AFTER another sellout auction at the Shelbourne last week Allsop/Space is already assembling a further 100-plus distressed properties for a third sale, on September 23rd.
The partnership is aiming to take over 20 per cent of the estate agency business in Ireland by the end of the year and, so far, other auctioneering firms can only look on in envy as the new boys mop up a considerable amount of business.
The institutions seem only too happy to give the UK and Irish company its troubled portfolios given the success of the last two sales, and Allsop’s impressive record in the UK. Homeowners, too, are looking to the distressed auction as a way of off-loading their property, but so far Allsop/Space have been reluctant to deal with private individuals.
While lenders are prepared to sell at big losses, individuals are still hesitant about accepting much lower prices.
Local agents are going to find it hard to catch up given the hoopla surrounding the sales and amount of mattress money they seem to attract. The total sales in last week’s auction was an impressive €16.5 million.
According to Space’s managing director, Stephen McCarthy, last week’s auction attracted a high number of overseas investors – 50 registered to bid by telephone, mainly from the UK and Europe. However, only two or three of these buyers were successful, he said. “They were outbid by Irish buyers almost every single time, but we feel they will keep coming back,” he said.
One thing is certain, there is enough distressed property out there to keep Allsop/Space busy for the next five years or more.
