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.

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.”