Date
Sector
Investment

Eddisons to Stage Irish Property Auction

 

A leading firm of Chartered Surveyors and Auctioneers, who opened an office in Dublin earlier this year, has announced plans to stage its first Irish auction.

Eddisons provides strategic property advice to financial stakeholders and is holding the sale of mainly distressed properties on November 15, in the Adams Suite of the Shelbourne Hotel, St. Stephens Green, Dublin 2, starting at 2.30pm.

Robert McGreal, head of Eddisons in Ireland said: ‘We have recently been appointed to dispose of a number of properties in receivership which we feel are suitable for sale by auction.

‘The majority of stock is distressed and will be very much priced to sell, which will appeal to investors and owner occupiers alike.’

Eddisons has currently attracted residential and commercial lots, with further instructions invited from receivers and private clients prior to the catalogue closing on October 11.

Stock already confirmed includes a 3 bed semi-detached house in Ennis Co. Clare, with a reserve not to exceed €25,000, and a mixed retail and residential investment in Dublin, generating approximately €76,000 pa, which has a reserve not to exceed €375,000.

Eddisons is one of the most established auctioneering firms in England, conducting 16 auctions every year in Leeds and Manchester, offering stock from the Midlands through to the Scottish Borders.

In 2011 they generated proceeds of £67m from properties sold in the auction room.

The firm has also recently launched a London auction department who stage their first sale on November 21, with five further sales already scheduled for next year.

Mr McGreal added: ’Eddisons is one of the most respected and long standing names in the auction industry, so I am delighted to be bringing their experience to the Irish market.

‘We see this as a viable and transparent method of disposal for a large section of the property industry in Ireland and based upon levels of interest shown by receivers and financial institutions we expect that further auctions will take place in 2013 and beyond.’

To register to receive information about the auction, please email [email protected] or telephone 01 906 0600

 

Written by: Richard Roe on Monday 24/09/2012