Allsops Space Auction 25th Feb 2014


Absolute Insanity


lot 17 ???

Lot 18, Unit 7 Block E, First Floor Nutgrove Business Park reserve €80k not sold

Lot 19 sold prior

Lot 20, 13, 14, & 15 Mainguard Street 2 bed Investment reserve €1.9m sold for €1900000

Lot 21 sold prior

Lot 22, Commercial Unit Old Oscar Cinema, Henry Street Investment reserve €35k sold for €35000

Lot 23, The Shebeen Bar, New Street Investment reserve €10k sold for €37500

Lot 24 sold prior

Lot 25, Unit 18, Castle Mill Investment reserve €40k sold for €52500

Lot 26, Unit F4 Network Enterprise Park Investment reserve €30k sold for €80000

Lot 27, Main Street, Killeshandra Investment reserve €40k sold for €88000

Lot 28 withdrawn

Lot 29, Unit 4, 6 & 8 Meadowside, Dromina Investment reserve €40k sold for €45000

Lot 30, Unit 5 Block F, Riverview Business Park, Nangor Road, Clondalkin reserve €50k sold for €117500

Lot 31, Moneen Industrial Estate WITHDRAWN

Lot 32, 77, 78, Tullow Street, Carlow Investment reserve €525k sold for €550000

Lot 33, The Crazy Crab Restaurant Investment reserve €85k sold for €185000


I wonder are 38 and 39 Hammond street owned by the same developer.

Lot 1, 38 Hammond Street, Blackpitts 2 bed Cottage reserve €150k sold for €162500
Lot 81 39 Hammond Street, Blackpitts 2 bed Cottage, reserve €150k
They are tiny


There’s a couple more Hammond Street properties coming up. We may get the full cycle of market emotions in one day if we’re lucky.


Pure cringe on the news last night at them actually negotiating with the Countess Markovich crew, why didnt they just call the Guards and get rid of them then get restraining orders or something?


Lot 34, Boylesports Headquarters, Finnabair Business & Technology Park reserve €1400k sold for €1875000 #irishauction
Lot 34A, The Magic Carpet Centre, Old Bray Road reserve €1650k sold for €1825000 #irishauction
Lot 35, Unit F2 Grants Lane, Greenogue Business Park reserve €575k sold for €970000 #irishauction
Lot 36, Old Cinema, Clancy Terrace Investment reserve €95k not sold #irishauction
Lot 37, Land (comprised in Folio LD13064F) at Roscommon Road reserve €65k not sold #irishauction
Lot 38, Unit 3 Deerpark Business Park, Dublin Road, Carlow reserve €60k sold for €87000 #irishauction
Lot 39, 15 Quay Street Investment reserve €475k not sold #irishauction
Lot 40, Units 1-3, 5-9 The College Shopping Centre, Glen Heights Road reserve €275k sold for €275000 #irishauction
Lot 41, St. Cronans, Wyvern Street Investment reserve €240k sold for €240000 #irishauction
Lot 42, Cavendish Lane Car Park, Hopkins Road investment reserve €270k sold for €290000 #irishauction
Lot 43, Unit 5 Thorn Road, Magharennan Investment reserve €50k sold for €90000 #irishauction
Lot 46, The Castle Park Hotel, Baldwin Street Hotels & B+Bs reserve €150k sold for €150000 #irishauction
Lot 47, Suite 29 Block D, Beacon South Quarter Investment reserve €95k not sold #irishauction
Lot 48, Unit 4 Airport East Business Park, Farmers Cross reserve €145k not sold #irishauction
Lot 49, Premises at, Bracetown Road Investment reserve €275k not sold #irishauction
Lot 50, 26 & 27, Bridge Street Investment reserve €25k sold for €32500 #irishauction
Lot 51 has been postponed #irishauction
Lot 52, Waterpark House, Church Road reserve €370k not sold #irishauction
Lot 53 & 54 have been withdrawn #irishauction
Lot 55, Unit 9, Mill Business Park, Ballaghaderreen reserve €20k sold for €55000 #irishauction
Lot 56, Site At, 6 Tullow Business Park, (Folio CW25905F) reserve €20k sold for €28000 #irishauction
Lot 57, 3rd Floor Mahon House, Upper William Street reserve €65k sold for €65000 #irishauction
Lot 58, The North Main Street Shopping Centre, North Main Street reserve €750k not sold #irishauction
Lot 59, “Former Grainne Og”, Church Street reserve €80k sold for €150000 #irishauction
Lot 60 withdrawn #irishauction
Lot 60A, 19, 20, George’s Quay reserve €200k not sold #irishauction
Lot 61, 90 Upper Drumcondra Road 1 bed Investment reserve €375k sold for €467500 #irishauction

Lot 62, Unit 2A, JFK Park Killeen Road Industrial reserve** €35k sold for €250000** #irishauction

lot 62…


Not sure why so many on here slag off these auctions. I don’t think the intention is to have lots of prime residential stuff on it. There’s tonnes of decent commercial opportunities I’m seeing here, some crazy prices on some of the lots but there are ones that make a lot of sense. That unit in Limerick that sold for 150k early for example…


This sold for 810k - with a whopping yield of 22%. Could someone explain what’s wrong with it?


lease expires in 4 years. Expect a significant drop in rent from then.


There’s at least one big tech start up moved into the area. A big building development also started up again after lying idle during the recession. Gentrification is on the cards. So price makes a certain sense.


Anybody really see Loughrea continuing to have an Ulster Bank branch after the end of the lease?


From the IT … -1.1704183

That doesn’t sound right, from buying a car on ebay to spending €810,000

The craziest thing I read from that article was about the Castlepark Hotel in Mithcelstown, bought for €150,000, looks like it was bought for more sentimental reasons!

Why would you sink that much money on a building if you don’t know what your going to do with it. Crazy stuff


Sounds perfectly like the usual Irish financial acumen to me XX


Was thinking pretty much the same

Shur you can’t go wrong with bricks and mortar :sick:


To be fair, if anything is yielding a guaranteed 22% yield i’d invest in it, brick or no bricks.
Even with a drop of 50% in the rent afterwards its a pretty good investment. not all investments are dumb. Shur you can get 2.5% by leaving it with Ulster bank with 41 % DIRT.


Serious potential for a 100% drop in rent afterwards.


Even if the rent dropped from 180k to 18k it would still be worth it. Four years of 180k rent = 720k, so you’d have recovered all of your 810k except for 90k (ignoring tax and maintenance costs). Even a paltry 18k rent per year after the lease expiry would mean you are left net-net with a 20% yield on 90k. And you’d be free to re-invest the 720k as you wished.


Won’t half disappear in tax? So that’s leaves about 450k sunk which gives a 4% yield @ 18k p.a. (to use your own “even if” number).

Ignoring maintenance.


That’s assuming Ulster Bank don’t up sticks and leave before the 4 years are out and then it gets messy.

Anyways my initial point was that its crazy to have only ever bought a car on Ebay and then to go and splash the guts of a million at an auction on a property play but sure hey - maybe I’m just crazy.

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