A 14ac holding with a derelict house close to Enniscorthy attracted strong interest before far exceeding its guide price.
In its final auction of 2022, QUINN PROPERTY sold a 14ac holding located outside Enniscorthy at Coolycarney, Co. Wexford, om 16 December.
The online auction on the LSL platform saw the grassland property with a derelict house and yard exceeding all expectations.
Ahead of the auction, auctioneer David Quinn noted strong demand from local farmers and business people, with almost 15 registered bidders. That demand translated into strong bidding on the day.
Bidding for Lot 1, c. 1 acre opened at €5,000 and quickly rose to €11,000. Lot 2 comprising of c. 9.7 acres with a derelict house and yard opned at €80,000 and reached €130,000 after initial bidding. Lot 3 consisted of c. 3.3 acres and this opened at €30,000 and finished at €60,000 after the first round of bidding.
This meant that a bid in excess of €201,000 would have to be placed on Lot 4, the entire, for it to remain an option. A flurry of bids saw Lot 4 reach €241,000 and auctioneers sought further bids for Lots 1 to 3 before taking client instructions. No bids were placed on Lot 3, while a new bidder on Lot 1 brought that to €13,000, and there proved stronger interest in Lot 2, as this rose to €200,000.
Brought to market
This meant a combined total of €273,000 was required to purchase the entire. Further bids brought the entire to €308,000 and it was placed on the market. Three bidders remained and quickly brought it to the €350,000 mark before the hammer fell at €360,000 (€25,700 per acre). The purchaser was a local person with equestrian interests.
Guided in the region of €10,000/ac to €12,000/ac, the holding, located 2km from Ballindaggin village, was offered in lots, but ultimately sold in its entirety for double the guide price.
Speaking after the auction, David said: “This was a truly remarkable result, well above the typical price of €15,000 per acre paid for similar holdings. It was great to end the year securing a record price.”
This article was written by Tommy Moyles and can be accessed here.