A PRIME commercial site in the heart of the city has sold for €350,000, above its reserve in an auction of distressed properties in Dublin.
No 66 O’Connell Street, which has recently become home to the first Polish Consulate in the city, went under the hammer for a reserve of a modest €260,000, with bids beginning at €200,000 in the Shelbourne hotel in Dublin. “It’s an awful lot of building for €260,000,” said auctioneer Gary Murphy during the proceedings.
The mid-terrace Georgian period property is currently subject to a number of tenancies, with two vacant offices, and yields a rent of €32,000 per annum.
Lot 51, a set of three student apartments in Cratloe student village were again for sale, at €75,000. They went for €84,000, while another similar set just made the reserve price. Lot 75 was a two bed apartment in River Dock House, the Dock Road, which sold for €38,000, €8,000 over its reserve. A retail unit in Ballycummin Village, Raheen, with a reserve of €30,000, was sold on the instructions of receiver KPMG, going for €51,000. Bidding was slow for an investment flat in 56 Cois Ghruada, Castletroy, one of the final lots of the day. The two bedroom property went for its reserve of €65,000.
The most expensive property sold at auction was a mid-terrace Georgian property in Merrion Square, Dublin 2, which went for €1.42m, more than €400,000 above the reserve. A total of 90 lots were due for sale, however seven of these were withdrawn before the auction.
This auction was the third of five such auctions to be held by Allsop Space this year. The first, in March, generated €12.4 million when 94 per cent of the properties were sold, while the May auction raised €12.9m. The next auction will be on October 3.