Despite holding only three auctions to date, I think it’s fair to say that the Allsop Space joint venture has changed the Irish auctioneering business for good. By conventional standards the auctions are colossal, there is a lot of marketing beforehand, there is great transparency and the proceedings on the day are deftly managed. In addition there is the concept of the “maximum reserve” which gives buyers a degree of certainty about prices, and to date the venture has had a 90%+ success rate.
Yesterday Allsop Space produced a statistical analysis of the first three auctions (April 15th, July 7th and September 23rd) which is available for download here; there’s a mine of interesting facts and figures about the auctions, the properties and the buyers. Here are my top five:
(1) 57% of buyers are investors (2) 86% of buyers are cash buyers (3) Only 13% of buyers are from overseas (4) 18% of property auctioned has been commercial (5) the average yield has been 9.4%
And lastly, you’d need to be eagle-eyed but an image from the report seems to show that former developers, now both in NAMA, are showing an interest in the auctions, though there is no evidence that they made any purchases….
NAMA Wine Lake 