With nearly 300 properties listed in Allsop's auctions, due to take place on September 8th and 10th, there is a large number of properties to suit a wide range of tastes and budgets. This auction features quite a few desirable properties in the south Dublin area, suitable for both owner-occupiers and investors. 3 The Cutlers, Parliament Street, Dublin 2 Lot 193, Reserve €175,000, 2 Bedrooms
Completed in 1995, the building that The Cutlers occupies was previously Sloan’s department store before being redeveloped as a Section 23 development comprising 22 apartments. Number 3 is a relatively small apartment as far as two-bedroom units go, but even 20 years ago at its launch an apartment of this size commanded a lofty price of about €100,000, albeit with generous tax breaks available. The apartment’s layout is standard, with an entrance hall, one bathroom, two bedrooms, one living room and a kitchen.
The apartment, which is located on the second floor, was for sale with a higher reserve of €195,000 this time last year in Allsop’s September 2014 auction but did not sell. The apartment is just one of the numerous apartments in the development to have been offered for sale by Allsop. The most recent unit sold in the building in December 2014 was a 71sqm three-bedroom duplex, which achieved a strong price of €355,000.
Number 3 was previously rented for about €800 per month but is now being offered with vacant possession. The apartment will most likely be purchased by an investor and in the current market two-bedroom apartments in Dublin 2 for under €1,400 per month are practically non-existent, meaning a healthy return is available for prospective purchasers if the property is sold at a price close to its reserve. The Cutlers’ location is difficult to beat, just off Dame Street and within walking distance of major centres of employment, shops, restaurants, bars and all that Dublin city centre has to offer.
10 Loughmorne House, Terenure, Dublin 6W Lot 226, Reserve €285,000, 2 bedrooms
Loughmorne House is a gated development that was constructed in 2001. Number 10 is a large two-bedroom duplex located on the third floor of the building.
When originally launched in 2001, a duplex of this size would have cost in excess of €400,000, and by 2005 a similar two-bedroom duplex was seeking in excess of €520,000.
In 2014, 9 Loughmorne House, another two-bed duplex, was asking €295,000 and eventually sold for €280,000. While viewings have not yet been arranged for Number 10, it is likely to be rather similar in design and size to Number 9. That apartment comprised an entrance hall, a living-cum-dining room and kitchen, with stairs leading to two double bedrooms and a bathroom. It extended to just over 80sqm in size.
Number 10 would be perfect for owner-occupiers thanks to its generous proportions. It may also be considered as a possible investment opportunity. Currently generating €1,300 per month, the apartment is under-rented and at present an inferior apartment nearby is seeking €1,500 per month.
The development's design is period in style, with a redbrick exterior finish and features such as cream-coloured sash windows. Its location is ideal, right in the heart of Terenure village, with a number of frequent buses close by providing speedy access to the city centre. 58 Northbrook Avenue, Ranelagh, Dublin 6 Lot 199, Reserve €350,000, 3 Bedrooms
Built in 1982 as a Section 23 development, Northbrook Avenue comprises just over 60 terraced houses, all constructed in the same style and originally all about 95sqm in size.
The standard downstairs layout includes an entrance hall, living room, kitchen-cum-dining room and utility room with guest toilet at ground floor level. Upstairs, the houses usually comprise a master bedroom complete with en suite bathroom, two further bedrooms and a family bathroom. This particular house benefits from a small single-storey rear extension, however while the vendor describes the house as extending to 160sqm, it appears from external inspection to be smaller in size.
The property is currently subject to a tenancy with about 21 months remaining on the lease. The existing tenants are paying €1,000 per month, however prices in excess of €2,000 per month are now being sought for these houses, even with very basic levels of finish and furnishings.
The location is one of the city’s most coveted, just a few minutes’ walk away are the shops and eateries of Ranelagh village.
At €350,000, Number 58’s reserve is bound to attract attention and the winning bid is likely to well exceed that. This very house was for sale in 2001 for €445,000 and even a rather pokey 50sq m apartment across the street is currently for sale for €325,000.
These houses originally cost around €84,000 in 1982, with prices as high as €875,000 being sought in 2006 for a mid-terrace in original condition. By 2012, Celtic Tiger prices were slashed, with one house selling for €353,500. No 52 Northbrook Avenue, an identical 97sq m house, came to the market in March 2015 asking €595,000, before being reduced in June to €550,000, and is still on the market.
