Allsop auction sells 93 properties for €11.2m

The market for residential and business properties is “buoyant” in urban areas, according to the director of the property auctions company which hosted a large-scale auction at Dublin’s RDS yesterday.

Robert Hoban, director of Allsop Space auctioneers, said the sales racked up during the auction of 93 properties across the State realised a combined figure of €11.2 million. The total reserve price for some 115 properties included in the auction prospectus was €11 million. Nine properties were withdrawn prior to auction.

Protesters

The auction was delayed for a short time as queues formed outside. Some 950 potential bidders had to pay a refundable €200 fee to gain admittance, a move designed to keep protesters out of the auction room.

Those attending the auction were pressed by protesters not to bid for any repossessed properties and leaflets were distributed quoting Charles Stewart Parnell's speech in Ennis, Co Clare, in 1880 urging people to "shun" those who had acquired the property of those who had suffered eviction.

“I think it’s misguided,” said Mr Hoban of the protests. “We don’t sell repossessed property. We are the only company in the country who have committed to not selling repossessed family homes.”

The auction prospectus featured more than 100 properties, many of them on the investment and commercial side of the market. Mr Hoban denied the prospectus was in effect a catalogue of misery.

“These are on the market for whatever reason,” he said. “Some are being sold by individuals, some are being sold as investments which receivers are selling. Most of them are tenanted stock and the people will continue to live in them.”

A three-bed apartment in Cratloe, Co Limerick, sold for €25,000, having guided at €10,000.

A house, guided at €800,000 and fronting a fairway at the K Club in Straffan, Co Kildare, did not attract a bidder.

Hotels
A 48-bed hotel in Moville, Co Donegal, with a reserve price of €175,000, which included all furnishings, also failed to attract any bids on the day. However, the Hilamar hotel in Kinnegad, Co Westmeath, easily surpassed its reserve price of €285,000 before selling for €695,000 after some vigorous bidding in the hall.

Many private vendors had opted to sell by auction rather than by private treaty because of the possibility of attracting overseas buyers.

Mr Hoban said: “Auctions have lifted a lid, they allow people to buy and sell fairly and responsibly in a transparent way. Long may it continue.”