‘Former pub in Bunclody sells for €290,000 after ‘bidding war’ at auction’. Wexford People. 25/03/22.
This article was written by Pádraig Byrne of the Wexford People. To view the original, please click here.
HAVING sat idle for a number of years in the heart of Bunclody, the property that formerly housed ‘The Mall’ pub has sold for €290,000. The former pub with first and second floor residential accommodation was initially listed with a reserve of €200,000 and attracted significant interest and a flurry of bids when it went under the hammer on Wednesday.
Mall View House came to the market as the former pub with kitchen and storage facilities in the basement, along with the first and second floor accommodation which includes a total of four bedrooms. Situated on 0.2 acres, it also included an “extensive rear yard which offers the potential for expansion of the existing property as well as commercial uses”.
Listed by Quinn Property, property consultant Jack Quinn noted that “several enquiries were made on the property prior to its launch” and that “approximately 15 parties viewed the property, each with a different vision for Mall View House”.
“Some had plans to revive its previous use as a vibrant bar and lounge, while others were focused on converting the entire property into apartments,” he continued.
On the day of the auction, the bidding began at €150,000 and quickly jumped to €170,000. With six further bids, the reserve of €200,000 had been reached and the property was declared “on the market”. A new bidder joined the race at this point, offering €205,000. After reaching €210,000, bids of €2,000 were accepted. A “bidding war” ensued between several parties and some 40 bids later, the hammer fell at €290,000 and the property was sold.
“I am thrilled that the auction produced a great outcome for our client,” Mr Quinn said afterwards. “With over fifty bids in total, the auction of Mall View House was particularly active and the price achieved was 45% in excess of the reserve.”
QUINN PROPERTY – Experts in the local property market since 1960