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Nicole Pomeroy

Premium Prices for Development & Investment Properties at April Auction

30 May 2016 / News

Allsop witnessed a busy day of property transactions at their auction on Thursday 28th April with 147 properties sold and total sales in excess of €20m. Top performers on the day included Dublin tenanted properties; apartments throughout the county - 92% sold; houses in Munster where only one property failed to sell, and commercial properties in urban locations.

Commenting on the auction results, Jonathan Fenn, Divisional Director, Residential, Allsop said:

“An 85% success rate, growing towards 90% including post auction sales, represents our highest in-room result to date in 2016. It was evident that investors are dominating the auction room and driving strong prices, given the strength of the rental market”.  

He added:

“Dublin proved to be the most attractive location for investors with 11 out of 13 tenanted investment properties selling. Yields achieved ranged from 8-9% on the gross income, with even narrower margins on well-located properties. “

Multi-unit properties proved very popular and include two Pre-63 houses in Glasthule, each arranged in 10 residential units and both selling in excess of reserve after competitive bidding  - 10 Eden Park sold for €645,000 and 7 Eden Park sold for €615,000. Other highlights include 4 x two bedroom apartments in Clondalkin and a detached house with five terraced houses in Monasterboice, both selling after the auction.

Dublin city apartments drew a lot of interest and include a one bedroom ground floor apartment on Townsend Street sold for €160,000 and a third floor two bedroom apartment on Parnell Street sold for €180,000.

Other property highlights include a detached four bedroom house in Youghal which garnered a high level of pre-auction interest and did not disappoint on the day, selling for over 3 times the reserve at €260,000; Togher House, a detached twelve bedroom period house in Monasterevin sold for €440,000 after vibrant bidding in the room; and a detached four bedroom house in Galway sold for €305,000, €70,000 over reserve.

There was a clear demand for commercial properties nationwide with a large proportion of those sold achieving sales prices well in excess of the reserve. Retail and industrial lots in urban locations were strong sellers, highlights include a pharmacy investment in Swords that sold for €460,000 – over double the reserve; a modern end of terrace warehouse investment in Walkinstown sold for €335,000; and a warehouse investment in Waterford sold for €330,000.

In Dublin City Centre, a retail unit on Blackhall Street with two bedroom duplex apartment overhead sold for €255,000 and a three storey mid-terrace derelict building on Abbey Street sold for €170,000.

You can view the full results here. 

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