AN impressive Dundalk apartment and retail block was snapped up last week for e510,000 at the Allsop Space Auction.
Significant interest had been generated by the property which had been put on reserve at e300,000.
The purchase will have represented good value for money for the buyer, who is now the proud owner of the seven residential apartments, including what was described as a penthouse apartment, and significant road front retail space.
Leaving aside the retail space, the sale leaves an average price per apartment of e72,850.
The property is currently generating in the region of e36,000 per annum, reprsenting a year return on investment of about seven per cent.
Other properties in the region sold on the day.
15 Bridge Street, Dundalk, Co Louth had a reserve of e40K, and sold for e62,000. 55 per cent above reserve.
A property at Carrickmacross Road, Ardee, Co Louth reserve e100k sold for e180000. 80 per cent above reserve.
A terraced home in Carrick, namely 21 St McCartans Villas 3 bed Terraced House reserve e25k sold for e57K. 128 per cent above reserve.
The Allsop Space auction sold a total of e17.8 million worth of properties, with all but eight selling.
Allsop Space estimated that about 2,700 people attended the auction, with 60 other people taking part through online and telephone bidding.
The auction featured 127 lots – eight were withdrawn prior to the auction – and included four houses on Greenhills Road in Walkinstown that were sold as one lot for e560,000, which was e200,000 over the reserve price.