Allsop Ireland raised €53.6m (£39m) from its most recent residential and commercial sales – reflecting a 70.5% overall success rate.
At the residential sale, 133 lots sold out of 193 offered, raising €26m, while at the commercial sale 75 lots sold out of 107 offered, raising €27.6m.
Growing demand for residential investments sparked competitive bidding on the day. Properties on offer ranged from houses and blocks of flats to development opportunities.
Residential highlights included a modern development of 10 homes in Wesley Place, Dublin, offered on behalf of receivers. The city centre lot is arranged as eight three-bedroom townhouses and two two-bedroom townhouses.
The homes, which produce a total rent of €204,000 per annum, sold for €3.5m – a 5.8% yield – to a German investor.
Development opportunities also did well. A housing scheme at Gortenora, Co Kerry, comprising 46 flats, 12 of which are completed to shell and core, and ranging in size from one to five bedrooms, were offered on behalf of receivers and sold to a US developer for €2.9m.
A prime office investment, Sandyford Business Centre, Dublin, was the star lot at the commercial auction.
The two-storey semi-detached red brick office sold for €1.6m – more than €380,000 above reserve.
The building comprises two offices of 41,000 sq ft in total and produces annual rent of €102,205. It was also offered on behalf of receivers and sold to a private investor at a 6% yield.
Shops and tenanted properties were also strong sellers. A portfolio of four Paddy Power bookmakers in Crumlin, Ballybrack, New Ross and Cashel sold in excess of its reserve for €490,000 to a private investor. The sale price reflected an 8.3% yield.
Allsop Ireland director of auctions Robert Hoban said: “Buyers are cautious. The bidding was focused on particular properties with prime Dublin investments and well-priced properties in Cork, Limerick and Galway performing well.”
The auctions took place on 21 and 22 April at the Royal Dublin Society.
