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‘North Wexford farm holding sells for €1.2 million following ‘hotly anticipated’ auction’. Gorey Guardian. 27/04/23.

Macoyle Lower, Inch

A 46.5 acre holding in Inch with a two-storey farmhouse and outbuildings has been sold at auction for almost €1.2 million.

Macoyle Lower, Inch went under the hammer last week, attracting interest from bidders around the globe. The auction had been “hotly anticipated since its launch” according to Jack Quinn of selling agent QUINN PROPERTY.

“The prime location of the property, close to Gorey, the M11 and the coast ticked plenty of boxes for prospective purchasers,” he added.

The property was offered in several lots. Lot one contained circa 4.2 acres with a two-storey farmhouse and outbuildings. Lot two contained circa 18.7 acres, while Lot Three contained circa 23.7 acres. Lot four offered the entire property.

Lot One was guided between €120,000 to €150,000 while the remaining lots were guided between €12,000 to €15,000 per acre. There were almost twenty registered bidders for the auction, with Jack describing the interest being “chiefly a mix of local farmers and businesspeople”. However, several parties from across the country and overseas also registered.

On the day of the auction, Lot One opened at €100,000 and set off at a frantic pace before settling at €260,000. Lot Two commenced at €200,000 and reached €280,000 after the first round of bidding. Lot Three received an opening bid of €250,000 and with swift bidding burst past €300,000 and then €400,000 before reaching €420,000 at the end of first round bidding.

Lot Four (the entire) was then offered to the room, requiring a bid in excess of the combined total of Lots One to Three which equated to €960,000. A bid of €980,000 was promptly made and with strong bidding, the entire settled at €1.16m.

With a substantial gap between the individual lots and the entire, the prospective purchasers were given an opportunity to bridge that gap. There was rapid bidding on Lot One, which peaked at €350,000 and three additional bids on Lot Two which peaked at €310,000 but with no further bids on Lot Three, the separate lots still fell short of the entire.

After taking client instructions, auctioneer David Quinn resumed the auction by withdrawing Lots One to Three and placing Lot Four (the entire) on the market at €1.16m. Two further bids was enough to seal the deal as the hammer fell at €1.2m (€25,806 per acre).

Speaking after the auction, Auctioneer David Quinn remarked his delight with the result.

“We are thrilled to have achieved such an extraordinarily strong result for our client. The price achieved today is more than €10,000 per acre above the guide price and highlights the demand for similar properties,” he said. “All at QUINN PROPERTY send our best wishes to the purchaser.”

This article was written by Amy Lewis and can be accessed here.

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