Let $G$ be a compact $p$-adic analytic group and let $\Lambda_G$ be its completed group algebra with coefficient ring the $p$-adic integers $\mathbb{Z}_p$. We show that the augmentation ideal in $\Lambda_G$ of a closed normal subgroup $H$ of $G$ is localisable if and only if $H$ is finite-by-nilpotent, answering a question of Sujatha. The localisations are shown to be Auslander-regular rings with Krull and global dimensions equal to dim $H$. It is also shown that the minimal prime ideals and the prime radical of the $\mathbb{F}_p$-version $\Omega_G$ of $\Lambda_G$ are controlled by $\Omega_{\Delta^+}$, where $\Delta^+$ is the largest finite normal subgroup of $G$. Finally, we prove a conjecture of Ardakov and Brown [1].