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(Pic: Allsop Space)
A GOLF COURSE and a four storey office block are among the lots being sold at an auction next week being descibed as “record breaking” by organisers.
The auction will be held next week at the RDS Concert Hall in Dublin and will have 150 commercial and residential properties with a combined valuation of about €23 million.
The public auction is being held by Allsop Space with the venue being changed after a similar auction in July was abandoned after protestors from various groups gained access to the auction room forcing organisers to halt the proceedings.
Protests also took place at an Allsop auction at the RDS last month with the auctioneers having to confirm that no repossessed homes had been sold.
Ahead of next Tuesday’s auction, Allsop have reiterated that no repossessed family homes would be sold at any of their auctions.
The most expensive property being sold is a €2.8 million valued four storey office block in Limerick, River House on Charlotte Quay. The property is currently being occupied entirely by the Office of Public Works at an annual rent of between €340,000-€370,000 a year. The current lease with the OPW lasts until 2022.
Another of the notable lots set to go under the hammer is an 18-hole golf course together with a golf club, practice area and pitch and putt course. Woodlands Golf Course situated north west of Naas, Co. Kildare is on a 127 acre site and has a current tenancy agreement that expires at the end of this month.
Woodlands golf course and golf club. (Pic: Allsop Space)
The most expensive residential house up for grabs in the auction is a five-bedroom semi-detached period home (top picture) on the Lower Drumcondra Road which has a reserve of between €500,000-€550,000.
The auction catalogue shows that about 90 out the properties up for sale are available at under €100,000.
The auction takes place next Tuesday 10 December 10th with registration beginning at 9 AM and the auction itself at 11 AM.
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The OPW are have 9 years left on a lease at €350k rent pa =€3.15m. The building is estimated to sell for €2.8m.
Why dont OPW buy the building.
Sounds like a no brainer investment I’ll just nip out to the bank and get a loan!
The costs of running a building that size can be astronomical! Paying rent is generally risk free for them as somebody else has to fix/maintain the whole thing. Even the salaries of just the security, cleaners and maintenance staff would be in the hundreds of thousands each year.
You don’t have a €3m asset at the end of your lease..
Cleaners and security would be the responsibility of the tenant.
I will pay, 1 million dollars. ..
It’s the OPW, fix and maintain is what they do.
Allegedly.
Yes Paul.
You don’t have a €3m asset at the end of your lease.
When the OPW move out and leave you with a rotting shell.
It will sell for alot more.
That’s life ,
Someones misfortune is someone Else’s gain.I am going to buy the golf golf and turn in to a game park where you can hunt Bankers,speculators,Property Developers,Builders and Politicians.. Tea, refreshments and B+B available …
I suspect you’re renting, and lost nothing. Maybe I’m wrong, but I don’t think so.
Perhaps, under a fake name, and we’ll include the gusto too, you can simply identify on a human level with those that got burned – and I’m not one of them.
Change your name to ‘Gung Ho anonymous tough guy’. Good on you lad.
Well that escalated quickly lol!
I’d like to know who all the cash buyers are?
Politicians?
Bond holders?
Rich Germans and Americans?
No doubt Irish journalism will let us down just like it did for the crash!
Emmet
Theres a programme on mon nite /rte1@9.30 ,saw the trailer
Its called whos buying ireland..worth a look.
Thanks I’ll give it a watch
This is getting beyond a joke, selling our souls for a song. Just to be the poster boys of Europe, history will not be kind to us :(
Would love that golf course…my own best customer..
Go halves on it?
I’m going to go to my bank on mon & borrow the money. Anyone want to come in as an investor!!!!!!!!!!!!!!!1
nothing worthwhile re residential stuff in dublin. all commercial / investment stuff or way outside the city. holding on to that stuff until prices rise?
Even though I’ve had my differences with Peter Richardson, at least the guy turned up at an allsop auction and protested.
At least the guy has honour, self respect, dignity, humanity, conscience……..
Jesus Christ Peter, you’re a dying breed fella……
Protested what exactly? The sale of property slinging to people who vastly over extended themselves and had to give it back?
Hard to understand why they weren’t just allowed to keep it alright.
Belonging to people.
I had a good laugh in his face :D
Forbes magazine will be so proud that they picked us
And the vultures circle and circle, and all comes to pass ad the ‘hedge fund’s and the “managed fund’s desire. Ever feel like a complete schmuck?
Heard the golf club got into trouble for not allowing women members and because of discrimination laws and equality they decided to ban men also.
No doubt a chinese third party have already bought this property,the auctioneers are just going through the motions,this sale of our valuable assets must stop .NAMA must be shut down ,it is as corrupt as our elite politicians ,shut them all down
The wealthy Chinese (Asian looking takeaway owner) and the (people with) Russians (ish accents) people will buy it all up.
They have gone off London, New York and Paris this year.
They are tearing into Irish market to pick up some badly built sh1tholes in Tallagh and some swapland ghost estates in Leitrim instead.
Great place to pick up a bargain, long may it continue :)
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