A mixed commercial and residential property at Baldwin Street in Mitchelstown sold at auction in Dublin recently for €257,500 – €77,500 over its reserve price.

The property consists of two retail units with long leaseholds with six apartments, four one-bedroom units and two two-bedroom units on the first and second floors. There’s also a two-bedroom bungalow to the rear. The property attracted considerable interest with multiple bidders on the day.

“A lot of interest was recorded during the marketing campaign with over eight parties having inspected the Contracts for Sale prior to auction,” Robert Hoban, Director of Auctions, Allsop Space, told The Avondhu this week. He would reveal only that the buyer is from Cork.

The Allsop Space property auction, held in the Shelbourne Hotel, saw 150 properties, both commercial and residential, from all over the country go under the hammer. Many of the properties were sold under instructions from receivers in what’s known in the industry as a ‘fire sale’, i.e. knockdown prices for quick sales.

FERMOY PROPERTIES UNSOLD

Two properties in Fermoy, also offered at the recent auction, failed to attract buyers. The former Juniper Restaurant and Poachers Lodge premises at Kent Street, had a reserve of €190,000. The 3,000 sq. ft. property has two self-contained one-bedroom apartments overhead. The second was an apartment block known as the Doll Factory apartments, on Newmarket Street, just off Pearse Square which had a reserve of €100,000. Both properties remain for sale through Allsop Space.

A five-bedroom detached bungalow in Ballyhooly, meanwhile sold for its reserve price of €95,000.