100% Success at Inaugural Irish Auction
Chartered Surveyors and Auctioneers Eddisons sold 100% of the lots offered at its first ever Irish property auction.
All eleven lots attracted buyers at the sale which took place at The Shelbourne Hotel in Dublin, generating proceeds of €1,585,000.
Robert McGreal, head of Eddisons in Ireland said: ‘This was a phenomenal performance for what was our inaugural Irish auction.
‘The sale room was packed with investors who reacted positively to all the stock, most of which significantly exceeded the reserves we had set in conjunction with our clients.’
Among the highlights was a tenanted commercial unit at the City North Business Park in Stamullen, generating income of €24,000 per annum, which sold for €210,000, a yield of 11.4%. The reserve was not to exceed €95,000.
Elsewhere, a mixed retail and residential property in Dublin comprising two retail units and five apartments, producing annual income of €74,500, sold for €395,500, a yield of nearly 19%. The reserve for the property at Marys Abbey was not to exceed €375,000.
Residential highlights included a tenanted two bedroom apartment at Ivy Exchange in the centre of Dublin. The property which generates annual income of €16,800 sold for €173,000, giving a yield of 9.7%. The reserve was not to exceed €129,500.
Meanwhile, a vacant four bed end of terrace house in need of repair, near Ennis town centre, sold for €36,500, off a reserve not to exceed €18,000.
Mr McGreal said: ‘The result of the sale proves that the auction room is a viable and transparent method of disposal for property in Ireland.
‘We plan to stage further sales in 2013 and beyond, and look forward to working with receivers, financial institutions and private vendors.’
Written by: Richard Roe on Friday 16/11/2012