Published: Wednesday, 21st April, 2010 5:00pm

More than a lot for the hammer at giant auction

The business park in Ballyconnell.
Pic by==: 97

"Superb value for those looking to capitalise on low prices" is what's being promised at Ireland's first giant property auction organised by Real Estate Alliance to be held on Friday, April 30, in Dublin's Shelbourne Hotel. Local estate agent, Peter Donohoe And Son Real Estate Alliance, who have offices in Cavan town, Ballyconnell and Carrigallen, will have two properties from this region in the auction: the first comprises two retail units in Ballyconnell Business Park; the second located at Clooncorrick, Carrigallen, Co. Leitrim, consists of circa 4.3 acre lake-view site with permission for a 52-bed nursing home and four semi-detached bungalows. The retail units, at Rakeelan, Ballyconnell (lot 06) are commercial/retail units of circa 7,500 square feet with main road frontage on the Ballyconnell to Derrylin road. "The units would suit a range of businesses," according to the selling agent, who points out that they would be eligible for tax relief. The AMV is €550,000.

At Clooncorrick (lot 36), the lake view site has secured full planning permission and qualifies for capital allowances, according to the selling agent. The AMV is €450,000. According to Real Estate Alliance, the forthcoming auction has received "a phenomenal response from those looking to sell property". Of over 70 lots confirmed, 45 are residential and 26 commercial, spanning 22 counties. There will be a diverse range of apartments and houses, sites, holiday homes, derelict cottages, period country residences, retail units and industrial premises.

The residential properties range in AMV from just €60,000 to €1.5 million. Commercial properties comprise of commercial, retail opportunities, industrial units and land. 

The auction is expected to attract a broad mix of buyers including those looking for commercial business opportunities and those hoping to secure a residential bargain.

Michael Boyd, Chairman, Real Estate Alliance, "This extensive auction will present buyers with an excellent opportunity to purchase at an average of 15 to 30% lower at auction compared with similar properties that are available for sale by private treaty. Overall investors can expect at minimum a 40 to 60% decrease in price from the height of the market in early 2007 - there is also some strong commercial value which investors will be keen to take advantage of."

• Contact Peter Donohoe & Son, Main Street, Ballyconnell at 049-9527560; Main Street, Carrigallen 049-4339708; Bridge Street, Cavan 049-4372829.

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