Galway property auction nets €3m

Almost €3 million worth of residential and commercial property was sold under the hammer in Galway last weekend.

The highlight of the O’Donnellan & Joyce auction was the sale of a four-bed semi in Glenard Crescent, Salthill – in need of extensive refurbishment – which sold for €472,000, almost 20% over its Advised Minimum Value.

In Furbo, a stunning six-bed detached house – designed by Hermann Peltz, one of the architects behind the Olympic Stadium in Munich – sold for €485,000.

In Clarinbridge, a large detached house in Stradbally North also attracted huge interest and sold for €340,000 – 15% over its guide price.

Auctioneer Colm O’Donnellan told Tribune Property: “We’re very pleased with the afternoon, considering the huge success of our 2014 auctions and the absence of Capital Gains Tax relief. Investors were still very evident in the auction room and hungry for the quality investment properties we had on offer in the city, all of which achieved excellent prices.

“The demand for quality family homes remains very high in Galway city and county due to the popularity of the location and the lack of building in recent years,” said Mr O’Donnellan.

Demand was huge for investment properties close to GMIT – a six-bed detached house in Heather Grove, Ballybane in need of refurbishment sold fold €137,000 after intense bidding. Its AMV was €125,000.

Investors were also out in force, bidding on a mixed-use development of retail, office and residential units located at ‘Dun Eibhir’ in Furbo. Bidding on this property was intense, with an opening bid of €370,000 and increasing in bids of €5,000 until it eventually sold for €430,000.

Investors were also presents for houses in Ballybane, 23 Bayview Rise, a four bed mid-terrace residence in need of refurbishment, had excellent interest. Bidding started at €60,000 and the auctioneer’s hammer fell at €96,000. 16 Clareview Park also attracted strong interest and sold for €118,000.

A two-bed apartment at Weighbridge House in Oughterard sold for €60,000; while a partially-completed house on 0.5 acres in Brockagh, Corofin sold for €70,000. A two bedroom apartment at 3 Aonach, Ballinasloe sold for €29,500.

There was a variety of land sold on the day including 50 acres of agricultural land in Barna, which sold for €100,000.

A site with full planning permission for six semis in Sliabh Carron, Ennis Road, Gort sold for €36,000.

15.3 acres at Parkroe, Craughwell sold for €135,000 and 16.5 acres of agricultural land in the beautiful area of Kilcornan, Clarinbridge sold for €180,000.