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THE ORGANISERS OF two major auctions of distressed properties have announced details of a third auction to be held in Dublin next month.
Allsop Space will auction 74 lots of distressed property on Friday 23 September, with some listed properties potentially ready for sale for as little as €75,000.
The auction will include properties around the country including both residential and commercial property.
Among the units for sale are two redbrick houses at Waverly Terrace in Rathgar, each of which is currently split into tenanted units, with the reserve price capped at €240,000 in one case.
Seven apartments at Francis Street in Dublin 8 are being sold with reserve prices starting at €92,000, while townhouses and apartments in Blackrock’s Meadow Court development are also up for sale with reserve prices starting at €185,000.
One lot likely to catch the eye of keen investors is a block of 14 apartments and 4 commercial units at Prussia Street in Dublin 7, which currently takes in an annual rent of €110,000 – and which will have a reserve price no greater than €850,000.
In Limerick, three student housing units at Cratlow Wood are being sold as one lot, with a maximum combined reserve price of €75,000.
lAmong the other commercial properties lined up for sale is the Poacher’s Pub/Juniper’s Restaurant complex in Fermoy, Co Cork, with a maximum reserve of €300,000.
Stephen McCarthy of Space Auctioneers said the auction was likely to attract as many interested parties as the two auctions in April and July, which had both seen so much interest that some punters were bidding on items from the street outside the hotel.
July’s auction took in over €15m when it told 76 of its 87 lots – including a six-bedroom house on Dublin 4′s Ailesbury Road for €2.325 million.
The full catalogue for the September auction can be found at Allsop Space’s website.
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I wish I had money/could get a loan.
Don’t bother there are no bargains here, hype and free publicity drive the prices up. It is exclusive cash only auction for greedy investors worried about their million bank savings only picking up 3 % interest.
A uk company selling Irish property what happened to buy Irish they have been telling us to do. Do we not have any Irish auctioneers over here that could do the same job î
Allsop have teamed up with Space, which is an Irish agency. Traditionally auctions in Ireland have been used as a method for selling expensive Dublin properties or agricultural property. This type of fire sale/distressed property auction has never really happened before in Ireland but Allsop have a lot of experience in the U.K in this area. Space have a better knowledge of the Irish market. So it makes sense for the two agencies to team up. Gunne (who are Irish) have held similar auctions (on a smaller scale) over the last couple of months as well.
For cash rich investors looking for good rental returns, there are potentially some good buys in these auctions, if the properties sell for around their maximum reserves and you’re looking at the properties as long term investments. But judging from some of the sale prices in the last auction, a lot of people seemed to get carried away with themselves. Property prices still have a long way to fall in Ireland imo, particularly outside of Dublin.
Dermot.
Who are Space Auctioneers?
How come we never heard of hem during the boom years?
And how come the Shelbourne Auctions I went to were mainly staffed by Allsops Employees?
Now My Childwen
Allswops have tweamed up with Spwace and Me Dermwot D drivel, drivel,drivel……….
Twadditionally auctions in Iwerland have been used as a metwod drivel,drivel,drivel…….
Hello Spruiker!!!!
Let the madness begin… Property obsessed Ireland alive and well
Not to nitpick, but I think Prussia St is in Dublin 7, not 8 :)
Niamh, I think if you go back and read article again you will see that it say Prussia St. Dublin 7 but also mentions Dublin 8 for other properties.
@Nell496 – Niamh was correct. There was a mistake. But the error has been corrected, it seems.
Why isn’t this being run by NAMA? I thought that this should be their job?
These aren’t NAMA properties. Although I think it would be wise for NAMA to just sell off most of their properties and allow the market find the bottom sooner, rather than later.
Good question – why does NAMA make it so difficult to buy their distressed property? Check this out:
http://www.nama.ie/PropertiesEnforced.php
Typical
Hire in British Firesale Specialist Mercenaries to throw Irish people out of their homes for the sake of Bank of Scotland Ireland, Halifax , The HBOS/Lyods Group and their owners The British Government!!!
The vast majority of these properties are investment properties. A lot of them were owned by companies or investors and developers who have stopped making payments on their loans. Receivers are therefore selling them. There are also a number of properties which are being sold by their owners for a quick sale. Your assertion that people are being thrown out of their homes by the auctioneers and/or banks is largely inaccurate. Although I think you’re motivated by an irrational hatred of the British.
Dermot
Tell me
How would you like ”HBOS and CO” selling the house next door to yours
at a ”distressed” auction
to an amateur slum landlord
for a one fifth of the mortgage balance
that you took out with ”HBOS and CO”
on interest only
just a couple of years ago???
Dermot
Please post the factual evidence that proves these properties are not peoples homes.
HBOS and Co messed up here!!
Should they not be made clean up their mess with some integrity accountability and respect?
Dermot
You might point out where does my post refer to hatred for the British?
Whats to say I am not British myself?
Oh I’m very sorry
Wrong forum!!
This must be the HBOS, IDIOT BANKS AND BUY MY NEIGHBOR’S HOUSE FOR A POUND FAN CLUB one!!!
Thanks for your votes anyway guys.
Dermot
HBOS and Co dished up these loans on artificially inflated values.
Values they helped to artificially inflate.
Now they have shut shop and deserted their loyal Irish customers as they degrade the integrity of these peoples homes.
Should they not be held accountable for their irresponsible actions?
Re Hello Spruiker’s earlier comments:
Who are Space Auctioneers?
How come we never heard of hem during the boom years?
And how come the Shelbourne Auctions I went to were mainly staffed by Allsops Employees?
Space were only set up in c.2009. They are a small one office estate agent. They approached Allsop as they did not have the size or experience to conduct the auction themselves. They wanted a British firm that was untarnished by the celtic tiger, had the requisite auction expertise, and were trusted by Lloyds/HBOS.
Space are a much smaller firm than Allsop, they wouldn’t be able to staff the auction on their own. Space are providing the local knowledge, Allsop are providing the man power, brand, and auction expertise.
None of the solely Irish based firms would have been able to create this due to a whole host of reasons.
1. Lack of experience in such auctions.
2. Affiliation/stigma with the Celtic Tiger.
3. Risk of upsetting clients.
4. Use of AMVs rather than disclosed reserves.
5. No access to international buyers – The Allsop results are underpinned by hundreds of international bids sourced the Allsop UK auctions.
6. BOSI/Certus are effectively run from London, therefore the London guys will prefer an operator they know and trust, the same would be true for an Irish Bank in the same situation.
Finally, if these properties were not auctioned off they would still have receivers appointed over them and would simply be sitting on the private treaty market waiting for people to carry on wondering where the bottom of the market may or may not be… Or until such time as the Irish government started disclosing completed houses prices of the land registry…..
Hope that covers sufficient ground for you!
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