O’Donnellan & Joyce recorded seven sales when it placed nine properties under the hammer at last Friday’s auction. Colm O’Donnellan of auctioneers O’Donnellan & Joyce said they were delighted with the prices achieved and the tremendous response and bidding in the room. He said auctions are proving to be the best method of obtaining a sale on properties, and all the properties on offer had very realistic reserve prices, and the market decides the true value.
The first property that was auctioned was No 26 The Green, College Road, Galway. This property, a four bedroom semidetached residence located just off Eyre Square and in good decorative order and repair, had attracted excellent interest prior to the auction. Bidding commenced at €210,000 and within the space of two minutes the reserve price of €220,000 had been reached with bids rapidly coming in from around the room. For a frenzied five minutes bids increased rapidly to €260,000. It was then left to two bidders to chase the property, increasing in bids of €1,000, until eventually the auctioneer’s hammer fell at €277,000 to a delighted purchaser along with enormous applause from the huge attendance. The solicitor with carriage of sale was Harry Bell, Bell & Carroll, 21 Middle Street, Galway, 091 533777.
The next property to be auctioned was a detached residence at No 70 Windfield Gardens, a substantial detached residence located off the Clybaun Road with a striking facade with a double bay window, and spacious accommodation to provide an exceptional family home. Bidding commenced at €300,000 and increased in lots of €2,000, until it eventually reached €314,000. Having not reached the reserve price, auctioneer Colm O’Donnellan withdrew the property, but it was sold immediately afterwards at that price. The solicitor with carriage of sale was Karina Doyle, Lewis C Doyle solicitors, St Augustine Street, Galway, 091 549300.
The third property was No 61 Upper Newcastle, Galway, a semi-derelict residence located on the main Newcastle Road on a very attractive site directly across from the gates of NUIG. It came with full planning permission for two detached houses. The property attracted interest from a substantial number of builders. Bidding commenced at €145,000 and increased rapidly in increments of €5,000. Four builders interchanged bids, and when it looked as if the hammer was about to fall at €250,000 a fresh bidder entered the fray and bids began to increase in increments of €1,000 until eventually the hammer fell down at €258,000. The solicitor with carriage of sale was Kieran Murphy, 9 The Crescent, Galway, 091 587171.
The fourth property to be auctioned was an investment property at No 90 Dun Aras, Bishop O’Donnell Road, a three bedroom townhouse in a student accommodation village. The property offered a nine per cent yield and was being sold fully furnished, and rented to students of NUIG. Bidding opened at €82,000, three individual investors interchanged bids of €1,000 until the auctioneer’s hammer fell at €98,000. The solicitor with carriage of sale was Brian Doherty, Brian Doherty & Co, Seville House, Dock Street, Galway, 091 567083.
The next property was No 3 Lydon’s Terrace, situated in one of Galway’s oldest and best established residential areas, Bohermore. The house is located close to Eyre Square and is an old city council house. Two individuals chased the property and bids increased from €100,000 rapidly up to €110,000 where the auctioneer’s hammer fell at that price. The solicitor with carriage of sale was Maeve Joyce, Horan & Son solicitors, 23 Eyre Square, Galway, 091 567091
The sixth property was a house at No 83 Tirellan Heights. Bidding commenced at €124,000 and increased rapidly up to €140,000, until the auctioneer’s gavel fell. The solicitor with carriage of sale was Breda Tierney, Kieran Murphy & Co solicitors, 9 The Crescent, Galway, 091 587171.
The highlight of the afternoon was a partially constructed residence being sold on 2.7 acres at Gortacleva, Bushypark, on the instructions of Patrick Horkan, receiver, KPMG. Bidding commenced at €160,000 and this was one of the most intriguing auctions of the afternoon as two individuals interchanged bids in increments of €5,000 until eventually the auctioneer’s hammer fell at €345,000 to thunderous applause from the packed auction room. The solicitor with carriage of sale was Gerry O’Hanlon, LK Shields solicitors, 39/40 Upper Mount Street, Dublin 2, 01 637 1544.
The Corrib Hotel, Oughterard, which stands on 1.27 acres was withdrawn at €225,000. However it is understood to be under active negotiations. In addition a detached residence at No 4 Cois Locha, Kilcolgan, was withdrawn at €220,000 and is also under active negotiation. The solicitor with carriage of sale is Patricia Bambury, MG Ryan & Co, Abbeygate Street, Galway, 091 564011.
The next O’Donnellan & Joyce auction will take place on May 25 and Colm O’Donnellan said the company is actively looking for properties for that auction over the next two weeks. The May auction will be the highlight of the year as May is regarded as the prime selling season for property.
Anyone considering placing property up for auction on Friday May 25 can contact O’Donnellan & Joyce auction team members Colm O’Donnellan 087 2887446, Anne Harding 086 8173335, or Tony Joyce 086 2529110, or the main office at (091 ) 564212.