Portfolio of city homes sells for €670,000

Three of the properties in Bohermore.
Three of the properties in Bohermore.

A portfolio of five terraced houses in Bohermore in Galway City has been purchased in an internet auction for €670,000.

The properties at 134, 138, 150, 152 and 156 Bohermore were put on the market as one lot with a reserve price range of €590,000 to €610,000.

The Allsop online auction saw the lot attract a total of 57 bids from five potential buyers – bidding started at €601,000, before the ‘clock ran out’ at €670,000.

There are 3 three-bed houses and 2 two-be houses in the portfolio, all of which are vacant and in need of refurbishment.

Also sold at the auction was a site of 0.54 acres at Ballyheagry in Tuam (off the R347), which had a reserve of between €8,000 and €12,000. It sold for €21,000.

Cerberus – the private equity ‘vulture’ fund the subject of a Dáil Public Accounts Committee probe into loan books purchased from NAMA – had appointed a receiver to the site through its Irish arm, Promontoria (Finn) Ltd.

A retail warehouse unit with overhead office accommodation at Briarhill Business Park (Unit 60) in Galway was sold by receivers for Goldman Sachs for €86,000. The unit was bought by Andy Finn in 2006 with a mortgage from Bank of Scotland (Ireland). The loan was subsequently purchased by Ennis Property Finance, an affiliate of Goldman Sachs and a receiver appointed to the property. The ground floor is vacant, while the first floor is generating €6,240 per annum in rent.

In Roscahill, a 0.75-acre site at Carrowmoreknock sold for €31,000, which was in excess of its €20,000 to €30,000 reserve range.

In Ballyglunin, 14 acres of land were purchased prior to auction for an undisclosed sum. The land was purchased in 2009 by Murtagh Heffernan from Rahoon in Galway with a mortgage from Bank of Scotland (Ireland). The loan was subsequently purchased by Ennis Property Finance.

No bids were made on a 20.6-acre tranche of land at Eyrecourt in Ballinasloe which had a reserve range of €95,000 to €105,000. It was a sale disputed by the alleged occupier of the lands.

For more, read this week’s Connacht Tribune.