A total of 72.4 acres in three separate lots, with a new unfinished residence, at Oldmill, Rosslare, sold for a whopping €1.62 million at auction. This final figure represented more than twice the initial guide price of €750,000. Brought to the market by Quinn Property, the land was said to have attracted interest from as far afield as the US, Australia and the UK with almost thirty different parties registering to bid.
David Quinn described Rosslare as being ‘one of the most sought after locations in the country’ and noted that ‘this was certainly reflected in the volume of enquiries we received’.
The property was offered in three lots. Lot 1 contained 11.67 acres with the benefit of 300m of frontage onto the local beach and a derelict traditional stone building which was described as having ‘development potential’, as well as ‘potential from some tourist related enterprises’.
Lot 2 comprised of 55.2 acres and was described as ‘an excellent parcel of agricultural land, currently in grass, with the benefit of a cattle pen and handling facilities’.
Lot 3 was 5.47 acres with the residence – a bungalow, built in 2019, which has windows and doors installed and the outer plaster complete and is ready for internal plastering.
The auctioneer described Lot 1 as the ‘jewel in the crown’ of the offering, but noted that there had been strong demand for all three lots, as well as the entire holding. After the first round of bidding, Lots 1, 2 and 3 combined to reach €1 million. The entire holding (Lot 4) went on to fetch a top bid of €1.34m. At this point, it seemed as though the holding would sell in its entirety.
For the second round of bidding, offers on the three separate lots rose to €1.48m, prompting a further bid of €1.49m to secure the land in its entirety once again. A short break was then called for to consult the vendor.
Having taken instructions, auctioneer David Quinn confirmed that all lots were now ‘on the market’ and the vendor was prepared to sell to the highest bidders. This prompted Lots 1-3 to reach €1.57m while the entire holding went to €1.59m. With little between the 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 path was clear for the land to be broken into lots.
Ultimately, Lot 1 sold for €430,000, Lot 2 made €660,000 and Lot 3 fetched €530,000, producing 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.’
This article is by Padraig Byrne and was published in the Wexford People. It can be accessed here.https://www.independent.ie/regionals/wexford/news/rosslare-lands-sell-for-double-the-guide-price-at-162m-40734828.html .
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