Online auction of 70 Irish properties raises around €11m

An online auction of 70 commercial and residential properties from Allsop Space concluded on Wednesday evening with all but 13 of the lots sold.

Three one-bedroom apartments in a period house on Northumberland Road in Ballsbridge, Dublin – which were to be sold as a single lot with a reserve price of between €560,000 and €590,000 – failed to attract a single bid.

And four three-bedroom homes in Tubercurry, Co Sligo – with a combined reserve of between €240,000 and €260,000 – also failed to attract any interest.

At the other end of the property ladder, an office building in Navan town centre which is currently occupied by Axa Insurance, and includes three apartments on the second and third floors, was sold by Bank of Scotland for €860,000, despite having a reserve of €400,000-€450,000.

Many of the other properties included in the auction also sold for substantially more than the reserve.

A mid terrace house in Dublin 8, which is currently broken into six bedsits and is need of substantial refurbishment, had a reserve of between €100,000 and €120,000 but went under the hammer for €235,000, while a detached four-bedroom house in Letterkenny went for €178,000, despite having a reserve of between €85,000 and €95,000.

Among the most high-profile of the 20 or so commercial properties was a building on Upper George's Street in Dún Laoghaire, which includes a ground-floor takeaway unit with a two-bedroom apartment overhead.

It had a reserve of between €210,000 and €230,000 and went for €226,000.

All told, in the region of €11 million worth of property was sold at the online auction.

Prior to moving its sales online, Allsop was the focus of multiple protests with concerns expressed that it was engaged in selling family homes at the behest of banks, a charge that the auction house has consistently and strenuously denied.