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Biggest Irish property auction a success

Thursday, October 04 09:25:38

The largest property auction ever in Ireland has concluded at the Shelbourne Hotel on St Stephen’s Green where Allsop Space managed to sell all but eight of the 118 Lots offered on the day, raising €17,779,000 on the day against maximum reserves for the 110 Lots sold of €13,045,000 – an average of 36.3pc premium on the maximum reserves quoted.

With a 93.2pc success rate on such a large auction, with most of the eight unsold coming very close to the maximum reserves, with not a single sold Lot realising less than its maximum reserve and nearly €18m raised in the space of just over six hours, Allsop Space will no doubt be very pleased with the result of its eighth auction.

An example of the bargains which were snapped up is the Shannon Key West Hotel in Rooskey Co Roscommon which is in fantastic condition, has a loyal local following for food and is a great place for weddings and weekend breaks. It was valued at €2m in better times however the hotel sold yesterday for €400,000