Homes to go under hammer in second fire sale
A LARGE terraced house on Villiers Road, Rathgar, Dublin, and a four-bedroom bungalow on close to an acre in the foothills of the Dublin mountains are among the highlights at the next Allsop-Space auction, which takes place next month.
The Rathgar house is divided into five self-contained flats. It would have commanded a price of close to €2 million at the height of the property boom, but has had its maximum reserve set at €495,000.
The property on Kilternan’s Ballycorus Road would have sold for well in excess of €1 million in 2006, but will go up for auction with a reserve price of €450,000.
A pub in Waterford city centre is also set to go under the hammer with a reserve of €180,000 and a large detached house on the outskirts of Kilkenny has had its maximum reserve set at €400,000.
A large period redbrick on Ailesbury Road with a reserve of €1.45 million will almost certainly be one of the most sought after lots at the auction which takes place in the Shelbourne Hotel on July 7th. Houses on the road changed hands for more than €10 million at the height of the boom.
There was a huge level of interest in the first Allsop-Space property auction at the end of April, and those bidding on the 82 properties spilled on to the street in front of the hotel at one point.
“The April success means we have been inundated with banks and receivers looking to come on board to free up capital by auctioning off their property stocks,” Stephen McCarthy of Space auctioneers said.
“This means the second auction features a broader mix of lots from different receivers on behalf of a number of financial institutions.”
At the last fire sale, all but one of 82 lots of apartments and houses sold under the hammer, at an average of 26 per cent above the maximum reserve price. In total, €15 million was realised. Bank of Scotland (Ireland) was said to have been the main seller on that occasion.
Mr McCarthy said many buyers had secured properties at “unprecedented prices since the market dip”. A Chancery Street apartment sold for just below the upper reserve at €159,000 while a property on Raglan Lane in Dublin 4 went for €550,000, 8 per cent below the upper reserve.
Forty-five properties in the latest distressed auction will be in Dublin, with the majority expected to be apartments.
A two-bedroom apartment in a fresh tranche of units in the Castleforbes development in Dublin’s north docklands will have a reserve of €142,000.
The full list of properties will be available on allsopspace.ie