• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« For sale: NAMA’s most expensive asset
Is there an emerging property bubble in London? »

Allsop/Space third auction in September – preview

August 23, 2011 by namawinelake

(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.

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Banks, Developers, Irish Property | 2 Comments

2 Responses

  1. on August 26, 2011 at 8:40 am Dreaded_estate

    Some early analysis of the reserve prices
    http://www.irishpropertywatch.com/viewPost.php?Post_ID=177


    • on August 26, 2011 at 11:35 am namawinelake

      @D_E, very interesting analysis. Recommended.



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 4 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 4 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 4 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 4 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 4 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 4 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 4 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 4 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    August 2011
    M T W T F S S
    1234567
    891011121314
    15161718192021
    22232425262728
    293031  
    « Jul   Sep »
  • Blog Stats

    • 5,113,854 hits

Create a free website or blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: