Oldmill, Rosslare, Co. Wexford – Auction Report
SOLD JULY 2021 – Unique C. 72.4 Acre Holding With New Residence (Unfinished) In Spectacular Coastal Location for Sale By On-Line Auction On Wednesday 21st July 2021 At 3pm (In One Or Three Lots)
Today’s auction has been hotly anticipated since the property was launched. The Rosslare area is one of the most sought after locations in the country and this was certainly reflected in the volume of enquiries received.
The entire holding was guided in the region of €750,000 . There was significant interest in the auction, with almost thirty parties registering to bid. The allure and unique nature of this property had promoted interest from a variety of geographies such as the USA, Australia and the UK.
The property was offered in the following lots:
Lot 1 contains c. 11.67 Acres with the benefit of 300m of frontage onto the local beach with and has a derelict traditional stone building that may have development potential (s.t.p.p.) as well as potential for some tourist related enterprises.
Lot 2 contains c. 55.2 acres and is an excellent parcel of agricultural land, currently in grass with the benefit of a cattle pen and handling facilities.
Lot 3 contains c. 5.47 acres with the residence. This bungalow was built in 2019 and has windows and doors installed with the outer plaster complete. It is ready for internal plastering.
Lot 4 – the entire
Lot 1 was described by the auctioneer as the “jewel in the crown” of the offering, but there was strong demand for all three lots as well as the entire. After the first round of bidding, Lots 1, 2 and 3 combined to reach €1 million. The entire (Lot 4) then went on to fetch a top bid of €1.34 million. At this point it appeared that the holding would sell in its entirely.
For the second round of bidding, the sum of Lots 1-3 rose to €1.48 million, a significant jump which ensured the possibility of the Lots being sold individually for the moment. However, the entire rose to €1.49 million shortly afterwards. Following this, the auctioneer called for a short break to consult the vendor.
After taking instructions, David Quinn confirmed that all lots were now “on the market” and the vendor was prepared to sell to the highest bidder(s). This promoted the total of Lots 1-3 to reach €1.57 million while the entire went to €1.59 million. With little between both figures it was difficult to predict if the property would be sold in three divisions or in its entirety. However, with no further bids on Lot 4 (the entire) the path was clear for the holding to be sold in three separate lots. Ultimately, Lot 1 sold for €430,000, Lot 2 made €660,000 and Lot 3 fetched €530,000. This produced a total price of €1.62 million.
After the auction, David Quinn remarked that “today’s auction highlights the huge demand for costal properties in the South East. The extraordinary level achieved today is driven by a number of factors, such as strong cash reserves built up during the past 18 months and the resurgence in popularity of Irish coastal locations.”
To view the comprehensive property listing including drone footage, please click here.
Our next auction takes place on the 10th of August where c. 25.5 acres with two derelict house near Gorey will be offered to the market. For further details, please click here.
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