Chartered Surveyors and Auctioneers Eddisons sold 100% of the lots offered at its first ever Irish property auction.
All eleven lots attracted buyers at the sale which took place at The Shelbourne Hotel in Dublin, generating proceeds of €1,585,000.
Robert McGreal, head of Eddisons in Ireland said: ‘This was a phenomenal performance for what was our inaugural Irish auction.
‘The sale room was packed with investors who reacted positively to all the stock, most of which significantly exceeded the reserves we had set in conjunction with our clients.’
Among the highlights was a tenanted commercial unit at the City North Business Park in Stamullen, generating income of €24,000 per annum, which sold for €210,000, a yield of 11.4%. The reserve was not to exceed €95,000.
Elsewhere, a mixed retail and residential property in Dublin comprising two retail units and five apartments, producing annual income of €74,500, sold for €395,500, a yield of nearly 19%. The reserve for the property at Marys Abbey was not to exceed €375,000.
Residential highlights included a tenanted two bedroom apartment at Ivy Exchange in the centre of Dublin. The property which generates annual income of €16,800 sold for €173,000, giving a yield of 9.7%. The reserve was not to exceed €129,500.
Meanwhile, a vacant four bed end of terrace house in need of repair, near Ennis town centre, sold for €36,500, off a reserve not to exceed €18,000.
Mr McGreal said: ‘The result of the sale proves that the auction room is a viable and transparent method of disposal for property in Ireland.
‘We plan to stage further sales in 2013 and beyond, and look forward to working with receivers, financial institutions and private vendors.’
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.