Post-auction farm report
A 41.5-acre Wexford farm exceeded its guided price by €85,000 when it went for auction last Friday (July 2nd, 2021).
Quinn Property guided the roadside holding near Enniscorthy as featured on That’s Farming at €400,000 ahead of the online auction.
According to the selling agent, the farm has good frontage onto the public road with two access points. The farm is in three divisions, currently in a mixture of tillage and grassland with c. 5.5-acres of mature forestry.
“The lands are generally free draining and suitable for most agricultural enterprises.”
“It has the benefit of natural water from the Bann River as well as having a cattle crush and handling facilities. The holding is being farmed to a high standard and is in good heart.”
According to the selling agent, eight parties registered to bid in advance of the auction.
The property was offered in the following lots:
- 1: C. 7-acres,
- 2: C. 34.5-acres;
- 3: The entire.
Post-auction farm report
Bidding on lot 1 started at €100,000. After “steady bidding”, the property reached €140,000.
Lot 2 opened at €230,000, and after “quickfire bidding”, it peaked at €310,000.
The entire received an initial bid of €460,000, meaning it surpassed the sum of lots 1 and 2 in the first round of bidding.
After a short break to take instructions from the vendor, the auctioneer sought further bids for lot 1, but none were placed.
The auctioneer then proceeded to seek further offers for lot 2.
Two further bids were made, which brought this lot up to €330,000. The total offer on lots 1 and 2 now equalled €470,000. A bidder offer over this and lot 3 was now up to €480,000.
After a final consultation with the vendor, David Quinn announced he would offer each lot to the market one more time.
Lot 1 received two more bids and now stood at €150,000. No further bids were made for lot 2; it remained at €330,000.
A bid of more than €480,000 would be required to secure the entire. “An additional €5,000 was all it took to purchase the entire c. 41.5-acre farm for a total of €485,000.”
Price per acre not as high as recent sales
Speaking following the auction, Quinn said:
“While the price per acre may not appear as high as recent sales, the holding contained approximately 5.5-acres of forestry land.”
“In addition, there are several rights of way, and the land is split by the railway line.”
“Overall, the price achieved exceeded expectations, and I am pleased to report that the vendor is happy with the result.”
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