Real Estate Alliance

First Largest Ever Property Auction Featuring A Massive 70 Lots - €21 million worth of property to come under the hammer

Ireland’s first giant property auction, to be held this April by Real Estate Alliance, has received a phenomenal response from those looking to sell property.  Real Estate Alliance has just announced that a massive 70 lots have just been confirmed. 65% of the 70 lots comprise of residential properties presenting superb value for those looking to capitalise on low prices, ranging in AMV from just €60,000 to €1.5 million. Commercial properties comprise of commercial, retail opportunities, industrial units and land. 

 

The auction, the first of its kind, will take place in Dublin’s Shelbourne Hotel on Friday 30^th April and is expected to attract a broad mix of buyers including those looking for good commercial business opportunities and also those hoping to secure a residential bargain.

 

According to Philip Farrell, Auction Manager of Real Estate Alliance and Director of Brophy Farrell REA in Newbridge, “We are delighted with the overall response – 70 lots alone is an indication that sellers have readjusted their expectations and are keen to sell. Also judging by the level of interest from buyers to date, it is evident that purchasers have been more active since the turn of the year and we expect a good turn out on the day.”

 

Residential properties for sale include a broad mix of houses, holiday homes, residential sites, some apartments and a surprising number of quality period homes from right across the country.  As expected, many of the properties highlight significant price reductions since the dizzy heights in 2007.  Of particular interest will be a state-of-the-art newly built residence called ‘Ballagh’ in Bushy Park, Galway City build on 1.18 acres which has reduced by 55%.  In 2007 this property was valued at €3.3 million and would be expected to achieve a price of just €1.8million if sold by private treaty today. The AMV for this property for the Auction is €1.5m. Period residences figure strongly with a number of Victorian and 18^th Century properties in good condition. 

 

 

Period residences figure strongly - ‘Firmount’, Clane, Co. Kildare is a large Victorian period residence which features three stories over basement on C. 5 acres with an AMV of €800,000.  Mill House in Gowran, Co. Kilkenny presents an attractive opportunity to buy an 18th Century house which has been completely renovated within the last 10 years with the features and conveniences of a modern home combined with the charm of yesteryear on c. 12 acres. AMV €500,000.

 

There are also some strong opportunities for first time buyers, or those looking to renovate a property. 60% of properties are under €250k with 16 properties just priced just under €150,000. Sunday Well Cottages in Lucan, Co. Dublin are two very cute derelict semi-detached cottages in need of some loving care with an AMV of €170,000.  55 The Old Rectory in Lucan is a charming 500 sq ft One bedroom apartment with an AMV of 199,000.

 

Commercial properties include superb opportunities for businesses to acquire office space, industrial units or land at very competitive prices in commercial centres in Dublin, Louth, Cavan, to name a few.  Several retail opportunities will come under the hammer including licensed premises, newsagents, and B&Bs in Waterford and Meath. 

 

Featured are a number of good commercial lots including a riverside mill set in the charming village of Kells, Co. Kilkenny.  The property has an AMV of €250,000 and features valuable hydro power rights.  Another commercial lot features an 8 bedroomed B&B in Co. Waterford adjacent to Waterford Institute of Technology with an AMV of €380,000.

 

There are also three Dublin based industrial lots including a modern 415sq.m. three story office building in Kilcarbery Business Park (AMV €750,000) and an Industrial Unit  at  5, Dunleer Enterprise Park, Shamrock Hill Industrial Estate Dunleer, Co. Louth.  The newly built unit of 460 sqm/4,950 sq ft includes approx 102sqm/1100sqft offices, with overhead mezz. stores. The price is €340,000 (69e per sq ft).

 

Michael Boyd, Chairman, Real Estate Alliance, “This extensive auction will present buyers with an excellent opportunity to purchase at an average of 15 to 30% lower at auction compared with similar properties that are available for sale by private treaty.  Overall investors can expect at minimum a 40 to 60% decrease in price from the height of the market in early 2007 – there is also some strong commercial value which investors will be keen to take advantage of.”

 

Eimer O’Keeffe, Chief Executive, Real Estate Alliance believes the auction will attract strong buyers with finance in place, She comments, “We’ve been receiving strong interest from buyers - from individuals to large syndicates.  We believe people are ready to invest again - We are hoping for a high success rate at the April auction. Over 500 expressions of interest in the auction catalogue have been received already – this is also reflected in the level of activity on our website which has been up 40% since the auction announcement.” 

 

Auction Summary …

 

No of lots                    45 residential

                                    26 Commercial

Range of locations     22 counties

 

Residential Auction Summary:

Highest price  Residential:   

Ballagh, Bushy Park, Galway City. State of the Art Newly Built
            Residence on a 1.18 Acre Landscaped site.
            2007 Value:  €3.3 million

                        If sold by private treaty today:  €1.8 million

                        AMV €1.5 million

Lowest Price  Residential:   

A Residential site in old Crumlin Road, Dublin  for €85,000

Castlerea Town, Co. Roscommon. €85,000. Residential Site with Full
Planning Permission for 2 Detached Two Bedroom Bungalows
(1,227 Sq.ft & 1,385 Sq.Ft) opposite Castlerea Golfclub
End terrace residence in Navan Town Centre - The property require
modernisation and redecoration.  AMV €95,000.

 

Range of properties   From 1 bedroomed apartments, Residential sites, holiday homes, derelict cottages, 3 & 4 bedroom homes to period country residences.

 

Commercial Auction Summary

 

Highest price
                                    Industrial Unit, Dublin 22
                                    24 The Courtyard, Kilcarbery Business Park, Dublin 22
                                    AMV €750,000

                                    Modern three storey office building extending to c.415 sq.m.

 

                                    Lowest Price (Commercial)

                                    Nursing Home Site, Roscommon

                                    Ballybane Lower, Granlahan, Ballinlough, Co. Roscommon.

                                    AMV €130,000

                                    2007 Valued at €500,000
                                    If for sale by private treaty today:  Estimated price €250,000
                                    c. 2 Acre, 45 Bedroom (54 Bed Spaces) Nursing Home Site

 

Largest Bargain:

Development site with planning features over 60% drop.
            51-53 Grove Street Roscrea, Co. Tipperary. 
            2007 value:  €1,050,000
            2010 by private treaty:  €400,000
            AMV:  €350,000,000
            Development site with full planning permission to construct 517
            Sq. Metres of Ground floor retail and 560 Sq. metres of first floor
            offices.

Range of properties              4 Retail                        6 Industrial opportunities

                                    2 Land             9 Development sites
                                    5 Commercial

 

Range of locations     Range of commercial opportunities with Carlow, Tipperary and Dublin
                                    being prominently featured.