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€10m raised by distressed property auction

Majority of properties listed have sold
Majority of properties listed have sold

The third auction of distressed Irish properties raised over €10m, with 84% of the available lots sold.

The auction saw 56 of the 67 properties sold, seven withdrawn from sale and 11 fail to sell.

Just over 1,100 people attended the auction but many other bidders took part by telephone and online.

The turnout was roughly in line with the previous distressed property auction in July but the auctioneers running the event, Allsop Space, said there were more 'serious' bidders present today.

Telephone bids came from Luxembourg, Geneva, Australia and the UK, with one property being purchased by an Irish telephone bidder.

The top lot and highest paid on the day was 64/65 Prussia Street in Dublin 8 featuring an entire development of 14 apartments and 4 commercial units with a current rent roll of over €110,000 - the property achieved €1.15m.

At the other end of the scale Lot 33, two-bedroomed apartment in Bundoran, Co Donegal, sold for over double the reserve at €42,000.

The next distressed property auction will take place on Friday 30 November.