[These are the results of the May 2012 Allsop Space auction. Click here for the results of the 6th July 2012 auction]
UPDATED – Lot 4 which sold was later changed to available when the original report was published below, but has now reverted to “sold” ]
The sixth auction held by the Allsop Space joint venture has just concluded in the Shelbourne Hotel in central Dublin. Of the 106 lots that were originally up for grabs, 9 were withdrawn before the auction. Of the remaining 97, 10 went unsold during the auction though several were fractionally off their maximum reserves and may well sell later. In total the 87 lots that were sold had maximum reserves of €10.3m and they sold for a total of €12.9m, or an average of 26.0% over the maximum reserves. Only one lot sold below its maximum reserve and the overall success rate – lots sold as a proportion of lots available for sale – was 89.7%, which comfortably keeps Allsop Space’s place at the top of Irish property auctioning. Here are the flash results from today – click to ENLARGE.
The catalogue is available here (it’s 21mb so might take a few moments to load)
There will be comment and analysis here shortly.
UPDATE: 3rd May, 2012. Again the venue at the Shelbourne Hotel was packed today. The final tally from Allsop Space shows that €12,974,000 was raised from the sale of 88 properties of the 97 available (a 91% success rate). The presence of Asian/Chinese buyers bidding and buying was observed. Alongside Gary Murphy, a new auctioneer made her debut Daphne Mahon. A Northern Irish developer bought Lot 74, the unfinished estate in Cavan for €122,500 which had a reserve of €40,000. This was a particularly important sale and has implications for the many incomplete estates throughout the country, some of which have already been bulldozed. The 43-bedroom Darby Gills hotel in Killarney was bought by a Cavan bidder for €735,000 well above its reserve of €515,000. Robert Hoban, Director of Auctions at Allsop Space was pleased with the results which he said remained one of the few transparent means by which price discovery is enabled in the current market. Over 50 properties were auctioned by private sellers and it was noteworthy that one property, 24 Obelisk Rise in Carysfort in Blackrock sold for above the offer price previously available by private tender.