An Irish street lined with shops, a Dublin park and three pubs will be among the assets offered for sale next month in Ireland’s largest one-day commercial property auction.
The shopping promenade of 18 buildings in Clonmel, a town about 110 miles (175 kilometers) southwest of Dublin, will have a maximum reserve price of 900,000 euros ($1.2 million), according to Robert Hoban, director of auctions at Allsop Space. Commercial lots will exceed residential for the first time at the firm’s ninth real estate auction in Dublin on Dec. 4.
Ireland’s commercial property market is showing signs of stabilizing with demand in Dublin for prime office and retail space coming mainly from overseas investors. Commercial property investment the first nine months of this year was about 230 million euros compared with 192.2 million euros in all of 2011, according to CBRE Group Inc. The total was 3.04 billion in 2006, said Marie Hunt, the broker’s research head in Dublin.
“We are getting contacted by more and more clients with commercial property that they want to sell,” Allsop Space’s Hoban said. “It is reflective of the supply of commercial property that is there to be sold. There is no shortage.”
The 2-acre (0.8 hectare) Georgian square park in Dublin’s affluent Ranelagh district is being offered with a maximum reserve price of 140,000 euros. The Moonduster pub and restaurant in Crosshaven, about 20 kilometers from Cork, is among properties up for sale. Offices, shops, as well as industrial properties and sites will also be auctioned at Dublin’s Shelbourne Hotel.
Half the premises on the Clonmel shopping street are vacant, and two aren’t included in the sale. About two thirds of the lots are being sold on behalf of receivers. The rest comes from private owners, according to Hoban.
A block of 10 apartments in Galway City in the west of the country and a row of five houses in a Dublin suburb will be among the residential properties on offer, according to Allsop Space. House prices in the Irish capital are down 55 percent from the height of the property boom in 2007, even after a 2.6 percent increase in September, according to Ireland’s Central Statistics Office.