Symbol of Limerick’s success fails to sell at auction

Anne Sheridan

Reporter:

Anne Sheridan

IT WAS A tense, frenzied auction with millions of euro spent on property throughout the country - that is, until it came to the Limerick lots.

IT WAS A tense, frenzied auction with millions of euro spent on property throughout the country - that is, until it came to the Limerick lots.

The latest Allsop Space auction of distressed properties saw four Limerick properties up for sale. But one failed to sell, another barely met its reserve price, and a third went for well over the asking price - a sign of the unpredictability of the property market at large.

“Don’t look so worried, it’s only money,” said auctioneer Gary Murphy to a few nervous laughs.

The first local property to go under the hammer in the Shelbourne Hotel in Dublin was a two-bedroom apartment on the eighth floor of Riverpoint. It had a reserve of €75,000 but sold for €88,000, following bids over the phone and online.

A second property in Riverpoint - a one-bedroom apartment on the tenth floor - failed to meet its reserve of €50,000, despite attracting bids up to €45,000, after it was opened up to the floor, starting at €40,000. It was, however, sold after the auction. Both sales (or long leaseholds of 999 years) also included parking spaces.

In the boom years one-bed apartments in Riverpoint would have sold for up to €180,000, with two-beds priced up to €350,000, depending on their size and view.

However, it is understood both of these apartments did not have views of the river.

One of the cheapest properties for sale in the auction was a leasehold on a two-bedroom third-floor apartment in Richmond Court, Mount Kenneth Place. It had a reserve of €37,500, but sold for €500 less.

Three student village units in the Cratloe Wood student village in Limerick sold for €112,000, or €37,000 above it reserve of €75,000.