Belfast Telegraph

Fire-sale auction raises 12m euro

More than 12 million euro worth of properties have been snapped up at a fire-sale property auction.

A Donegal hotel and a block of Dublin city apartments were among the highlights of the sale, co-hosted by Allsop and Space.

There was standing room only as more than 2,000 potential buyers packed into the Shelbourne Hotel for the controversial auction, which sparked heckles from protesters against the sale of repossessed family homes.

Auctioneer Gary Murphy, director of Allsop Space, had to stop proceedings for half an hour until demonstrators were removed from the room.

He said interest in property in Ireland remained keen and that demand was improving.

"It's been very encouraging to see bidders returning to our sales with such enthusiasm," he said. "Irish buyers were competing aggressively against foreign buyers. We had bidders on the phone, proxy bidders and online bidders from all corners of the world including Australia, America, mainland Europe and Asia."

Hotel manager Paul Diver bought his workplace, the 55-bedroomed Sandhouse Hotel in Rossnowlagh, for 650,000 euro, while a picturesque period mill residence on the River Slaney in Co Carlow went for 150,000 euro.

Another lot - a building on Upper Ormond Quay, Dublin 7, which boasted a ground floor commercial unit and eight self-contained apartments - fetched more than one million euro.

Organisers dismissed claims the auction was a distressed sale, insisting one third of the lots were offered on behalf of private individuals.

Robert Hoban, director of auctions, said the percentage of private vendors had increased at every auction. "More and more people want to put their properties out to the open market," he added. "Auctions are now a proven method for successful property disposals and many sellers are attracted by our far-reaching marketing and press campaign."

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