AUCTION: The next Allsop/Space auction at the Shelbourne will have a house in Ailesbury Road: the reserve sets a new price low for the road
A LARGE period redbrick on Ailesbury Road with a reserve of €1.45 million is likely to be one of the most sought after lots at the next Allsop/Space auction to be held on July 7th.
The reserve price sets a new low for the road, where at the peak of the housing boom similar properties regularly changed hands for over €10 million.
Over 100 properties will be put on the block in the sale, which is the second distressed auction to being held by the UK auction firm and its Dublin associate.
The first sale, held at the Shelbourne Hotel in April, saw all but one of 82 lots of apartments and houses sold under the hammer.
The next sale will have a similar mix of homes and investments, most of which are being sold by banks, with some being offered by owners who want to offload their property portfolios.
The catalogue will be released online on Saturday evening and posted to investors over the weekend.
Number 35 Ailesbury Road is an end-of-terrace redbrick that was originally bought as an investment. The owner intended to redevelop the Victorian redbrick and also planned to build a mews house in the garden.
The mews site has now been cut off and is not included in the sale, leaving a truncated garden with the house.
It’s a solid three-storey house with over 279sq m (3,000sq ft) of living space and good off street parking in front. According to Space MD Stephen McCarthy, the house needs full refurbishment, and this could cost as much as the purchase price.
However, the reserve price is low compared with current prices on the road. Nearby, number 43, a similar house with a truncated garden being sold on the instruction of receivers, is on the market at €2.1 million, down from €2.95 million in January.
Number 43 was originally owned by financier Derek Quinlan who bought it in 2007 for €8.5 million, intending to refurbish it as offices.
Similar redbrick houses changed hands for well over €10 million at the height of the boom. The most expensive house on the road is currently number 22, a large detached house owned by property developer Bernard McNamara: it is being offered at €12.5 million. A modern, period style house, it’s got around 1,486sq m (16,000sq ft) of lavish accommodation.
Allsop and Space had originally intended to concentrate on the lower end of the market for this sale, having had considerable success at the last one with first-time buyers, and parents buying starter homes for their children.
However, the mix for the July sale includes a number of upmarket homes in Dublin 4 and 6 while there are also family homes in Cork.
In total, 45 of the properties will be in Dublin and the majority of these will be apartments with a fresh tranche of units in the Castleforbes development in the north docklands which sold well in the last sale.
Around 20 of the lots will be commercial buildings, according to Stephen McCarthy, while there will also be country properties.
Allsop/Space has built up a database of investors both here and in the UK and McCarthy expects another sell-out sale. “This sale is going to start earlier in the day because there are more properties to get through. We expect to see more buyers this time around and less who are just thee to have a look.”
35 Ailesbury road, Dublin 4
279sq m (3,000sq ft) three-storey redbrick needing complete refurbishment
Agent:Allsop/Space
