Going, going gone...auction to feature Limerick bargains

TWO HOTELS in the Mid-West have been put up for sale in a major auction of distressed property next month.

TWO HOTELS in the Mid-West have been put up for sale in a major auction of distressed property next month.

Nearly 160 lots comprising of apartments, houses, retail units and hotels are up for sale in the tenth Allsop Space auction held in three years, in the Shelbourne hotel in Dublin, on Friday, March 1.

Among them are the Kilkee Bay hotel, a 41-bedroom property which has a guide price of €315,000, and the 27-bed Ashford Court hotel on the Old Mill Road in Ennis, which opened in 2005. It has a reserve of €215,000, on the instructions of the receiver KPMG.

A further seven properties are available for sale in Limerick, including a unit in Annacotty Business Park on the instructions of the receiver Grant Thornton, for a reserve of €45,000.

A regular feature in previous auctions, another three-bedroom semi-detached house in Caislean Na hAbhainn, Castletroy, has a reserve of €85,000. The Great Gas filling station and shop in Garrienderk, on the main Kilmallock to Charleville Road, which has a guide price of €125,000, is also going under the hammer.

A two-bedroom apartment on the fifth floor of Glenlara House, Mount Kennett Place in the city has a reserve of €27,500. It is available for a long leasehold from the receivers Grant Thornton.

Two three-bedroom semi-detached houses on the Old Cork Road have reserves of €45,000; two four-bed semi-detached houses in the same area have reserves of €75,000; over eight acres of land in Ballynanty are being sold for in excess of €24,000.

Allsop Space was founded in 2011 to introduce large scale auctions to the Irish market as property prices plummeted and assets were seized from developers.

In all nine auctions it has held to date, from April 2011 to December 2012, over €122.4m has been realised from the sale of 777 lots. The auction has an overall success rate of 93% in terms of sales. For the first time all properties, as obliged by law, have carried details of the BER certificate. The auction will start at 9.30am.