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Dublin: 9 °C Tuesday 21 October, 2014

Distressed properties sell at Dublin auction

A total of 58 distressed properties were sold at an auction in Dublin today, netting over €10.7 million.

Auctioneer Garry Murphy conducting the auction in a packed Shelbourne Hotel.
Auctioneer Garry Murphy conducting the auction in a packed Shelbourne Hotel.
Image: Eamonn Farrell/Photocall Ireland

AT AN AUCTION of distressed Irish properties in Dublin today, 58 out of the 74 lots sold.

Allsop Space’s third Irish auction saw the properties sell for as little as €30,000.

Of the 74 properties initially put up for sale, 56 were sold at auction, two were sold after the auction, six were withdrawn and 10 were left on the blocks.

Altogether, the auction, which was held at The Shelbourne Hotel, netted more than €10.7 million.

The most expensive lot sold was a property in Stoneybatter, which went for €1.15 million, well over its reserve of €850,000.

The lot caught the eye of keen investors as it is a block of 14 apartments and four commercial units in Dublin 7, which currently takes in an annual rent of €110,000:

A vacant, sea-view flat in Bundoran, Co. Donegal sold for €42,000 – the second cheapest property of the day.

With a purchase price of €30,000, a derelict detached building in Wexford was the cheapest lot of the day:

Although the auction drew crowds of bidders and interested onlookers, it was not popular with everybody. Protests were held outside the auction by the Defend our Homes League.

Distressed properties sell at Dublin auction
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Previously: Distressed properties net over €15m at auction>

In April: Distressed properties sell for bargain prices at Dublin auction>

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