Another Allsops Auction Today

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AllsopSpace return with another auction. We thought after the last auction that that would be them finished for the year but it seems they have an overwhelming volume of business to get through. Times are good in the auction business obviously, and they turned this one around very quickly.

What’s on offer

Today’s sale has 192 lots. The very slight majority are residential or resi-commercial, however the headlines will be made by the more expensive commercial lots. Let’s focus on the residential and take a look at some of the most interesting properties:


Lot 66 – 5 The Cutlers, Parliament Street, Dublin 2

Lot 66 – 1 bed apartment in Parliament Street

The first residential lot up for sale is a 1-bed in the heart of Dublin 2. For only €130,000 this little bolt-hole could be yours. It’s not a bad buy.

Attractive red-brick building, decent size (44 sq m isn’t the smallest apartment I’ve seen) and rented at €9,600 per annum which would reflect a 7.5% return for an investor.

This might appeal to a young owner occupier, someone wanting a crash-pad in central Dublin or a keen-eyed investor.

An ideal location for a rental, close to Trinity, Temple Bar and all the city centre businesses.

Expect this to exceed asking price a little.


Lot 74 – Family home in Dublin 17

We like looking at what typical family homes go for in the Auction to see if real homebuyers should be attending to try to pick up a bargain.

Lot 74 – 21A Newbury Drive, Clonshaugh, Dublin 17

This 3-bedroom, 76 sq m home in Clonshaugh is on a nice road and seems in good condition. The end-terrace position means it should have a bigger garden and is in a handy location for access to the airport, M1 or into the city centre.

They are quoting a reserve of €175,000 which seems good value. Here are three similar properties in the area quoting €245,000 on Glin Drive, €265,000 on Riverside Drive and €250,000 on Riverside Park.

Expect this to exceed that low reserve and see some aggressive bidding. See also Lot 133, a similar 3-bed in Newbury Park quoting €165,000.


Lot 75 – 15 apartments in Glasnevin

Lot 75 – 1-15 Mobhi Court, Glasnevin, Dublin 9

This isn’t a looker but someone will snap this investment property up. 14 one-bed and 1 two-bed apartments in a single block, close to “DCU, The Botanic Gardens and Lidl” apparently.

It’s only about half let which is a bad sign that the condition of some of these vacant units – might need a bit of expenditure to make them lettable. Currently bringing in €58,740 per annum.

That’s not an attractive yield in itself at the upper reserve of €875,000 but if you were to let up the vacant apartments that should put you firmly into double digit returns.


Lot 77 – Holiday home in Dunmore East

This nice little 3-bed home in Dunmore East would be a nice little getaway place.

Reserve not to exceed €75,000.


Lot 80 – Pair of bungalows in Kilmacanogue

Two one-bed cottages in actually very nice condition. Suitable for a pair of rentals or house and granny-flat.

Reserve not to exceed €120,000


Lot 84 – Liffey fronting red-brick terrace

Lot 84 – 5 Arran Quay, Dublin 7

5 Arran Quay is a premier address, albeit this part of the Liffey frontage in Dublin 7 is a bit faded these days. Still this is a rare lot, 5-storeys of historic red-brick overlooking the river. Current arranged as a ground floor retail unit and 5 bedsits above, it is currently completely vacant which is unusual.

Quoting a reserve range of €325,000 to €375,000 this could be anyones guess. The question is what do you do with it? Many investors will probably just keep it in bedsit-style flats but there is the opportunity to invest in an lovely old building to produce a creative office or modern high quality apartments. We shall see.


Lot 85 – Five houses in Blacklion, Cavan

Lot 85 – Six houses in Blacklion

Wow, big opportunity here to purchase 5 completed houses in a new(ish) estate in Cavan. 4 three-bed terraces and 2 four-bed semi-detached homes, all for €210,000. Seems unbelieveable.

The houses appear fairly intact and finished from the outside, although who knows what the inside may hold. This seems a bargain for 6 properties, even in this area. Just €35,000 a piece.

Looking for similar properties, there are almost no family homes for sale in Blacklion. On the shores of Lough Macnean this area look idyllic. It’s even near the Neven Maguire Cookery School.

A bargain to be had for a local developer to flip or rent these in the near future.


Lot 87 – Three-bed in nice Bray estate

Lot 87 – 25A Elgin Heights, Bray

Elgin Heights is a pleasant estate in Bray, off the Killarney Road. This three-bedroom home is a good size at 85 sq m and seems in good condition. End-terrace means it looks to have a good large garden.

But the pricing seems way off. A reserve of €190,000 compared to similar homes on the road on the market for €365,000. The HJ Byrne sale is perhaps quoting too high but there should not be such a disparity.

AllsopSpaces are obviously quoting low on these family homes sales to entice normal homebuyers into the auction for a bargain. Is this giving them false hope? I can imagine a clutch of hopeful families bidding this up to double the asking price and leaving some disappointed.


Lot 93 – Apartment block in Strandhill

This one looks like a wreck but the views must be glorious. 6 apartments in a single block overlooking the sea. Currently all vacant and in need of refurbishment.

Reserve not to exceed €300,000.


Lot 110 – 38 South Hill, Dartry, Dublin 6

Lot 110 – 6 apartments in prime Dartry

This is an exciting one. Modern apartment block of 6 two-bedroom apartments. Overlooking the Dropping Well at Dartry and close to the Luas at Milltown. Each apartment is 82 sq m which is a fairly good size. Fully-let bringing in €88,000 per annum. That means typical rents of €1,200 per month which probably should be €1,400 per month with the way the rental market is going.

This would be the hottest ticket of the residential blocks this afternoon. A well constructed, well let and well located block. Investors will lap this up. Quoting €1,700,000 to €1,800,000 that reflects a yield of less than 5%! Priced hard but it’s probably about right.

Watch who buys this.


Lot 134 – 6 apartments in Clontarf

This is a close second for the most attractive investment of the day. Six apartments (5 two-beds and 1 one-bed) in a prime location in Clontarf, near to Fairview station and within walking distance of the city centre.

Lot 134 – Six apartments in Clontarf

The auctioneer is quoting a reserve of €1,300,000 for a current income of €64,800 per annum. That’s a yield of about 5%. However two apartments are currently vacant so assuming they are relet at the same level (a whopping €1,450 per month) this block would be earning closer to €100,000 per annum.

A fantastic opportunity for a deep-pocketed investor.


That’s our pick of the one’s to watch today. Check out the full catelogue for yourself over at AllsopSpace.ie