Monday, March 7, 2011

Cut-price homes to go under the hammer - The Irish Times


AN APARTMENT in Temple Bar for €80,000, a large mews house in Ballsbridge for €600,000 and an apartment in Portlaoise for €35,000 are among properties to be auctioned next month by Allsops, the British auctioneer that specialises in selling for banks and receivers.

The auction, which will be run jointly with Dublin estate agency Space, will see houses and apartments put on the block at prices well below those being asked for similar homes in their areas.

The auction, set for April 15th, will offer over 80 properties, including homes seized by lending institutions from owners who can no longer to pay their mortgages.

Just three of the properties are being listed by owners themselves – the rest are in the hands of receivers.

A full catalogue will be available tomorrow, according to Space’s Stephen McCarthy.

Final reserve prices will be set closer to the auction – or even on the day. Meanwhile each property has been given a maximum reserve price. The final reserve price will not exceed the published figure and in some cases will be set at a lower level.

For example, in the case of the Ballsbridge mews, 42 Raglan Lane, the reserve will not exceed €600,000. The stone-clad 213sq m (2,300sq ft) mews has a roof terrace, a balcony and a patio.

Potential buyers will have to download all the documentation from the company’s website, inspect properties and carry out their own surveys before the auction, said McCarthy.

As well as the mews premises, houses for auction include a detached four-bed on a large site next to Milltown Golf Club at 106 Churchtown Road Lower, Dublin 14, with a top reserve of €400,000, and a three-bedroom semi needing refurbishment at 7 Meadow Villas, Dundrum, Dublin 14, with a top reserve of €290,000.

Apartments include a leasehold open-plan studio at 1 Lensmen House, Essex Street, Temple Bar, Dublin 2, with a top reserve of €80,000; a two-bedroom leasehold penthouse at 6 Rookwood View, Stocking Lane, Rathfarnham, Co Dublin, which has a tenant, an annual rent of €13,140 and a top reserve of €145,000; a leasehold two-bed with a sitting tenant at 432 Castleforbes Square, Upper Mayor Street, Dublin 1 – it has an annual rent of €13,800 and a top reserve of €140,000; and a two-bed long leasehold apartment at 4 Bridle Walk, Kilminchy, Portlaoise, Co Laois, with an annual rent of €5,520 a year and a top reserve of €35,000. Half of the properties have tenants in place, the rest are ready for occupation.

The only commercial unit announced so far is a freehold two-storey retail unit with a pharmacy on the ground floor paying an annual rent of €35,000 and a vacant first floor. It’s at 11 Lord Edward Street, Kilmallock, Co Limerick, and has a top reserve of €140,000.

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