independent

Monday 19 August 2019

Wexford property price at 'distress

€560,000 PAID FOR JOHN'S GATE STREET

A WEXFORD town property proved the most sought after investment at a high-profile distressed property auction in Dublin last Friday.

The Irish property market showed some signs of life in the Shelbourne Hotel as 81 out of 82 distressed properties were sold, with the highest price of all paid to secure a property on John's Gate Street in Wexford.

There was huge interest in ' Tuskar House', which contains six apartments and has three commercial units, along with parking.

The four-storey town centre property had a reserve price of just €210,000, but eventually sold under the hammer for €560,000, making it the most expensive of all the distressed properties disposed of on the day, edging out a Ballsbridge home that had a reserve of €600,000, but sold for €550,000.

' Tuskar House' was sold on the instructions of Receiver Declan Taite. It was part of a portfolio of property seized from Wexford man Alan Hynes after his property investment business failed.

Mr Hynes was a director of the Tuskar property group, whose holding company Tuskar Asset Management, was based at the John's Gate Street property sold last Friday.

A total of €15 million was spent in the five-hour auction held by London auctioneers Allsop and its Irish partners Space last Friday, which had to be suspended in the first hour because of crowds trying to get in to get one of the much-coveted 350 seats inside.

By the time the auction got under way at 12.15 p.m., the room was packed and there were another around 100 or more people queuing outside. By lot 9 of 82, the auction had to be interrupted when Gardaí objected to crowds blocking the footpath outside.

Spotters moved through the crowd identifying bidders and, when the hammer came down, escorting them from the room to get their deposit cheque and details in a hushed room upstairs that was bristling with solicitors.

A two-bed apartment in Portlaoise was sold to a bid-

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