Residential farm sells for €3.05m


This equates to almost €14,000/acre - approximately 20% over the guide price.

Residential farm sells for €3.05m

  • ADDED
  • 1 mth ago

This equates to almost €14,000/acre - approximately 20% over the guide price.

A c. 216-acre residential farm - with an extensive range of outbuildings - went under the hammer last Wednesday (September 5th) in the Ashdown Park Hotel, Gorey, Co. Wexford.

Over 150 people attended the public auction of “one of the finest farms to be sold in North Wexford for some years”, according to David Quinn – Quinn Property.

Prior to auction, the guide price stood at €2.3 million.

Due to the vast scale of the property – which is located in Bolinahaney, Bunclody, Co. Wexford - was it was offered in four separate lots as well as in its entirety, the selling agent explained.

Lots 1 -4 comprised of the following:

  • Lot 1 - Four-bed residence with an extensive range of yards, sheds and outbuildings on C. 113-acres with extensive road frontage, in tillage and grass;
  • Lot 2 - C. 49-acres with extensive road frontage, in tillage and grass;
  • Lot 3: C. 26-acres with extensive road frontage, in tillage and grass;
  • Lot 4: C. 28-acres with extensive road frontage, in tillage and grass.

Auction:

  • Lot 1 - Bidding opened at €1 million and “moved briskly to €1.5m at which point there were no further bids”
  • Lot 2 - Bidding commenced at €400,00 and reached €440,000;
  • Lot 3 - Bidding began at €250,000 and reached €310,000;
  • Lot 4 - Bidding opened at €250,000 and peaked at €300,000.

“At this point, the combined figure for the farm was €2,550,000. The farm was then offered in its entirety but there were no offers in excess of €2,550,000.”

Once it was established that the farm was to be sold in separate lots, another round of bidding took place:

  • Lot 1 was placed on the market immediately. After some “brisk bidding”, the hammer fell at €1,900,000; this lot was bought by an adjoining farmer.

  • Lot 2 was also declared on the market immediately. Following some “strong bidding”, it was sold at €500,000 to a farmer/businessman from the North Wexford area;

  • Lot 3 had also reached its reserve following the first round of bidding. It was subsequently sold to the local GAA club for €350,000.
    Lot 4 received no further bids in the second round of bidding and was sold to a local farmer for €300,000.

The total price for the farm was €3,050,000 (€3.05m) which equates to almost €14,000 per acre, approximately 20% over the guide price. The auctioneer commented that he had a "large number of disappointed underbidders seeking similar land in the north Wexford area".

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