Farm auction report
A circa 19-acre holding with a derelict farmhouse in Wexford exceeded its guide price by €56,000 at auction last week.
Quinn Property sold the holding in Ballinure, Marshalstown, Enniscorthy, Co Wexford in conjunction with LSL Auctions on Wednesday, July 7th, 2021.
Ahead of the auction, David Quinn explained that the land enjoys an “excellent” location in some of north Wexford’s most productive agricultural areas.
“The property is situated along a laneway, 200m from the public road. It is divided by the laneway with the farmhouse, farmyard and c. ½-acre on the southern side with c. 18.5-acres on the northern side. “
“The single storey house has been unoccupied for some time and is in need of complete renovation and rebuild.”
“There are a number of outbuildings adjacent to the house comprising of a two-span hayshed with lean-to and some block built out offices, as well as an attractive small paddock located beside the house. There is a well in the yard as well as a natural watercourse.”
The remaining lands are located on the northern side of the laneway, extend to c. 18.5-acres and are laid out in two divisions. They are currently in tillage, of excellent quality, suited to most agricultural enterprises.
Prior to auction, there was “good levels” of interest with 10 parties registering to bid. Quinn guided the property at €210,000 (c. €11,000 per acre).
The property was offered in the following lots:
- 1: Derelict farmhouse & yard on c. 0.5-acres;
- 2: C. 18.5-acres;
- 3: The entire.
Farm auction report
Bidding on lot 1 began at €20,000 and rose as far as €41,000 in the first round. Lot 2 opened at €150,000 and with four more bids, it reached €185,000.
The auctioneer then offered the entire market with a price in excess of €226,000 required to trump the existing bids on lot 1 and 2.
A bid of €236,000 was quickly made but no further offers were made on lot 3.
“Lot 1 was offered for a final time, but no additional bids were received. However, lot 2 received several further bids raising it to €200,000.”
“This brought the total to €241,000 and meant that the current bid of the entire would need to be increased if the property was to be secured in one lot.”
A further offer of €246,000 was promptly placed on lot 3, and after receiving instructions to proceed with the sale entire, there was strong activity from several bidders.
In total, ten more bids were made, and the hammer fell at €266,000, representing €14,000 per acre.
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