HOUSES AND land in an unfinished housing estate will go under the hammer for the first time in an Allsop Space auction next month.
The three houses, which are substantially complete but need kitchens and bathrooms, and a four-acre site at Woodlands Park, Ballyjamesduff, Co Cavan, are being sold as one lot by receivers Kavanagh Fennell with a reserve of €40,000.
The lot is one of 106 properties up for sale at the auction in the Shelbourne Hotel, Dublin, on May 3rd. The auction is no longer considered a “distressed sale”, the company said, as some 50 of the properties are being sold on behalf of private individuals rather than receivers.
Five pubs and hotels, some with prominent city centre locations, are also among the lots for sale. These include Darby O’Gills Hotel, a 43-bedroom property about 4km outside Killarney, Co Kerry, with a reserve price of up to €515,000.
Weirs pub on Lower Georges Street, Dún Laoghaire, is for sale with a reserve of up to €450,000; the Bank pub on O’Connell Street in Limerick has a reserve no greater than €395,000; and the Coolgreaney Inn near Gorey, Co Wexford, has a reserve of up to €220,000.
In Waterford the well-known Shortts Bar and Crystal Nightclub is being offered with a tenant paying rent of €60,000 a year, rising to €90,000 over five years. The reserve price will not exceed €495,000.
The lowest reserve on a residential lot is on a two-bedroom semi-detached bungalow in Ballinagh, Crenard, Co Cavan, about 10km from Cavan town, which has a reserve up to €15,000.
The highest for a house is the €440,000 reserve that has been put on a four-bedroom home with a separate garage containing a one-bedroom apartment at Tir na nOg, Glenamuck Road, Carrickmines, Dublin. The lot with the lowest reserve, of €5,000, is a one-acre site at Beechwood Park, Convoy, Co Donegal.
The highest reserve is for an industrial facility at the John F Kennedy Industrial Estate. The detached warehouse with two-storey office accommodation is listed at €590,000.
The auction also includes several apartments in Dublin’s Docklands, as well as houses in parts of Dublin which attracted a premium during the height of the property market such as Blackrock, where a three-bedroom house at St Augustine’s Park, Carysfort, has a reserve of €200,000, and Deansgrange where a five-bedroom house on Clonkeen Road has a €250,000 reserve.
This will be the second of five such auctions to held by Allsop Space this year.
The first, held last month, generated €12.4 million when 94 per cent of the properties were sold, with seven withdrawn before the auction. About two-thirds of the properties were sold on the instruction of receivers.
The highest price paid on the day was for a block of eight apartments on Dublin’s Ormond Quay, which sold for €1.02 million, well above the reserve price of €610,000.
