Belfast Telegraph

Man uses crash payout to buy flats

A disabled first-time buyer used his compensation payout from a motorbike crash to snap up a block of flats at Ireland's latest distressed property auction.

David Glennan bought the red-brick period property on Rathgar's Waverley Terrace in Dublin 6 for 459,000 euro in order to provide a monthly income. The site, already divided into eight residential units which rent for 50,000 euro a year, had a reserve of 380,000 euro.

Mr Glennan, who is originally from Naas but lives in Portarlington, said: "It's some building, in a beautiful fantastic location. To get it for under half a million was unreal. It's an income for me now."

The 31-year-old former truck driver is paralysed in his left arm after the nerves in his spine were torn out in a crash when he was driving a motorbike four years ago in Warwick, England.

There was standing room only in the Shelbourne Hotel, Dublin, as more than 1,100 eager buyers packed into the sales room. But the frenzy surrounding the two previous fire-sale auctions, co-hosted by Allsop and Space, was gone.

Also missing was a crowd-puller, like the much sought-after house on Dublin's leafy Ailesbury Road which sold for 2.3 million euro in July.

Stephen McCarthy, managing director of Space property consultants, said he was glad fewer spectators showed up.

He said: "The first two auctions were almost like a day out, it was an event, everybody in our business wanted to come and see would it work. So, now it's very business-like, it's commerce. People are genuinely here to do business."

Just 56 properties that went under the hammer sold for well above reserve prices - but were still far below the sums fetched at the peak of the boom.

They included retail units, a garage, and rental properties, with the highest sale of 1.15 million euro paid for four commercial units and 14 self-contained apartments in Stoneybatter, Dublin 7.

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