Auction report: A “valuable” circa 27.5-acre holding with a derelict residence in Knockduff, Monageer, Enniscorthy, Co. Wexford exceeded its guide price when it went for auction last week.
Quinn Property hosted the online auction in conjunction with LSL Auctions on Thursday, May 20th, 2021, at 4 pm.
Ahead of the auction, auctioneer, David Quinn, said the lands are of “mixed quality” with excellent free-draining soil type towards the western boundary and slightly heavier land towards the eastern side.
The holding has the benefit of a single storey derelict cottage with an adjoining shed, which may allow future planning. In addition, there is a well on the land which is currently not connected and a natural water supply.
According to Quinn, there was “good” interest in the property in the run-up to the auction with eleven parties registering to bid.
Quinn guided property between €230,000 and €250,000, which equates to between €8,364 and €9,090 per acre.
The property was offered in the following lots:
- 1: C. 11.830-acres;
- 2: C. 14.919-acres with derelict residence;
- Lot 3: The entire.
Bidding on lot 1 commenced at €70,000. After a number of rounds, Quinn declared it ‘on the market’ at €175,000.
With no further bids, an adjoining dairy farmer acquired the lot. According to Quinn, four bidders were active for this lot and at approximately €14,800 per acre, it sold “well above the guide”.
Furthermore, lot 2 opened at €80,000, and after several bids, it went ‘on the market’ at €235,000.
Shortly after this, a North Wexford businessman forked out €240,000. The per acre price of €15,750, again exceeded the guide price.
Lastly, bidding on lot 3 topped out at €400,000. However, the auctioneer withdrew it once it became “clear that the land would fetch more in separate lots”.
David Quinn was “extremely satisfied” with the outcome, “which made an exceptional price”.
“Active bidding from eight parties resulted in strong competition that helped achieve a great result for the vendor”.
“Today’s auction marked our third auction of Q2 2021. While we expect auctions to take place in person again very shortly, we continue to operate online for the moment,” he concluded.
You can view more property-related content.