Allsop Space auction today now concluded – results and analysis

The seventh auction held today by the joint venture between British auction giants Allsop and local partners, Space, has concluded at the Shelbourne hotel on St Stephen’s Green in Dublin. These are the flash results.

The auction catalogue is available here.  Overall the auction raised €10,971,000 from the sale of 79 Lots. 8 Lots were withdrawn before the auction. 3 Lots didn’t reach their maximum reserve – the “maximum reserve” being the pre-announced price above which the winning bidder is guaranteed to get the Lot, but these Lots may well sell later as the final bids were just €1,000 short of the maximum reserces. Two Lots sold for less than their maximum reserves. A busy, workmanlike day with the sublime Gary Murphy again at the helm throughout. There were a few protests from the floor at Bank of Scotland (Ireland) allegedly ruining business and there was a claim about rights of way in respect of one Lot – overall the auction went smoothly and concluded in less than five hours.

Carol Tallon of Buyers Broker Limited again brought valuable and informative commentary from the floor of the auction, and you should be able to read Carol’s account of the auction here.

There will be further analysis on here tomorrow.  Next Allsop Space auction on 3rd October, 2012 apparently.

UPDATE: 7th July, 2012. Allsop Space have been giving their reaction to yesterday’s auction. They say it was one of the busiest auctions to date, with over 60 remote bidders registered from as far afield as Ethiopiaand Japan. They conducted a survey of buyers and found that 52% had mortgage finance in place, and that of the remainder, there was evidence of syndicates pooling cash for investment purchases. They were particularly pleased to see the 14-house “ghost estate” in Kerry sell for €235,000 after what they described as “heated competition”. 26 Merrion Squarein Dublin, the most expensive property in the auction, a 7-bedroom Georgian terrace currently used as a language school sold for €1,420,000 – some €420,000 above its maximum reserve. The property was bought at auction by a solicitor in trust for a client – it is reputedly a former home of Oscar Wilde. They were pleased to see the Drinagh hotel in Wexford sell for €600,000 or €30,000 for each of the 20 rooms. With all but four properties sold, and raising €11.3m and a 95% success rate for this mega-Lot auction, the joint venture between UK auction giant Allsop and local partner, Space, is predictably very pleased with yesterday’s results. The next auction is confirmed for 3rd October, 2012. Gary Murphy, who from experience I can say is the most sublime auctioneer in the business, and who handled the proceedings throughout yesterday said “Dublin residential performed very well today, as did the large commercial lots, with sale prices returned well in excess of reserves. It was an exciting rostrum experience”. Robert Hoban, the Director of Auctions said “A positive message was sent out today about the property market in Ireland. Once again, it is clear that there is indeed a trading marketplace, and the level of competitive bidding and prices achieved are testament to the appetite for property that still exists in the Irish psyche”