Seven acres of lands located on Station Road, Newcastle West recently went under the hammer
GALWAY city-based auctioneers River Property Group, offered a fine development opportunity, via online auction, on March 25 which had significant interest in the lead up to the auction.
The lands were offered via the IAM Sold auction platform and included a superb opportunity to acquire approx. 7 acres of lands located on Station Road, Newcastle West, County Limerick.
Comprising of a rectangular shaped holding with good access onto Station Road, these zoned land would be ideal for a large housing development, site subject to planning permission.
Offered to the market with a starting bids price of €400,000, the property offered excellent potential for the development.
Jason Fitzgerald of River Property Group commented: “The land proved popular with local builders and there was also interest from USA and the UK prior to the auction. Both myself and the auction team dealt with a large number of enquiries since we launched the property to market in February.”
The property was sold via the online auction where a number of parties had pre-registered to bid with minimum bid level noted as €400,000. After a slower start where bidding reached €450,000, the timer on the clock counted down to under five minutes and that was when parties really got serious.
Bids came in fast succession in the final minutes with the timer allowing a further two minutes each time a bid was placed in the final two minutes on the online auction. When the virtual hammer eventually fell, the land had reached a final figure of €550,000 to a local buyer.
River Property Group are delighted to now be offering an online auction service to their clients. All properties that are offered through the online service in partnership with IAM Sold and River Property Group will benefit from a large marketing campaign both locally, nationally, and internationally.
The online auction platform is well suited for the current restrictions and interested parties can register on www.iamsold.ie and place bids via the auction platform. All bids are made visible on the auction website and the highest bidder secures the property providing the agreed reserve has been met or exceeded.
Once a bid is accepted, contracts can be signed on behalf of the purchaser and vendors, meaning no human interactions need take place to sell the property, providing an effective route to buying and selling properties in these difficult times.
River Property Group will also now offer free valuations and a no sale, no fee policy on all their auction properties.
River Property Group & IAM Sold Property Auctions are now taking entries for their upcoming auctions on April 29 and June 3.
Jason Fitzgerald noted: “Using the online auctions we are in a unique position to be able to handle some of the current challenges facing the industry. Our online platform allows buyers to bid from the comfort of their own home, as well as allowing contracts to be exchanged online making the transaction as easy as possible. Our properties are performing well currently with interest coming locally and also elsewhere in Ireland and the UK through the additional auction marketing.”
For those thinking of selling, the auction team are now taking entries into the April 29 and June 3 auction dates and indeed the following auction on July 1.
The team are encouraging property owners to make contact with them to arrange an initial valuation on 091 394 081.