Buyers chase value at O’Donnellan & Joyce auction

No 17 William Street West, sold for €460,000.

No 17 William Street West, sold for €460,000.

O’Donnellan & Joyce held the biggest property auction in the west so far this year when seven properties went up for sale last Friday in a packed auction room with standing room only. There was tremendous interest in all of the properties with five of the properties selling in less than one hour and the remaining two under active negotiation.

The first property to be placed under the hammer was Padua, No 16 Lower Salthill. Padua, which was an executor sale, is a four bedroom mid-terrace residence. Bidding commenced at €240,000, two individuals chased the property intensely to reach a price of €275,000, and with no further bids in the room auctioneer Colm O’Donnellan dropped the hammer at €275,000. The solicitor with carriage of sale was Ciara Lennon of RDJ Glynn, Dock Street, Galway.

The next property to be placed up for sale was a bungalow at No 123 Crestwood, Coolough Road, Galway, a three bedroom bungalow standing on a large corner site. Bidding commenced at €150,000 and four active bidders chased the property until it reached a figure of €190,000. Just as the auctioneer’s hammer was about to fall a fresh bidder entered the fray and it was sold at €200,000 to a delighted purchaser. The solicitor with carriage of sale was Diorai Forde, John M Forde, Sea Road, Galway.

The third property to be auctioned was No 8 Devon Park, Salthill. The property, a three bedroom end of terrace residence, was described by the agents as a blank canvas suitable for the DIY enthusiast as it was in need of total remodernisation internally. Bidding commenced at €150,000 and four people bid intensely up to €166,000. Just when the bids appeared to have stopped and the hammer was about to fall, a fresh bidder commenced at €168,000 until eventually it was sold at €176,000 to a delighted first time buyer who received huge applause from the packed auction room. The solicitor with carriage of sale was Paula Daly, Howley Carter, Wine Street, Sligo.

The fourth property to be auctioned was No 17 William Street West, a commercial investment property with four one bedroom apartments over a ground floor retail unit. Bidding commenced at €350,000 and was chased by three individual bidders until it reached €400,000, where it was left to two bidders to chase the property until it was eventually sold at €460,000. The property represented exceptional value and the auctioneers outlined that there would possibly be potential of a 10 per cent yield from the property. The solicitor with carriage of sale was Ciara Lennon, RDJ Glynn, Dock Street, Galway.

The fifth property, located at No 11 The Green, College Road, a three bedroom semidetached house, was sold for €250,000 just prior to the auction. The solicitor with carriage of sale was Breda Forde, Daly & Co, Merchants Road, Galway.

O’Donnellan & Joyce also placed up for sale No 15 Heather Grove, Ballybane, and Castleview, Ardrahan, which failed to reach the reserve prices but are currently under actively negotiation.

Auctioneer Colm O’Donnellan said they were delighted with the sales and the tremendous atmosphere that there was in the auction room. He added that people are coming to realise that there is exceptional value for buyers.

O’Donnellan & Joyce will hold its next auction on Friday May 20. For further details call the offices of O’Donnellan & Joyce at (091 ) 564212.

 

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