Where: Shelbourne Hotel, St Stephen’s Green,Dublin city
When: 6th July, 2012 with the first Lot auctioned at 11am
What: 90 Lots with total maximum reserves of €8.5m, mix of commercial, residential and development properties spread across the country
Even if it’s not at the mania-level of April 2011, there is still a good deal of anticipation for the seventh Allsop Space auction scheduled to be held in Dublin on 6th July. The catalogue has been published this evening and is available here.
Complete Lot details appear not to have been uploaded yet, preview on here will be in the morning.
Allsop, the British auctioneering giant and its Irish domestic partner, property company Space have quickly become the dominant auctioneering force in Irish property. They revolutionised the process with maximum reserves – prices above which the winning bidder is guaranteed to get the Lot– video broadcasting and live results. The efficiency and transparency of the auctions have been widely appreciated. And over the course of six auctions, they have sold nearly 450 properties for a total of nearly €70m.
UPDATE: 12th June, 2012. The auction details are now online. There’s another unfinished estate, this time in Kerry with 14 houses on three acres with a maximum reserve of €50,000. There doesn’t appear to be any apartment on offer at Liam Carroll’s Castleforbes Square development in Dublin 1 – a first for an Allsop Space auction where a seemingly endless stream of apartments have featured in each of the six previous auctions. Star of the show in terms of price is 26 Merrion Square – pictured below – a 8,000 sq ft office building in prime central Dublin with a maximum reserve of €1m. It has recently been used as a language school and has 6 car parking spaces to the rear. A Bank of Ireland branch a hundred metres away with similar accommodation, on the corner of St Stephen’s Green and Merrion Row recently sold for €7m. Maximum reserves continue to offer the prospect of attractive yields, 15-20% is not uncommon. There’s a modern two-bedroom apartment in Leitrim with a reserve of €25,000 and a two-bedroom apartment with sea views in Donegal with a reserve of €17,500.There’s a seven-bedroom 5,000 sq ft house on 11 acres in Mullingar with a reserve of €125,000. Overall, there is a wide range on offer and reserves show no obvious sign of recovering prices.
26 Merrion Square, 8000 sq ft office building with a maximum reserve of €1m
There are some incredible losses being recognised in the disposals, for example Lot 7, a field outside Gort. @ €27,150. The CG 50A on file for it says it was bought for €3,395,000 in 2006. This is a drop of over 99%.
Another interesting item is Lot 31 http://www.auction.co.uk/irish/LotDetails.asp?A=800&MP=24&ID=800000031&S=L&O=A .A riverside castle in Athy.
I note also The Mill House in Schull is back up for sale http://www.auction.co.uk/irish/LotDetails.asp?A=800&MP=24&ID=800000052&S=L&O=A
It certainly will be an interesting day of auctions!