A 72.4-acre coastal property in Oldmill, Rosslare, Co Wexford, sold for €1.62 million at auction on Wednesday, July 21st, 2021.
Quinn Property guided the entire holding in the region of €750,000 ahead of the “hotly anticipated” auction.
David Quinn reported that there was “significant interest” in the auction, with almost thirty parties registering to bid.
He highlighted that the property’s “allure and unique nature” promoted interest from various geographies such as the USA, Australia and the UK.
Wexford coastal property
He offered the property for sale in the following lots:
- 1: Circa 11.67-acres with the benefit of 300m of frontage onto the local beach with and has a derelict traditional stone building that may have development potential (s.t.p.p.) as well as the potential for some tourist-related enterprises.
- 2: 55.2-acres of agricultural land. Currently in grass with the benefit of a cattle pen and handling facilities.
- 3: Circa 5.47-acres with the residence. This bungalow was built in 2019 and has windows and doors installed with the outer plaster complete. It is ready for internal plastering.
- 4 – The entire
The auctioneer described lot one as the “jewel in the crown” of the offering. However, there was strong demand for all three lots and the entire.
After the first round of bidding, lots 1, 2 and 3 combined to reach €1 million.
Lot four went on to fetch a top bid of €1.34 million. At this point, it appeared that the holding would sell in its entirely.
For the second round of bidding, the sum of lots 1-3 rose to €1.48 million.
This “significant jump” ensured the possibility of the lots being sold individually for the moment.
However, the entire rose to €1.49 million shortly afterwards. Following this, the auctioneer called for a short break to consult the vendor.
After taking instructions, Quinn confirmed that all lots were now ‘on the market’. The vendor was prepared to sell to the highest bidder(s).
This promoted the total of lots 1-3 to reach €1.57 million, while the entire went to €1.59 million.
With little between both figures, it was difficult to predict if the property would be sold in three divisions or in its entirety.
However, with no further bids on the entire, the path was “clear” for the auctioneer to sell the holding in three separate lots.
Ultimately, lot 1 sold for €430,000, lot 2 made €660,000 and lot 3 fetched €530,000, producing a total price of €1.62 million.
The property sold for more than twice its guide price.
Huge demand for coastal properties
Speaking following the online auction held on LSL Auctions, Quinn said:
“Today’s auction highlights the huge demand for coastal properties in the south-east.”
“The extraordinary level achieved today is driven by a number of factors, such as strong cash reserves built up during the past 18 months and the resurgence in popularity of Irish coastal locations.”