Wexford Land: Post-Auction Report
A circa 52.5-acre roadside holding with a derelict cottage and farmyard in Wexford exceeded its guide price by €275,000 at auction yesterday (Wednesday, April 5th, 2022).
Quinn Property handled the sale of the “valuable” holding in Parkannesley, Ballygarrett, Gorey, Co. Wexford.
Auctioneer, David Quinn, reported that the “highly anticipated” hybrid auction attracted “substantial interest” in recent weeks. He cited the property’s location and quality as main drivers of interest.
He described the lands as “well maintained”, of “good” quality and farmed to “a high standard”.
Quinn explained that the land, all in grass, is currently in five divisions with “extensive” frontage onto the local road.
Furthermore, the land benefits from electric fencing and a mains water connection.
In terms of the derelict cottage, it comprises four rooms but requires restoration. Its adjoining farmyard contains a two-bay A-Framed Slatted Unit (30ft. x 30ft.) and an open silage pit with concrete apron and yards.
Post-auction report
Quinn offered the property for sale in three lots, with the first being the cottage and yard on circa 24-acres.
Meanwhile, lot two came in the form of circa 28.595-acres divided into three divisions and lot three encompassed all of the above.
On Wednesday afternoon, the property came under the hammer at the Ashdown Park Hotel, Gorey, Co Wexford.
According to Quinn, the first lot received an opening bid of €250,000. He accepted six more offers in the first round of bidding, which brought the cottage and yard on c. 24-acres to €310,000.
The second lot opened at €280,000 and, according to Quinn, moved “briskly” to €340,000.
As the first two lots amounted to €650,000, a bid in excess of this figure was required to secure the entire.
However, Quinn reported this “did not appear to be much of an obstacle” as he took a bid of €700,000 “quickly” from the room.
He then accepted five “swift” bids, which brought the entire to €800,000. The property eventually soared to €870,000, which equated to €16,666/acre.
Due to the gap between the first two lots, Quinn gave bidders on the individual lots one final opportunity to “beat the existing offer on the table” for the entire.
With no further bids on the second lot, he recalled two separate lots and took a break to take client instructions.
Upon his return to the auction room, Quinn announced that the property was ‘on the market’.
He said there was “great drama” as bidders online and in-person “battled it out” to secure the holding.
Eventually, his hammer fell at €900,000, which is €17,142 per acre for the Wexford land, to an online bidder.
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