Limerick residential properties go for €2.6m in Allsop sale

Anne Sheridan

Reporter:

Anne Sheridan

No 6 Pery Square, which had a reserve of �300,000, failed to sell in the Allsop Space's auction. It features nine bedsits and two offices, and has a current annual rental income of �49,000
RESIDENTIAL properties in Limerick worth almost €2.7m sold at the latest Allsop Space auction in Dublin.

RESIDENTIAL properties in Limerick worth almost €2.7m sold at the latest Allsop Space auction in Dublin.

Almost 1,200 people attended the auction in the RDS, with 172 properties sold with a total sales value of over €25m. One of the biggest lots to sell on the day was a set of 35 apartments in Castletroy, which had a minimum reserve of €1.6m, but sold for €2.4m.

The 36 apartments feature 32 completed apartments, with four awaiting completion, and offering 171 individual bedrooms in all, with an 82% occupancy.

The total gross income for 2013/2014 was €317,945, and the development is currently operated by Troy Student Management.

In all, a total of nine lots in Limerick made €2,686,000.

Apartments in Lahinch and Kilkee also fetched €60,000 and €86,000 respectively.

A second investment property - No 6 Pery Square - which had a reserve of €300,000 failed to sell. The end of terrace Georgian property in this prime location has nine bedsits and two offices on the first and ground floor, generating rents of €49,020 per annum, though one of the offices is currently vacant.

Four, three-bed apartments in Thomond student village in Cratloe, which went up for sale for €100,000, to be sold as one lot, also failed to meet the seller’s guide price. Another set of four apartments in the same village also failed to sell.

A detached, two-storey five-bedroom period house in Mount Mungret also did not meet its reserve of €90,000.

A third-floor two-bedroom apartment in Mount Kennett Place on the Dock Road sold for €57,500 - well above its reserve of €30,000, and a fifth floor two-bed apartment in The Steeples, Mulgrave Street, sold for €52,500, again above its reserve of €40,000.

Robert Hoban, director of auctions at Allsop Space, said they were “very pleased” with the results of the auction.

“Big premiums were achieved across a good deal of properties. Dublin tenanted properties sold extremely well which could be an indication of recent reports showing the hike in the Dublin rental market.

“This is the first dedicated residential auction and the number of people in attendance has exceeded our expectations and shows to us that there is an appetite for separate residential and commercial auctions in the future,” he said.

Earlier in the week they held another auction dedicated to commercial property, with Number 103/104 O’Connell Street in Limerick selling for €970,000. The prime site currently only houses KBC Bank on the ground floor.

Allsop Space stand by their pledge not to handle the sale of repossessed family homes.