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ANOTHER AUCTION OF distressed property is planned for 1 March with a whole hotel and other large properties on the books.
The latest Allsop Space auction will be held in the Shelbourne Hotel in Dublin, starting at 9.30am. Among some of the 155 properties listed for sale are the Kilkee Bay Hotel in Co Clare and an entire Georgian house in central Dublin. The reserve on the hotel is not to exceed €315,000; the house on Herbert Street in Dublin 2 has a reserve of €560,000. There is also a bar, nightclub and attached apartments in Clifden, Galway up for sale with a reserve tag of €450,000.
The most expensive lot up for sale is a 5,335 sq metre industrial unit on the Airways industrial estate in Santry, Dublin – it has an €895,000 reserve on it.
Sixty-three per cent of the lots up for auction come under a €100,000 maximum reserve tag. The cheapest are two plots of land – €8,000 for less than half an acre near Inniscara, Co Cork and €10,000 for 1.4 acres in Moycullen, Co Galway. The full brochure is here.
The Allsop Space auctions have attracted interest since the first one was held in April 2011, both because of the low reserves on properties and because of some high-profile properties which have passed through the auction room, including Dartmouth Square, Dublin, an entire street in Tipperary and a 55-bedroom hotel in Donegal which went for €650,000. In the case of the square and the hotel, they were snapped up by local residents and the incumbent management respectively.
After he last auction, in December, Allsop Space director of auctions Robert Hoban, said that overseas investors had been prominent in the auction room.
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