A roadside holding exceeded its price guide by just under €250,000 when it went for auction this week.
Quinn Property put a “valuable” circa 27.8-acre roadside holding with a derelict farmhouse and outbuildings in Ballyvaloo, Blackwater, Co Wexford, under the hammer on Tuesday afternoon (November 23rd, 2021).
As featured by That’s Farming, selling agent, David Quinn, guided the property at €275,000 ahead of the auction.
He reported a “good deal” of interest in the property before the auction, with fifteen parties registering to bid.
He said there was interest from a “wide array of buyers”, including those looking to restore and renovate and farmers wishing to expand their existing enterprises.
Post-auction report:
Quinn offered the property for sale in the following lots:
- 1: Farmhouse on circa 1.8-acres;
- 2: Circa 25.3-acres;
- 3: 0.65-acres;
- 4: Lots 1 and 2 together.
Lot 1 opened at €40,000 and passed €100,000 “with ease”. After two further bids, €111,000 was reached.
After a pause to receive instructions from clients, bidding “continued at pace”.
Quinn declared the property ‘on the market’ at €155,000 and one further bid of €160,000 was enough to secure lot 1.
“This was an exceptional price of more than three times the guide,” Quinn remarked.
Then lot 2 commenced at €150,000 and similar to lot 1 there was what Quinn described as “vigorous” bidding.
With four parties in the market for c. 25.3-acres, €310,000 was the top offer after the first round of bidding.
The client instructed Quinn to place lot 2 ‘on the market’ and the property found a new owner at €325,000.
“This marked a huge increase on the €200,000 guide price and equates to a price of €12,845/acre,” he remarked.
Quinn guided lot 3 at €15,000; however, this was “quickly surpassed” after five bids, reaching €18,000.
Bidding continued as far as €36,000 and Quinn then declared the final lot ‘on the market’.
“There were no further bids and the hammer fell at this price, more than double the guide.”
Speaking following the auction, Quinn said:
“In total, the auction returned €521,000, a price well in excess of the guide. The sum equates to a price per acre of €18,741, a very strong result for the land on offer,” he concluded.
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