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Major end-of-year property auction pulls in €35 million

Allsops has noted a number of vacant residential properties being bought in Dublin.

THE FINAL ALLSOP auction of 2015 has taken place with a serious amount of commercial and residential property being shifted.

In total sales amounted to €35 million, with a total 192 properties being sold.

This happened in Dublin’s RDS earlier this month with the property consultancy group releasing details about the sale yesterday.

The biggest item auctioned off was the Meakstown Shopping Centre, located near Finglas in north Dublin – a multi-unit retail investment.

It went for just over €3 million.

meakstown shopping centre Meakstown Shopping Centre

Speaking about the sale, commercial director and auctioneer Robert Hoban said:

“As the year draws to a close, we can see healthy interest in solid investments located in areas of high population.

Displaying a vote of confidence in the Dublin suburban market, a shopping centre in Finglas made almost €1 million over reserve price, and a restaurant investment in Swords saw bidders record a 54% increase on reserve price paying €1.85m for Masterson’s Steakhouse.

The property consultancy group noted that there had been some positive developments as far as residential property was concerned.

Although the property market in Dublin had been mostly flat, a large number of vacant properties had been bought up and would be coming onto the stretched rental market.

Its biggest selling area for residential properties in this auction was Rathmines, where total sales broke the €1 million mark.

In terms of commercial sales, big sales included a Tesco Express Unit sold in Co Kildare for €950,000 and a restaurant and office investment sold in Swords for €1.85 million.

Read: This shopping centre has just been sold for more than €3 million

Also: JD Wetherspoon will turn this former church into a massive Dublin city-centre pub

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