Sale prices average 23% above reserve at Allsop November Online Auction
Allsop recorded strong sales at their November Online Auction last week with 101 properties sold and almost €16m raised. Later this month, Allsop will host another online auction when a select Allsop Private catalogue of 27 high-quality commercial and investment assets go under the virtual hammer (catalogue available here).
Jonathan Fenn, Allsop’s Divisional Director, commented:
“We’re very pleased with the results of our most recent Online Auction – over 550 registered bidders meant multiple bidders on the majority of properties and resulted in sale prices averaging 23% above the reserve. The selection of properties provided by the catalogue attracted a range of buyers from the commercial investor to the owner-occupier, all of whom were able to benefit from the ease of buying property online.”
“There is clearly a strong appetite from investors to buy income producing commercial investments via our online auctions. We believe that offering similar assets in a condensed portfolio at the Allsop Private auction on 24th November will be of great interest to both buyers and sellers alike.”
Continuing a trend from previous Allsop auctions in 2016, there was a clear appetite for multi-family lots providing asset management and development opportunities. Multi-unit apartment blocks were the most popular and recorded a 100% success rate. Highlights included a portfolio of 11 x two bedroom apartments on Dublin Road in Dundalk with an annual rent of €96,120 which sold for €920,000; a portfolio of seven apartments on Henry Street in Cork with an annual rent of €69,900 which sold for €917,000; and an unbroken terrace of four houses in Dublin 8 which sold for €600,000.
Single apartment investments also proved popular on the day with a success rate of 89% and many selling at a price well above the reserve. A fourth floor live/work apartment on Sir John Rogerson’s Quay achieved the highest price when it was sold for €400,000 after 7 bidders placed a total of 104 bids – the highest number of bids on any property that day. Other apartment highlights included a ground floor three bedroom apartment on Herbert Road in Bray which was sold for €383,000; and a first & second floor three bedroom duplex apartment on Dock Road in Galway which was sold for €210,000.
Commercial highlights included a modern mixed-use investment in Santry comprising a retail unit with 2 apartments overhead which sold for €466,000; an office/storage investment with development potential on Chelmsford Road in Ranelagh which sold for €391,000; a residential development site with a substantial warehouse and planning for 31 residential dwellings on the Dublin Road in Dundalk which sold for €380,000; and a mixed-use investment in Beaumont, Dublin 9 comprising a four bedroom house and an adjoining motor workshop and carwash facility which sold for €350,000.