On Wednesday one of Dundalk town centre’s most visible building went under the hammer in another large property auction.
Block D, Tain Court, Bridge Street will be sold at the much advertised Allsop Space auction which will see some 127 properties from across the country being bid on.
The reserve on the freehold retail, office and residential property comprises of seven two bedroom apartments, underground car parking and a significant street facing retail space.
The impressive property which overlooks the Castletown River is one of the most notable buildings in the North Dundalk area of the town centre.
Speaking to the Dundalk Democrat, Robert Hoban, Director of Auctions at Allsop has said that has been significant interest in the property.
“It’s definitely a unique property. Having both apartments and retail space means that it’s something of a one a kind, and we are all very interested in how this lot will do.
“There is a reserve of €e300,000. That is to the say that is the lowest price that the vendor will definitely sell at.”
Mr Hoban says that these auctions have proved very popular.
“It’s the transparency of the process that I think people are attacted to,” says Mr Hoban. “Everything is on surface, everything is up front.
“Regarding the price, this is simply going to be determined by the what buyers are willing to pay. With our first auction in 2011 we found that 80 per cent of buyers were cash buyers, whereas in the last sale in July just past it had fallen right down, to point where now 52 per cent of buyers had some kind of finance arrangement. That would indicate that private owners looking for residential properties are back in the market and competing with imnvestors.
“I would say that there seems to be a two markets emerging. On one hand you have urban areas where demand seems to be higher and then you rural areas, where there seems to be less demand at the moment.”
Bumper sales such as tomorrows Allsop Space auction have been extremely successful to date, with investors lining up to buy property at post-crash prices.
There will also be 50 commercial properties, including eight pharmacies, two hotels and six pubs.