Tuesday, December 6, 2022
5.9 C
Galway
HomeFarming News€605k for 29ac holding with cottage after ‘great drama’ at auction
Catherina Cunnane
Catherina Cunnanehttps://www.thatsfarming.com/
Catherina Cunnane hails from a sixth-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 firm during its start-up phase in 2015.
Reading Time: 3 minutes

€605k for 29ac holding with cottage after ‘great drama’ at auction

A “superb” circa 29ac holding with a single-storey cottage in Avoca, Co Wicklow, changed hands for €605,000, over €200,000 more than its guide price, when it went for auction last month.

Quinn Property’s David Quinn handled the sale of the property at Barniskey, Ballinvalley, which, he reported, garnered “phenomenal interest” right from when he launched the listing to the market.

He placed the property under a guide price in the region of €380,000 – €400,000 ahead of the online auction on the afternoon of Friday, September 30th, 2022.

In the initial property listing, he explained that the residence is a single-storey cottage-type property that has been “unoccupied in recent years and needs upgrading and renovation.

Its accommodation includes two bedrooms, a bathroom, a kitchen, a sitting room and a living room/bedroom.

Meanwhile, he explained that the free-draining lands are laid out in four divisions and are currently under tillage use.

They boast “extensive” road frontage onto a local road and secondary access off a private roadway.

Post-auction report:

He offered the property – which is near Brittas Bay – for sale in the following lots:

1: Residence on circa 1.3-acres;
2: C. 28-acres;
3: The entire.

The auction commenced with what Quinn reported to be “lively” bidding on lot 1, which has a guide price of €80,000-€10,000.  It surpassed the €100,000 mark, reaching €135,000.

Bidding then followed on lot 2, which opened at €250,000 and rose as far as €310,000.

The combination of lots 1 & 2 equated to €445,000, which was promptly surpassed by a bid of €455,000 on lot 3 (the entire).

Bidding on lot 3 continued as far as €495,000 after Quinn’s opening round.

With a price gap of €50,000 between the separate lots and the entire, he sought further bids on lots 1 and 2.

However, no further bids were made on lot 1, while the second lot received a further bid to the tune of €10,000, which brought it to €320,000.

‘Great drama late’

With a €40,000 gap remaining, Quinn withdrew lots 1 and 2 and declared the entire ‘on the market’.

Quinn explained: “Rapid bidding on the entire ensued, with a total of twenty further bids placed after this point.”

“There was great drama late on as the hammer was about to fall at €590,000, but a bid of €595,000 was made just in time.”

“One final bid of €605,000 secured the property, equating to approximately €21,000/acre,” he concluded.

- Advertisment -

Most Popular