Sale of ex-tycoon’s stud is highlight of major auction

More than €2.3 million worth of residential and commercial property across Galway has been sold at the latest Allsop Space auction.

One of the highlights of the auction was the sale of Glenview House Stud in Athenry for €500,000.

The 43-acre farm, which includes 28 stables, was once the jewel in the empire of property developer Stephen Harris (Harrmack) during the Celtic Tiger boom, when he purchased more than 60 racehorses. Several of Mr Harris’ companies have been liquidated.

An unfinished block of nine apartments on Dominic Street in Portumna sold for €105,000 – which works out at less than €12,000 each.

An adjacent block at the Clos an Iarla development comprising three retail units and five 2-bed apartments overhead sold for €150,000.

In Tuam, a total of 11 warehouse units (subdivided into 13) at the MG Business Park on the Galway Road have been sold for €420,000. Five of the units are vacant, while An Post occupies the largest, with a yearly rent of more than €41,000. At the moment, the annual rent roll is €60,000.

A total of 26 lots in the city and county went under the hammer at the auction last week.

Robert Hoban of Allsop Space told Tribune Property the catalogue was “an exciting combination of prime residential and commercial investments across the county of Galway that will echo the demand and recovery in the property market.

“Big premiums were achieved, leading to a belief that the expiry of the Capital Gains Tax at the end of December this year had a significant impact on sale prices. We expect our December auction to be potentially bigger than this, which will provide an outlet to both buyers and sellers to complete transactions before the expiry of the CGT. It is encouraging to see such a healthy appetite in both residential and commercial sectors,” said Mr Hoban.

Sixteen of the Galway lots sold under the hammer and a number were sold immediately afterwards for an undisclosed price. Four were withdrawn prior to auction.

Viewing on desktop? Click to enlarge