Dungannon building sites hit rock bottom at just £9,000 in major auction

The former Northern Bank building is ready to go under the hammer for just �35,000
The former Northern Bank building is ready to go under the hammer for just �35,000

ONE of the largest property auctions of its type is offering cut-price bargains to Dungannon District house-hunters and investors.

With twice as many rock-bottom homes and sites for sale as previous events, hundreds of eager buyers are expected to throng to Osborne King’s final auction of the year on Friday at the Holiday Inn, Ormeau Avenue, Belfast.

Among the company’s auction catalogue featuring 36 lots are substantial town centre commercial premises in Aughnacloy with a maximum reserve price of just £35,000, and two building sites with full planning permission comprising one lot with an asking price of only £17,500 outside Fivemiletown.

Among the lots that are bound to attract the interest of developers is a site at Augher with full planning permission for 27 houses ready to be snapped up for as little as £100,000, and another site for residential development with planning permission for 18 houses on offer for just £35,000.

Another bargain is a substantial lot near Fintona comprising 17.5 acres of farmland, a farmhouse, outbuilding and additional site with planning permission ready to go under the hammer for just £125,000.

The catalogue of commercial buildings, houses, development land and investment properties have maximum reserve prices ranging between £7,500 and £225,000.

The Aughnacloy commercial premises is a 3-storey mid-terrace building previously used by the Northern Bank, with a substantial garden to the rear, outbuildings and a car park.

Commenting on the fact that this auction is twice the size of recent Osborne King auctions, head of the auction team, Mark Carron remarked: “The volume of business coming through auctions appears to be on the rise and certainly there seems to be no sign of auction fatigue, which is most encouraging.

“Indeed, we have received offers to date in respect of over one third of the catalogue and it looks as if some lots will sell prior to auction day.

“In this current market, sale prices are at a five-year low, which translates into very attractive investment/owner occupier opportunities for those who have cash or other forms of finance in place. Our policy of openly stating the maximum reserve gives bidders a degree of certainty in contrast with the more conventional policy of quoting guide prices, which may well have unrealistic undisclosed reserve prices.

“We also try to make the actual buying process as straightforward a process as possible with no additional fees such as a buyer’s premium or handling charges unlike other auction houses, and again this seems to be popular with bidders.”