Dublin Warehouse Nets Most Bids Ever Recorded at Allsop Online Auction
Allsop’s final auction of 2016 took place this week with 158 properties sold and total sales of over €28m, Daft.ie’s Martin Clancy reported on Monday.
“The auction was characterised by competitive bidding from investors targeting properties with strong rental income and potential for asset management,” Allsop’s Divisional Director, Jonathan Fenn, said. “A mixed-use investment in Tuam was sold for €1,301,000 after 182 bids, and investors also bid aggressively for a portfolio of eight vacant houses with development land in Garristown, Co. Dublin which saw bidding increments of €50,000 drive the final sale price to €1,275,000.”
“A warehouse in Western Park Industrial Estate, Dublin 12, reached the highest number of bids ever recorded at an Allsop Online Auction – 206 bids over two hours. The property was sold for €484,000, more than doubling the reserve price.”
The top sellers on the day were multi-unit lots providing asset management & development opportunities. The highest value was achieved by a mixed-use investment in Tuam comprising 13 ground floor retail units, first floor commercial accommodation, and 20 apartments over the second and third floors. The total annual rent is €159,500 and there is also potential to enhance return as there is vacant possession of 11 retail units, the first floor commercial accommodation and 1 apartment. The property sold for €1,301,000 after 182 bids.
A portfolio of eight vacant houses along with 2.14 acres of development land in Garristown, Co. Dublin, was sold for €1,275,000 and an attractive Pre-63 house arranged in 9 residential units producing €79,000 per annum sold for€758,000.
Another highlight was the Cottage Bar in Salthill, Galway. Comprising a public house and three apartments overhead, the property was sold for €805,000 – €335,000 above the maximum reserve price. A mixed-use building on Arran Quay in Dublin 7 comprising offices and three apartments was sold for €754,000 and a crèche investment on the grounds of Loreto Abbey in Dublin 14 let to Giraffe Childcare for €70,000 per annum was sold for €725,000.