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Nicole Pomeroy

Virtual Hammer to Fall on More than 270 Lots at Allsop’s Largest Online Auction To Date

26 June 2017 / News
Lot 71: 11 Apartments at Fishermans Quay, Grove Island, Limerick City. RESERVE RANGE €900,000 - €950,000.

The largest Allsop Online Auction to date – featuring 273 residential and commercial properties with reserves totalling more than €51m – is taking place next month. Residential properties will go under the virtual hammer on Wednesday 5th July and commercial properties on Thursday 6th July. The full catalogue for both days can be viewed here.

Richard O’Neill, Director at Allsop, commented:

“We’re very pleased to bring such a strong catalogue to the market. There is substantial demand for property at our online auctions at present, and such a wide selection of investment and development opportunities will hopefully go some way to satisfy that demand. A development site in Deansgrange and an investment and development site in Harold’s Cross headline the commercial selection. The residential catalogue offers no less than 18 multi-unit properties for investors to consider. There is also a broad mix of buy-to-let investments, and opportunities for owner occupiers.”

The commercial catalogue, featuring 87 lots with a total reserve of more than €27m, provides a range of prime investment and development opportunities. Of particular note to bidders will be the strength of the covenants including An Post, the OPW and Virgin Media.

Headlining the catalogue is a 1.85 acre South Dublin development site in Deansgrange. Currently comprising an office block, service station, warehouse and two residences, the property has significant development potential and is reserved at €4,750,000 - €5,250,000. Another development opportunity is provided by a substantial mixed-use building in Harold’s Cross – currently comprising a former public house, retail unit and 8 apartments but with full planning permission for 2 x commercial units, 13 x apartments and 15 x parking spaces. The property is reserved at €1,200,000 - €1,300,000.

Two Dublin 8 investments, both in Inchicore, also feature – a warehouse let to Virgin Media Limited for €135,000 per annum which is reserved at €1,450,000 - €1,500,000 and an attractive office investment comprising a retail unit and three offices reserved at €630,000 - €650,000. Outside the capital, a distinctive former barracks converted for modern office use in Ballincollig, Cork, is reserved at €1,200,000 - €1,300,000.

The residential catalogue, made up of 187 lots reserved at more than €24m, will also be of interest to investors, particularly the 18 multi-unit properties on offer. The highest value lot is a multi-family investment of 15 apartments on Gardiner Street in Dublin 1. With an annual rent roll of €139,600 and vacant possession of two units, the property is reserved at €2,100,000 - €2,200,000.

Other residential portfolios include 43 units in Portarlington, comprising a mix of houses and apartments, reserved at €895,000 - €905,000; 6 units in Donabate generating €59,760 per annum which are reserved at €915,000 - €925,000; and a portfolio of 11 apartments at Grove Island in Limerick, generating €92,760 per annum in rent, reserved at €900,000 - €950,000.

Lot 206: Site at Deansgrange Road, Deansgrange, Co. Dublin. Reserve Range: €4,750,000 - €5,250,000. 

 

 

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