Prominent investment building sells for €50k above reserve price

A PROMINENT mixed use investment building in Terenure sold for €50,000 above it’s reserve price at the recent Allsop auction on February 23.

Park House, comprising a crèche and four apartments with an annual rent of €84,600, sold for €1,151,000 million, reflecting a net initial yield of 7.03 per cent with potential uplift from two vacant apartments.

park house terenure

The Ashdale Road property is arranged over basement, ground and first floors to provide a prominent semi-detached Victorian style mixed use building.

Meanwhile, a mixed use building located beside the entrance to Richmond Park in Inchicore, exceeded it’s reserve price.

Property 145 Emmet Road, Inchicore, sold for €197,000 – well above the €115,000 - €125,000 reserve range.

Other mixed use properties at 193 Emmet Road and 197 Emmet Road were sold after the auction.

An apartment in Weavers Court, Clondalkin, sold for €118,000.

There was no successful bidder for a boarded up property at 18 Drumcairn Gardens, Tallaght, which had a reserve price of €145,000 to €155,000.

The Hub bar in Crumlin Village was sold prior to the auction – it had a reserve range of €440,000 to €460,000.

More than 800 bidders registered for Allsop’s first auction of the year, resulting in over 3,000 bids and total sales of over €22 million.

Richard O’Neill, Director at Allsop, said: “With bidders out in force, it was a good day for sellers who benefitted from heated competitive bidding which drove prices well above reserves. Commercial investments and multi-unit residential investments were in considerable demand.

“An auction day success rate of 87 per cent was recorded – our highest single-day success rate since the first quarter 2015. With post-auction sales, this figure has risen to 90 per cent, and we expect it to climb further."

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