Good returns in biggest auction

NEARLY three-quarters of the properties going under the hammer at the Allsop Space auction on Wednesday November 30th are being sold by receivers with a further two being sold by liquidators.

While 83 of the 112 are being sold by the receiver, Allsop Space declined to comment on whether any of the remaining 29 properties were repossessed or “bank encouraged” sales.

A total of 44 lots are being sold with rental income, and 68 are being offered vacant.

Allsop Space says rental yields on properties with sitting tenants are as high as 28.75 per cent although the four lots with the highest yields are all commercial properties, with the fifth highest being a two-bed apartment in the Harbour Court development in Mullingar, Co Westmeath, which comes with a reserve of €25,000 and a rental income of €5,100 – a yield of over 20 per cent

The residential property with next highest yield is 2 Clonmore Terrace, in Ballybough, Dublin 3 which carries a reserve of €175,000 and has a rental income of €33,540. The lowest yield is from 13 Garville Road, in Rathgar, with a reserve price of €420,000, a rent of €12,920 – a yield of nearly 4 per cent. These yields depend on the properties selling at the reserve price: the yield will decrease if they fetch a higher price.

With 112 lots from around the country, the November auction at the Shelbourne Hotel will feature residential and commercial properties designed to appeal to domestic and foreign investors, first-time buyers and trader uppers.

Robert Hoban of Allsop Space says there will be a number of properties with reserve prices lower than the price in the catalogue.

“Other auctions have had last-minute increases in their reserve prices, which we do not permit,”he said.

* At Merlin’s property auction in the Burlington Hotel yesterday there were nine properties up for sale, two of which sold under the hammer with two selling later. Cyber and phone bidders made up the number – less than 50 people turned up to bid on the properties.