’46-acre Wexford farm fetches almost €26k/acre at auction’. Irish Examiner. 03/05/23.
Gorey-based QUINN PROPERTY enjoyed another successful online auction last week; of a substantial holding of 46.5 acres in the townland of Macoyle Lower, presented in four lots on Tuesday, 25th of April.
Lot 1 consisted of the house (with an extension to the side and in need of refurbishment) and outbuildings on 4.2 acres of land. Lot 2 was 18.7 acres of land. Lot 3 was a 23.7-acre parcel, and Lot 4 was the entire holding.
According to auctioneer Jack Quinn, this was a hotly anticipated sale: “The prime location of the property, close to Gorey, the M11, and the coast, ticked plenty of boxes for prospective purchasers,” he said.
The guide price for Lot 1 was €120,000 to €150,000, while the guide for the remaining lots of land was €12,000 to €15,000/acre.
Lot 1 opened at €100,000 and after some fast and frantic bidding, it reached a level of €260,000. Lot 2 then commenced at €200,000, before climbing to €280,000 (just shy of €15k/acre). Lot 3 opened at €250,000 and closed at €420,000 (€17,700/acre) at the end of the first round of bidding.
Lot 4 was then offered to the virtual room and it soon became apparent that, in common with national trends of late, the larger quantities of good land are attracting all the attention. An initial offer of €980,000 meant that it quickly surpassed the combined total of €960,000 for the other three lots. Subsequent bids increased that figure to €1,160,000.
Although a second round of bidding yielded an increase in the overall value from the first three lots, it still fell short of the highest Lot 4 bid. Lots 1-3 were then removed from the bidding and Lot 4 was offered for a second round of bidding, which resulted in the gavel falling on a figure of €1,200,000 (€25,800/acre).
“We are thrilled to have achieved such an extraordinarily strong result for our client,” said David afterwards. “The price achieved today is more than €10,000/acre above the guide price and highlights the demand for similar properties.”
This article was written by Conor Power and can be accessed here.