28 November 2016
By Bryan T. Smyth
Allsop are bringing over 240 properties to the market for their final auction of 2016, an Online Auction to be held on Tuesday 13th December. The catalogue, which features 13 Cork properties, totals more than €37m on reserve. All of the properties can be viewed here.
Jonathan Fenn, Allsop’s Divisional Director, commented on the launch of the December auction:
“Despite the potential for market uncertainty in a year that has witnessed both a General Election and Brexit, our results to date suggest a healthy investment market. Housing remains in short supply so we expect our December catalogue, which features 182 residential and 60 commercial properties, to draw significant interest.”
“Those looking for a house with character will have an interesting selection to consider – from the panoramic views of Cork Harbour offered by Mount Alto in Cobh to the twelve bedroom Old Rectory in Killeshandra, we’re very pleased to bring such an exciting variety of properties to the market as the year draws to a close.”
“Our Online Auction technology, first introduced to the market in 2015, has proved very popular with a wide range of buyers. 2016 to date has seen over 2,500 bidders place more than 10,000 bids resulting in the sale of 430 properties. More than €70m has been spent with 70% of buyers local to the property that was purchased. The range of properties that has been sold using the online platform – from income-producing commercial assets to three bedroom family homes – is proof that moving the property transaction process online is a welcome innovation.”
The highlight of the Cork offering is Mount Alto in Cobh, a beautiful six bedroom house boasting panoramic views over Cork Harbour. The property extends to approximately 501 Sq. m and is reserved at €375,000 – €385,000. Other residential highlights include 2 x three bedroom terraced houses in Greenmount offered as one lot and reserved at €190,000 – €210,000; an end of terrace three bedroom house in Passage West reserved at €185,000 – €195,000; and a mid-terrace two bedroom house in St. Lukes reserved at €155,000 – €165,000.
On the commercial side, there is a mixed-use investment on Washington Street West in Cork City comprising a ground floor retail unit with 3 apartments overhead. The retail unit is let to Grand Cru Wines Limited t/a Fine Wines at an annual rent of €30,000 and the property is reserved at €400,000 – €425,000.
A statement from the firm concluded: “Allsop stand by their pledge not to handle the sale of repossessed family homes, or any properties subject to a legal dispute.”