NINETEEN apartments in Limerick city sold for €800,000 at an auction in Dublin yesterday, while another block of apartments worth an estimated €1.65m were withdrawn.
In the first of two auctions by Allsop this week, a tranche of 19 two-bed apartments at The Steeples, Mulgrave Street, sold for €800,000, or just over €40,000 apiece, after being put up for sale on a reserve of €750,000. The apartments are set within a development of 59 apartments, and have a current rental income of €116,100 per annum.
The residential auction in the RDS this Tuesday featured 218 lots, while a commercial auction with 113 lots will be held this Thursday, April 23.
Lot number 17 - Block 8 Brookfield Hall Student Village, Castletroy, was set to be the third most expensive lot of the day, with a reserve of €1.65m, but it was withdrawn from the auction. The complete block of 40 student apartments, close to the University of Limerick, features 29 two bedroom apartments, eight three bedroom apartments, and three four-bedroom apartments.
In Newcastle West, six three bedroom semi-detached houses in Daar River View had a reserve of €190,000 but sold for €240,000. A number of the properties there had been fire damaged and require refurbishment.
Also in the county, 12 Castlepark, Caherconlish, a detached four bedroom, two storey house, had a reserve of €145,000. The property is subject to a tenancy at a current rent of €7,200 per annum.
A semi-detached three-bedroom house, 20 Dromsallywoods, Cappamore, has a reserve of €65,000 but failed to sell.
Apartments 60, 60A, 61, and 61A in Thomond Student Village, Old Cratloe Road, sold for their reserve of €80,000.
Another set of apartments in the same student village, for the same reserve - apartments 53, 53A, 54 and 54A - failed to sell.
A detached four-bedroom house in Killuragh, Cappamore, sold for €82,000.
Apartment 18 An Cluain, Clonmacken, Ennis Road, sold for €105,000, above its reserve of €80,000.
- See the weekend papers for more on this story