Development land is tops at €27m property auction

Some €27million worth of commercial property was sold at the most recent Allsop Space auction at the RDS in Dublin with some of the 1,000 bidders particularly keen on development land.

"The shortage of development land was very evident in the auction from the number of bidders chasing prime development opportunities. This was best illustrated by the heated bidding for 1.5 acres in Delgany which sold for €1.2 million," said Robert Hoban, director of auctions at Allsop Space.

The Delgany land, which has planning permission for four four-bedroom houses, had a pre-auction reserve of €900,000 to €1 million.

Meanwhile, 12 unfinished residential units and three acres of land at Meadownfields in Enniscorthy sold for €735,000 on a reserve range of €625,000 to €645,000.

In Swords, 16.5 acres at Cold Winters, Blakes Cross, with development potential, made €710,000 – more than double the €300,000- €350,000 reserve range.

A mixed-use development site of 2.45 acres at Ozone Terrace, Ballybunion, Co Kerry with planning permission for a 71-suite hotel, eight apartments and 75 car-parking spaces made €200,000. Its pre-auction reserve range was €125,000-€175,000.

Significant sales

A modern office building at Unit D1 in Block A, Citylink Business Park, Dublin 12, sold for €2.46 million. The 1,711.45sq m (18,415sq ft) building with three tenants in place had a reserve range of €1.6-€1.7million.

A ground floor retail unit at units 1 and 2 Mellor Court on Lower Liffey Street in Dublin 1 made €810,000. The 167.2sq m (1,800sq ft) had a reserve range of €370,000-€400,000.

Another city centre shop, this time at 7 Sprangers Yard on Crow Street in Temple Bar, made €185,000.

The ground floor unit of 46sq m (499sq ft) had a reserve range of €100,000-€120,000.

Lot nine, a restaurant arranged over part ground and first floors at Unit 1, 1a and 2a Monkstown Crescent in Monkstown, Co Dublin sold for €520,000 – well above its reserve of €330,000- €370,000.

The 91-bedroom Shandon Hotel & Ocean Spa on 8.81 acres at Marble Hill, Portnablagh, Dunfanaghy, Co Donegal made €810,000. This comfortably exceeded the €670,000-€730,000 reserve range.