Eight prime Westmeath investments sold at Allsop Space auction

Allsop Space recorded strong sales at a packed RDS for their latest property auction. A total of 160 properties sold with a total sales value of €48m.

An exciting combination of prime residential and commercial investments across the county of Westmeath went under the hammer for a total of €997,000.

Urban and city commercial and residential developments attracted huge interest and recorded the biggest sales of the day. A prime residential investment, 20 The Rise, Lakepoint Park, Mullingar sold for €135,000, well above the reserve of €90,000. Prominent retail investment Units A, B, C, 16 Lough Sheever Corporate Park, Mullingar attracted much attention on the day with the gavel falling on a final sale price of €315,000.

Details of the Co Westmeath properties sold are:

Lot 142: 20 The Rise, Lakepoint Park, Mullingar - A semi detached three-bedroom house. The property is arranged over two storeys beneath a pitched roof, with off-street car parking and a garden to the rear. Reserve was not to exceed €90,000 and it sold for €135,000.

Lot 157: 58 Raithin Eoghain, Mullingar - A mid terrace three-bedroom house. The property is arranged over two storeys beneath a pitched roof, with off-street car parking and gardens to the front and rear. Reserve was not to exceed €40,000 and it sold for €77,000.

Lot 180: 59 Raithin Eoghain, Mullingar - A mid terrace three-bedroom house. The property is arranged over two storeys beneath a pitched roof, with off-street car parking and gardens to the front and rear. Reserve was not to exceed €40,000 and it sold for €77,000.

Lot 2: Units A, B, C, 16 Lough Sheever Corporate Park, Mullingar - The property is arranged over ground and part first floors to provide a modern semi-detached retail warehouse subdivided to provide three units. Reserve range on the property was set at €150,000 - €170,000 and it sold for €315,000.

Lot 22: Buddy Cadillac’s, Castle Street, Mullingar - The property is arranged over ground floors only to provide a restaurant unit. The property is set within a wider mixed-use development arranged over ground and two upper floors. Reserve range on the property was set at €50,000 - €60,000 and it sold for €140,000.

Lot 161: Zone A (Folio 16249F ), Mullingar Business Park, Mullingar - The property is arranged over ground floor only to provide a detached warehouse facility. Internally the property comprises office accommodation to the front and warehouse accommodation to the rear. Reserve was not to exceed €45,000 and it sold for €190,000.

Lot 166: 45 Connaught Street, Athlone - The property is arranged over basement and three upper floors to provide a mid terrace commercial building. We are informed the property has been stripped back to its external shell and therefore is essentially a derelict infill development site. Sold for €25,000.

Lot 186: Lands (Folio WH25652F ), Coole - A broadly rectangular shaped parcel of land. Situated adjacent to the Coole Medical Centre. Site area extending to approximately 1.59 hectares (3.92 acres ). Reserve was not to exceed €20,000 and it sold for €38,000.

Robert Hoban, director of auctions at Allsop Space commented after the auction: “We are very pleased with the results of today’s auction. Big premiums were achieved on all of the €1m plus properties 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. Allsop Space 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. The divide between urban and rural properties was evident again with the bigger premiums being achieved in the cities. Rural properties were running at approximately 25 per cent over reserve prices compared to 40 per cent for city properties.”

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