A 50.5-acre roadside holding sold for €305,000 in excess of its guide price when at auction yesterday (Tuesday, November 11th).
The holding, containing, a two-storey farmhouse, good range of sheds, milking parlour & outbuildings, was sold to a dairy farmer via an online auction.
The property, located in Monagreana Lower, Monamolin, Gorey, Co. Wexford, was guided in the region of €600,000 (€11,881 per acre).
Monagreana Lower was offered in the following lots:
- Lot 1: C. 10-acres;
- Lot 2: C. 40.5-acres with residence & yards;
- Lot 3: The entire.
Auction result
Lot 1 opened at €70,000 and with two further bids reached €90,000.
Lot 2 started at €300,000 and with swift bidding peaked at €490,000. This set a combined bid of €580,000 for lot 3 to surpass.
Lot 3 commenced at €590,000. However, there was clearly very strong interest in this lot as bidding quickly exceeded €700,000. Bids continued to come in quickly and the auctioneer took a brief break at €800,000 to seek instructions from the vendor.
Upon his return to the auction room, Quinn announced that he had been instructed to place the property on the market at €800,000.
Although more than 20 bids had been placed on lot 3, it took some time before additional offers were made.
However, once a bid of €810,000 was made further bids “swiftly” followed. “As bidding drew to a close, there was one last twist. The hammer was about to fall at €900,000 when a bid of €905,000 came in just in time.”
“There was to be no further drama as the hammer fell at this sum, equating to a price per acre of €17,920.”
The successful bidder was identified as a local dairy farmer.
‘Give confidence’
Auctioneer David Quinn was thrilled with the outcome.
He said: “Today’s auction produced an exceptional price, and I am delighted for the vendor. The result underlines the strength of the North Wexford agricultural land market which has continued to show great resilience.”
“I am sure the price achieved will give confidence to those considering selling similar properties.”
The auction was the second online auction conducted by Quinn Property. Interested parties were asked to pre-register so that they could bid online. We were encouraged by the level of registrations and enquiries prior to auction.
