HomeFarming News24-acre Wexford holding sells for €494k after ‘frantic bidding war’
Catherina Cunnanehttps://www.thatsfarming.com/
Catherina Cunnane hails from a fifth-generation drystock and specialised pedigree suckler enterprise in Co. Mayo. She currently holds the positions of editor and general manager at That's Farming, having joined the company in 2015.
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24-acre Wexford holding sells for €494k after ‘frantic bidding war’

Wexford holding post-auction report

A 24.3-acre roadside holding with a derelict farmhouse and farm buildings in Co Wexford exceeded its price guide by €124,000 when it went for auction this week.

Quinn Property sold the holding in Askinamoe, Ferns, Enniscorthy, for €494,000 on Wednesday, August 25th, 2021.

Auctioneer, David Quinn, reported “a good deal of interest” in the property with close to fifteen parties registering to bid.

He noted that the auction saw some “excellent” quality land along with a derelict cottage brought to the market.

Quinn offered the property, which had a guide price of €370,000, for sale in the following lots:

1: C. 7.2-acres with derelict cottage & shed;
2: C. 17.1-acres;
3: The entire – C. 24.3-acres.

Wexford holding post-auction report: 

Lot 1 opened at €80,000 and “quickly rose” to €130,000. Two further bids were then placed, which brought it up to €145,000.

Bidding on lot 2 commenced at €160,000, and similar to lot one there was, what Quinn described as “quickfire” bidding. This lot reached a sum of €210,000.

The entire needed to register an offer in excess of €355,000 to trump the previous two lots.

A bid of €365,000 was made just as the entire was about to be withdrawn, but no further bids were forthcoming at this time.

Before taking client instructions, Quinn ran through each lot again to “attain a better sense of how a sale might proceed”.

Lot 1 had two more bids which brought it to €165,000. Lot 2 “promptly” received four further bids, bringing it as far as €230,000.

Then, lot 3 moved past the combined bid of €395,000 with a bid of €400,000.

After a brief recess to take instructions, Quinn resumed the auction and confirmed that the property had passed its reserve and was now ‘on the market’.

After one additional bid on lot 1, the hammer fell at €170,000.

Quinn said: “There was tougher competition for lot 2, which sparked a bidding war between several parties.”

“A bid of €235,000 was made to initiate the final round of bidding on this lot. However, frantic bidding ensured that lot 2 continued as far as €324,000 before it was sold.”

The combined total of the price achieved equates to €494,000 (€20,329/acre).

Speaking following the auction, David Quinn said:

“The result of this auction demonstrates the depth of demand for holdings of various sizes in the North Wexford area.”

“There was a variety of interested parties who will remain in the market for similar properties having failed to secure either of today’s lots.”

Upcoming auctions:

Quinn Property’s next auction – a coastal holding – takes place on September 1st, as featured on That’s Farming.

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