€3m worth of Galway properties set to go under the hammer next month

Residential and commercial properties in Galway with price tags totalling almost €3 million are set to go under the hammer next month.

The 24 lots are part of an Allsop auction of 375 properties – the biggest-ever auction to be held in the country – on September 8 and 10.

A total of 18 residential properties will be up for sale, with total reserve prices not to exceed €1.95m, while there will be six commercial properties with values totalling €935,000.

The auctioneers believe the residential properties – which are ready to let – will help ease pressure on Galway’s rental market.

Robert Hoban of Allsop said: “There is a very strong Galway offering over the two days with opportunities for both commercial investors and owner-occupiers.

“We are encouraged to see a clear growth in prime commercial and residential assets in other urban centres throughout the country.

“In particular, this catalogue provides a significant number of vacant, ready-to-let properties with strong rental potential.

“Against a backdrop of widespread commentary on the effects of a scarcity of rental accommodation nationally, I envisage these being purchased and released into the rental market, helping to balance the supply and demand,” said Mr Hoban.

Among the residential properties for sale is a three-bed apartment on the ground floor of the Lios Ealtan development at Nile Lodge in Lower Salthill, which is being sold vacant with a reserve price not to exceed €210,000.

All of the properties at Allsop auctions have been set a reserve price ‘not to exceed’ – this is the lowest price the vendor is willing to accept. If bidding does not reach the reserve, the seller is not required to sell.

At Ashleigh Grove in Knocknacarra, a four-bed semi-detached investment property is currently rented for €8,400 per annum and has been set a reserve of €200,000.

Another prime residence set to generate interest among bidders is 226 Lurgan Park in Renmore, a four-bed semi with a reserve of €160,000.

In Mahanagh, Corofin, a spacious four-bed detached house has a reserve not to exceed €120,000. The property extends to more than 3,000 square feet and is set on a 1.5 acre site.

The cheapest residential property in the Galway catalogue is on the Dublin Road in Tuam – a three-bed end-of-terrace with a reserve of €25,000.

Investment highlights include a substantial warehouse at Deerpark Industrial Estate in Oranmore, an extensive mixed use building in Milltown comprising a former public house, grocers and undertakers together with eight bedroom residential accommodation and Mellows House in Tuam – a mixed use investment comprising three retail units and two office units.

There are also two warehouses in the Ballybrit Industrial Estate on offer. Units in this location were strong performers at the Allsop July auction, with one (5,700 sq ft) unit selling for €260,000 and adjoining similar size unit for €285,000.

For more, see this week’s Connacht Tribune.