Auction nets €3m worth of property transactions

Almost €3 million worth of property sales were recorded at the latest O’Donnellan & Joyce ‘Wild Atlantic Way’ auction at the weekend.

Auctioneer Colm O’Donnellan said there was “tremendous interest” in the auction, with standing room only.

“Prospective owner occupiers and investors were given a superb selection of property to choose from, especially in Galway City. Bidding was fast-paced,” he said.

The highlights of the afternoon were both properties in Newcastle, just a stone’s throw from NUI Galway and University Hospital.

23 Newcastle Park, a detached five-bed house (with a study that could be used as a sixth) which would make an ideal family home and an excellent investment opportunity because of its location, had an Advised Minimum Value of €400,000.

There were two interested parties, and bids increased in increments of €5,000 before it sold for €440,000.

22 Upper Newcastle Road also has a fantastic location, and offers 6/7 bedrooms over three floors. The mid-terrace property also has the potential to generate up to €38,000 per annum in rent. The guide price was €330,000 and there were two interested parties. It sold for €10,000 above the AMV.

Also sold on the day was a two-bed townhouse on Bridge Street in Ballinasloe in ‘The Oat Gallery’. The AMV was €19,000 and it sold for €27,000 to an investor.

A three-bed apartment at the Station House development in Clifden had an AMV €65,000 – it attracted 29 bids from three separate parties and sold for €101,000.

A modern two-bed apartment adjacent to the Shearwater Hotel sold for €43,000, €3,000 over its AMV.

In Ahascragh, a bungalow in need of modernisation, which had an AMV of €65,000 did not reach the reserve price, bot sold after the auction for €61,750.

On Main Street in Ballinasloe, a ground floor retail unit with a two-bed apartment overhead was sold with tenants in place.  Bidding opened at €45,000 and rose in €5,000 increments to €75,000. The AMV is €60,000 and it generates €650 per month in rental income.

For more, read this week’s Connacht Tribune.