Premium Prices for Development & Investment Properties at April Auction
Allsop witnessed a busy day of property transactions at their auction on Thursday 28th April with 147 properties sold and total sales in excess of €20m. Top performers on the day included Dublin tenanted properties; apartments throughout the county - 92% sold; houses in Munster where only one property failed to sell, and commercial properties in urban locations.
Commenting on the auction results, Jonathan Fenn, Divisional Director, Residential, Allsop said:
“An 85% success rate, growing towards 90% including post auction sales, represents our highest in-room result to date in 2016. It was evident that investors are dominating the auction room and driving strong prices, given the strength of the rental market”.
“Dublin proved to be the most attractive location for investors with 11 out of 13 tenanted investment properties selling. Yields achieved ranged from 8-9% on the gross income, with even narrower margins on well-located properties. “
Multi-unit properties proved very popular and include two Pre-63 houses in Glasthule, each arranged in 10 residential units and both selling in excess of reserve after competitive bidding - 10 Eden Park sold for €645,000 and 7 Eden Park sold for €615,000. Other highlights include 4 x two bedroom apartments in Clondalkin and a detached house with five terraced houses in Monasterboice, both selling after the auction.
Dublin city apartments drew a lot of interest and include a one bedroom ground floor apartment on Townsend Street sold for €160,000 and a third floor two bedroom apartment on Parnell Street sold for €180,000.
Other property highlights include a detached four bedroom house in Youghal which garnered a high level of pre-auction interest and did not disappoint on the day, selling for over 3 times the reserve at €260,000; Togher House, a detached twelve bedroom period house in Monasterevin sold for €440,000 after vibrant bidding in the room; and a detached four bedroom house in Galway sold for €305,000, €70,000 over reserve.
There was a clear demand for commercial properties nationwide with a large proportion of those sold achieving sales prices well in excess of the reserve. Retail and industrial lots in urban locations were strong sellers, highlights include a pharmacy investment in Swords that sold for €460,000 – over double the reserve; a modern end of terrace warehouse investment in Walkinstown sold for €335,000; and a warehouse investment in Waterford sold for €330,000.
In Dublin City Centre, a retail unit on Blackhall Street with two bedroom duplex apartment overhead sold for €255,000 and a three storey mid-terrace derelict building on Abbey Street sold for €170,000.