Distressed property auction 'likely to be success'

THE ORGANISER OF Ireland’s second auction of distressed properties has said he is “quietly confident” that most of the premises on offer will be sold.

Stephen McCarthy, MD of Space Property, told TheJournal.ie that an auction of ‘discounted’ properties in Cork last week was a “completely different offering” from the 7 July auction of distressed property in the Shelbourne Hotel in Dublin. Only two lots of 63 properties and sites on offer at the Cork auction were sold last week with RTE noting that some people attending believed reserves were too high.

McCarthy said:

That auction involved independent property lots sold on behalf of private owners in mostly rural areas at prices that may not have reflected the place we’re at right now. What we’re selling is property that needs to be sold immediately so the reserves are very attractive. Our clients are mostly banks and receivers who are trying to offload these properties.

McCarthy’s Space company and Allsop auctioneers organised the first auction of distressed properties in Ireland on 15 April last, also in the Shelbourne. At that auction, 82 out of the 83 properties available sold on the day. McCarthy says he expects to sell “between 70 and 80 per cent” of the lots on offer on offer on Thursday of next week. He said:

We have had over 750 viewings and the phone is a lot busier than it was for the previous auction. I think I was surprised at the depth of interest in the April auction and we achieved almost 30 per cent on average over the reserves. I wouldn’t expect the same success, where only one out of 82 properties didn’t sell, but I would be quietly, cautiously confident that it will be a busy day.

As with the previous auction, potential buyers will have to have a 10 per cent deposit with them on the day, and will be asked to sign a contract that is non-negotiable and non-refundable when they lodge the winning bid on a lot. See more details and the full catalogue of properties here.

These are some of the distressed properties going under the hammer on 7 July:

Distressed property auction 'likely to be success'

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Kells, Co Meath - reserve €22,000
A three-bedroom mid-terrace house in Kells, Co Meath for sale at Allsops/Space distressed property auction on 7 July..
Callan, Co Kilkenny - reserve €50,000
Mid-terrace building divided into two self-contained apartments.
Castlebar, Co Mayo - reserve €42,000
Detached three-bedroom bungalow at Knockthomas, Castlebar.
Tinryland, Co Carlow - reserve €40,000
Four-bedroom semi-detached house at Tinryland, Co Carlow
Ferrybank, Co Waterford - reserve €79,000
Four-bedroom detached house at The Green, Clover Meadows, Belmont Road, Co Waterford
Hibernian Avenue, Dublin 3 - reserve €62,000
One-bedroom end of terrace cottage in Dublin 3
Stepaside, Co Dublin - €102,500
A two-bedroom semi-detached house at Stepaside Villas, Co Dublin
Schull, Co Cork - reserve €270,000
The Mill, a three-bedroom detached house with a separate three-bedroom waterside mews house, in Schull, Co Cork
'The Pint' pub, Dublin 1 - reserve €485,000
Freehold licensed pub with tenant on Eden Quay in Dublin city
Ailesbury Road, Dublin 4 - €1.45m
Six-bedroom, semi-detached house in the so-called 'Embassy Belt' of Dublin 4

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