Wexford post-auction report
A 25.5-acre roadside holding with derelict cottages in Gorey, Co Wexford, sold for €200,000 more than its price guide at auction.
David Quinn of Quinn Property guided the holding in Moor, Killenagh at €325,000.
The auctioneer reported “strong” interest in the run-up to online auction with LSL Auctions, with almost thirty parties registering to bid.
Ahead of the auction, he said the property benefits from a “truly exceptional location”, within proximity to Gorey, the 3km coast and 5km from Courtown.
In terms of access, there is the benefit of three access points, and the land has good frontage onto the public road. There are two derelict residences on the lands, in need of complete renovation.
Quinn Property offered the holding for sale in the following lots:
- 1: C. 23.8-acres with derelict cottage and cattle pen;
- 2: C. 1.8-acres with derelict farmhouse;
- 3: The entire.
Wexford post-auction report
On the day of the auction, lot 1 opened at €170,000. After the first round of bidding, lot 1 peaked at €290,000.
Then, bidding on lot 2 began at €30,000 and quickly rose to €100,000.
Quinn outlined that the entire would have to surpass the combined bids of lots 1 and 2 (€390,000) to have a “chance in progressing”.
With Quinn very close to withdrawing the entire, a party placed a bid of €400,000. This ensured lot 3 made it to the second round of bidding.
After a short break to take instructions from the vendor, Quinn outlined that the property had reached its reserve and was now on the market.
Bidding for lot 1 resumed, reaching €370,000 after eight further bids.
Furthermore, lot 2 also moved forward in the second round of bidding with four additional bids pushing it up to €120,000.
Lot 3 was required to exceed €490,000, the current total of lots 1 and 2 to secure the property in one lot.
However, no further bids were made, and the entire was withdrawn. This meant that lots 1 and 2 were now on the market with one more round of bidding to go.
Lot 1 received five more bids, and Quinn’s hammer fell at €395,000. Then, lot 2 resumed at €120,000, and with two further bids, sold for €130,000.
Speaking following the auction, Quinn added:
“The sum of €525,000 equates to an outstanding price per acre of €20,588, well in excess of the guide price.”
“Another exceptional result which highlights the depth of demand for land in the North Wexford area.”
“In my opinion, demand for these properties is continuing to increase.”
Upcoming auction
Its next auction takes place on August 17th, 2021. The property firm will offer a circa 40-acre farm holding in Screen, Co Wexford, to the market.
More properties for sale
View more land, houses and farms for sale.
