The keen demand for land in the southeast was reflected in the recent auction of a circa 87ac non-residential farm in Co Wexford.
Exceeding its pre-sale guide price by €10,000/ac, the farm - at Garraun Upper, Rathnure, Enniscorthy - was sold at online auction on the LSL Auctions platform by David Quinn of Quinn Property on Wednesday afternoon last.
Available in five lots, the land, consisting of free-draining soil of the Clonroche series type, was described as being suitable for any farming enterprise and guided in the region of €15,000/ac to €17,000/ac.
Bidding for the 22.3ac included in Lot 1 opened at €260,000 and after a flurry of first round bids, it reached €660,000. Two further bids of €10,000 were placed before the hammer fell at €680,000.
As the farm is fragmented, it was offered for auction in a number of different lots.
The largest of the lots, 31ac was available in Lot 2 and this opened at €360,000 and bids in increments of €20,000 saw it reach €540,000 in the initial round of bids. It was put on the market at this point and the bids flew on before it sold for €730,000.
The only part of the farm on the opposite side of the main holding, Lot 3, consisted of 11.6ac. It opened at €140,000 and initial bidding brought it to €240,000, at which point it was put on the market. The gavel fell on this lot at €280,000.
Just 2km from Rathnure, Co Wexford, the land was sold to a number of local farmers.
Lot 4, 18.1ac including approximately 2ac of woodland, opened at €220,000 and was brought €380,000. Following this, it was declared on the market before selling for €440,000.
A yard and adjoining 5ac were offered in Lot 5 and these opened at €50,000 and were brought to €200,000 in the first round of bidding. Five bids of €10,000 were placed on it after it was placed on the market and it was sold at €250,000. This brought the combined price to €2.36m (€27,126/ac).
'Smashing bit of land'
After the auction, auctioneer David Quinn said: “It was a smashing bit of land and I expected it to sell for around €1.6m or €1.7m, but after the first round of bidding we were at €2.02m, so that really showed the interest that was out there for this land.
"We had 25 bidders registered for this auction and there were four different buyers, so there were 21 individuals who are still looking out for land.
"A solicitor bought Lots 1 and 4 in trust for two separate clients. Lots 2 and 5 were purchased by the same purchaser, while Lot 3 was bought by a neighbouring farmer. All of this farm was purchased by local farmers.”
The keen demand for land in the southeast was reflected in the recent auction of a circa 87ac non-residential farm in Co Wexford.
Exceeding its pre-sale guide price by €10,000/ac, the farm - at Garraun Upper, Rathnure, Enniscorthy - was sold at online auction on the LSL Auctions platform by David Quinn of Quinn Property on Wednesday afternoon last.
Available in five lots, the land, consisting of free-draining soil of the Clonroche series type, was described as being suitable for any farming enterprise and guided in the region of €15,000/ac to €17,000/ac.
Bidding for the 22.3ac included in Lot 1 opened at €260,000 and after a flurry of first round bids, it reached €660,000. Two further bids of €10,000 were placed before the hammer fell at €680,000.
As the farm is fragmented, it was offered for auction in a number of different lots.
The largest of the lots, 31ac was available in Lot 2 and this opened at €360,000 and bids in increments of €20,000 saw it reach €540,000 in the initial round of bids. It was put on the market at this point and the bids flew on before it sold for €730,000.
The only part of the farm on the opposite side of the main holding, Lot 3, consisted of 11.6ac. It opened at €140,000 and initial bidding brought it to €240,000, at which point it was put on the market. The gavel fell on this lot at €280,000.
Just 2km from Rathnure, Co Wexford, the land was sold to a number of local farmers.
Lot 4, 18.1ac including approximately 2ac of woodland, opened at €220,000 and was brought €380,000. Following this, it was declared on the market before selling for €440,000.
A yard and adjoining 5ac were offered in Lot 5 and these opened at €50,000 and were brought to €200,000 in the first round of bidding. Five bids of €10,000 were placed on it after it was placed on the market and it was sold at €250,000. This brought the combined price to €2.36m (€27,126/ac).
'Smashing bit of land'
After the auction, auctioneer David Quinn said: “It was a smashing bit of land and I expected it to sell for around €1.6m or €1.7m, but after the first round of bidding we were at €2.02m, so that really showed the interest that was out there for this land.
"We had 25 bidders registered for this auction and there were four different buyers, so there were 21 individuals who are still looking out for land.
"A solicitor bought Lots 1 and 4 in trust for two separate clients. Lots 2 and 5 were purchased by the same purchaser, while Lot 3 was bought by a neighbouring farmer. All of this farm was purchased by local farmers.”
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