Over €2million for five Laois lots at auction

Five prime Laois properties have been sold at auction for an impressive €2.2 million, all fetching more than the reserve prices set.

Five prime Laois properties have been sold at auction for an impressive €2.2 million, all fetching more than the reserve prices set.

Indicative of a welcome turnaround in the economic fortunes of the county, the five properties were among a total of 160 properties with a sales value of €48 million recorded at the most recent Allsop Space auction.

Two prime local industrial investments, comprising of units within the National Enterprise Centre, Portlaoise and adjoining lands, attracted much attention on the day with the gavel falling on a final combined sale price of €1,820,000 for the two properties.

Dunnes Bar, Main Street, Rathdowney, sold for €72,000. The property is two adjoining mid-terrace buildings providing a former public house with restaurant together with overhead residential accommodation. Reserve on the property was set at €40,000.

Also sold was a parcel of land in Abbeyleix extending to approximately 2.02 hectares. The reserve on the land was set at €25,000 and sold for €87,500.

Lea Building, Main Street, Portarlington fetched well over the reserved price. This is an extensive mixed-use investment building comprising of two ground floor retail units together with four apartments and 12 units in need of refurbishment. Reserve range on the property was set at €110,000 – €130,000 and sold for €265,000.

And various units within the National Enterprise Centre in Portlaoise, along with adjoining lands, was one of the more anticipated lots. This comprised 17 modern warehouse investment units together with a parcel of land. Reserve range on the property was set at €575,000 – €625,000 and sold for €1,000,000.

The adjoining lands extended to approximately 62.29 acres. Reserve range on this was set at €500,000 – €550,000 and sold for €820,000.

Urban and city commercial and residential developments attracted huge interest and recorded the biggest sales of the day at the recent auction in the RDS. Allsop director of auctions Robert Hoban said it was encouraging to see such a healthy appetite in both residential and commercial sectors, adding that rural properties were running at approximately 25% over reserve prices.