Real Estate Alliance, a network of Irish estate agents, is preparing to join the growing list of property consultants to launch a distressed assets auction.
REA plans to hold its sale at the beginning of October.
It said the catalogue would be heavily weighted towards residential, but would include some commercial lots. Details are currently being finalised with REA’s partner, understood to be an Irish bank.
REA originally launched an auction in April 2010. However, just 27% of lots on offer sold, raising €3.9m (£3.4m).
Chief executive Eimer O’Keeffe said she was confident about the success of the new venture because of the recent upturn in interest in the market.
She added: “We don’t want to offer any old properties and rush through sales. We are taking our time picking the right stock and feel the lots on offer will be priced right.”
Confidence in the appetite for distressed lots in Ireland has grown following the success of a sale by Allsop and its Irish partner Space in April. It sold 81 of 82 lots, and raised more than €15m. Allsop and Space will hold their second sale on 7 July.
Estates Gazette revealed last month that Savills is also planning its first auction in Ireland, in September.
james.a.kenny@estatesgazette.com
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