A 10 acre roadside holding in County Wexford has sold for €27,000 per acre, at auction. The property is located 1km from Caim village along a quiet local road and is just 7km from Enniscorthy town and the M11.
The final price equated to €12,000 above the asking figure, having had a guide price of €15,000 per acre. The property was sold in an online auction by Quinn Property and speaking in the wake of the sale auctioneer David Quinn said interest levels were very high from the moment the property was advertised.
“There is clearly a strong depth of demand for agricultural land,” he said, highlighting the fact that 15 parties registered to bid on the property. He said that while the bulk of the interest came from local farmers and business people, a number of registrations also came from further afield.
Mr Quinn said that on the day of the auction there was an opening offer of €100,000 and with rapid early bidding, €200,000 was quickly reached. He said bidding continued with more parties becoming active as the auction progressed an he called for a break to take instructions from his client when the bidding reached €235,000.
When he returned to the auction room he declared the property on the market which prompted several quick offers, brining the bidding up to €255,000. Ultimately, the hammer fell at €269,000 which Mr Quinn said was “a sensational price” of approximately €27,000 per acre which equated to approximately 80 per cent above the guide price.
“This was an extremely lively auction from start to finish,” said Mr Quinn after the auction. “There was strong competition from six bidders to secure this smashing piece of land and I am glad that we secured such a strong result for our client,” he added.
He also commented that while there have bee several “outstanding results over the last 12 to 18 months, this latest auction and the sale price of €27,000 per acre set the bar even higher. When asked for details regarding the purchaser, Mr Quinn said “it was bought in trust by a solicitor”.
With the property market continuing to perform well Mr Quinn also encouraged people to contact his business if they are considering selling a property either by auction or private treaty.
This article was written by Brendan Keane and can be accessed here.