Donegal hotel among 100 properties to go under hammer

A 55-BED hotel and a period mill residence in Co Carlow are among the properties on offer at the next Allsop/Space auction next month.

The properties are part of the €10.3 million portfolio of buildings on offer at the sale, which will take place at the Shelbourne Hotel in Dublin on March 1st.

The auction includes 100 lots ranging from investment apartments with tenants already in place to industrial units and offices.

About 74 per cent of the properties are residential, and of the 100 listed for sale, 50 per cent are being sold with tenants already in place. The smallest property up for sale is a two-bedroom cottage in Carrigallen, Drumcannon, Co Leitrim, which has a reserve price of €7,500.

At the other end of the scale is the Sandhouse Hotel in Rossnowlagh, Donegal, which is being sold for €650,000. The 3.2 acre site includes planning permission for 16 apartments as well as the 55-bedroom hotel, which also has a spa on site.

The mill residence in Rathvilly, Co Carlow, has attracted a reserve of €150,000. Located on the banks of the River Slaney, the 3.1 acre site includes a listed period mill building with mill race and wheel.

Director of auctions with Space, Robert Hoban, said the majority of buyers were cash only, but about 15 per cent were buying with some sort of finance.

“It’s reflective of the market,” he said. “With the lack of finance available, there’s a huge reliance on cash at the moment.”

This will be the fifth such auction since April last year, and contains fewer properties than the previous sale in November. The November auction realised €11.5 million. Attendance is expected to match previous auctions, Mr Hoban said.