NINE commercial and residential properties in Limerick have sold for €1.5m at the latest Allsop Space auction in Dublin, surpassing their reserve prices by more than €600,000.
The most expensive lot in Limerick to sell were two units in Raheen Business Park, which had a minimum reserve of €470,000. It sold for €625,000 - €155,000 above its minimum reserve. The detached warehouse ‘investment’ building has a current rental income of €80,000 per annum.
Five acres of land at Clondrinagh, Ennis, sold for more than five times its minimum reserve. Set at a bottom line of €60,000, the two parcels of land extending to approximately 2.21 hectares (5.47 acres), sold for €310,000.
In the city, 146 Hyde Road, a two-bed house, with a reserve of €15,000, sold for €17,500.
Eighteen acres of land at Gortboy, Kilmallock, with frontage onto the R515 road and situated adjacent to the Glen Grove housing development, had a reserve of €80,000 - but sold for €150,000, nearly twice its reserve. Number 39 Clonmore, Kilteragh, Dooradoyle, a mid-terrace three bedroom house, had a reserve set at €110,000, but sold for €142,500. A detached four bedroom house in Moanahila, Oola, county Limerick, also sold for €142,500 - again nearly twice its reserve of €75,000.
In Newcastle West, the former bank building at 1 Church Street, had a reserve of €105,000 and sold for €125,000.
No 42 Cliona Park in Moyross, a three-bed mid-terrace house, sold for its reserve of €25,000.
Hundreds of people again attended the auction of some 200 lots of property from across the country in the RDS this Wednesday. Robert Hoban, director of auctions, said “it is hugely encouraging to see the remarkable prices being achieved for prime commercial investments”, with purchasers paying 30-50% in excess of estimates in many cases.