The auction will take place at The Radisson Hotel, Little Island, Cork on Friday June 24th, commencing at 12 noon.

Touted by the organisers as “Irelands only discounted property auction”, which of course it is not, the reaction from investors has been decidedly cool. Home buyers in the area have shown an interest but it is unclear whether or not they have the support of their mortgage lenders to bid on the day.

Unlike the earlier Allsop Space auction where apartments were the core offering, there are a number of quality homes under the hammer in Cork. The majority are houses (bungalows and semis) so this will be good news for home buyers.

There are 20 sites available on the day, which is surprising. It will be interesting to see what kind of reaction they receive from buyers. Also, commercial property doesn’t really get a look in with 4/5 properties.

With prices starting from 80,000 euro, the reserves are definitely on the high side and I feel that buyers will recognise that. GMAC did adopt the Allsops ‘Maximum Reserve’ model so it is possible that the real reserve prices of some properties will be significantly lower – I would certainly advise buyers to bid with the expectation that some of the properties will fail to achieve the max reserve as some are simply not worth the max reserve. As always, buyers should have their homework done before entering the auction room. I do not expect that many lots will exceed the reserves hugely like we saw at the earlier auction in April.

To the detriment of other auctioneers, Allsop Space made it look easy at their phenomenal debut last April where almost 15 million euro worth of property sold in just 5 hours but it remains to be seen if FMAC will hit the right note with buyers.

The second GMAC auction is scheduled to take place in September but we will wait to see how Friday goes – will Munster part with mattress money..?

Below is a daft.ie linked list of auction properties (please excuse the poor formatting!)

SITES

Rathstewart, Athy Site €155,000
Milltown, Athy Site €155,000
Borris – In – Ossory Site €15,000
Longorchard, Templetuohy €285,000
Main Street, Emly Site €45,000
Limerick Road, Hospital €23,000
Kingstown, Lusk Site €155,000
Main Street Urlingford €130,000
Dun Chaoin, Dingle Site €20,000
11 Urlingford Business Park €30,000
Ballycuddihy, Johnstown €198,000
Old Convent, Mitchelstown €55,000
Castletownbere Site €180,000
Ardgroom, Beara Site €93,000
Ardscull, Athy Site €105,000
Knighstown,Ballyboughal €125,000
Tullig, Leap, Skibbereen €75,000
Borris-in-Ossory Site €20,000
Dev. sites Urlingford €140,000
Mountrath Business Park €180,000

1 BEDS
Clondulane,Fermoy House €80,000

2 BEDS

40 Castlegreen Avenue,Cashel €80,000
No. 11 Togher Way, Urlingford €75,000
No. 16 Togher Way, Urlingford €75,000
Cashel Town Centre, Apt. €185,000
No. 12 Togher Way, Urlingford €75,000
No. 13 Togher Way, Urlingford €75,000
Chapel Lane, Castletownbere €130,000

3 BEDS
Monmore, Kilrush House €75,000
Bere Island, Beara House €120,000
Kilkee House €135,000
Bere Island, Beara House €75,000
Valentia, Valentia Island €254,000
Ballinahemergy, Cappagh,
Dungarvan House €90,000
Granagh Garden Centre €325,000
38 Neidin View, Kenmare €185,000
23 Mariner View,Castletownbere €110,000
Holly Bar, Ardgroom, Beara €143,000
16 Cluain Ailiin, Dungarvan €130,000
Killeenagh South, Knockanore €145,000
22 Bruhenny, Churchtown, €110,000
Cara Canta, Clogherbrien,Tralee €295,000
Presbetry, Kilmoyley, Ardfert €140,000
Toormore, Castletownbere €180,000
Thurles House €55,000

4 BEDS

Windy Ridge, Castletown €370,000
2 Ard Carraig, Durrus, Bantry €260,000
Knockskeehy, Freemount €150,000
26 Togher Crescent,Urlingford €175,000
Ballyhalwick,Dunmanway €135,000
21 Togher Cresent,Urlingford €175,000
Causeway Village, Kerry €125,000
2 Pairc Na Lair,Milltown Malbay €295,000
32 Neidin View,Kenmare €325,000
Dans ,Valentia Island €230,000
Rylane Village, Rylane €165,000
Foildarrig, Castletownbere €155,000
4 The Coppermines, Beara €202,000
Cloghanacody, Clonmel €295,000

5 BEDS
20 Springfield,Fermoy €295,000
22 Togher Cresent,Urlingford €185,000
Bank Place, Mitchelstown €230,000
Chapeltown,Valentia Island €85,000

8 BEDS
Filane Lodge, Waterfall
Castletownbere
House €390,000

9 BEDS
The Convent Of Mercy
Borris-in-Ossory
House €190,000

COMMERCIAL PROPERTIES:

Mountrath Business Park, Limerick Road
Mountrath
130,680 sq. ft €180,000

Development Land
Gate Lodge, Old Convent
Mitchelstown
0.10 acres €55,000

Investment Property
Cashel Town Centre
Cashel
100 sq. ft €185,000
Filane Lodge, Waterfall
Castletownbere
– €390,000

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