €225,000

Chapman’s Garage in Kildare with a max reserve of €365,000

A single block of 5 flats at Synge Place, in Dublin8 (central Dublin) with a max reserve of €425,000

Len Woodbyrne & Joe O’Reilly development at95-97 Francis Street, Dublin8 (central Dublin) has a range of apartments on offer

64-65 Prussia Street in Dublin7 (central Dublin) with 14 apartments and four commercial units is the most expensive property on offer and has a max reserve of €850.000 and is presently generating €111,720 in rent.

The maiden Allsop/Space auction was held in Dublin on 15th April, 2011 and saw pandemonium on the streets with the culmination of a frenzy of anticipation and is reviewed here.

The second auction was held on 7th July, 2011 and was a more businessman-like affair and is reviewed here.

I would expect a lot of interest in this auction also as the reserves seem low and would expect most of the lots to be sold.