Quinn Property, Gorey had a bumper auction at Coolycarney, Ballindaggin, Enniscorthy, Co. Wexford, with land selling for double the guide price.
The 14ac holding with a derelict residence and yard was for sale by online auction on Friday, December 16.
It was Quinn Property’s final auction of 2022 and was eagerly anticipated since its launch. Auctioneer David Quinn noted strong demand from local farmers and business people with almost 15 registered bidders.
The property had a guide price at €12,000/ac in advance of the auction.
Bumper auction
The property was billed as being suitable for a range of farming enterprises and was offered in the following lots:
- Lot 1: c.1ac;
- Lot 2: c.9.7ac with derelict house and yard;
- Lot 3: c.3.3ac;
- Lot 4: The entire.
On the day of the auction, bidding on lot 1 opened at €5,000 and quickly rose as far as €11,000. Lot 2 opened at €80,000 and reached €130,000 after initial bidding.
Lot 3 started at €30,000 and finished at €60,000 after the first round of bidding. This meant that a bid in excess of €201,000 would have to be placed on lot 4 (the entire) for it to remain an option.
It was immediately apparent that there was strong interest in the entire (lot 4) with prompt bids of €221,000, €231,000, €236,000 and €241,000 being made. As a gap had opened up between the entire and the separate lots, the auctioneer ran back through lots 1 to 3 before taking client instructions.
A new bidder on lot 1 brought the c.1ac plot up to €13,000, a flurry of additional bids on lot 2 increased the offer to €200,000 for the c.9.7ac with derelict house and yard but there were no further bids on lot 3.
Upon returning to the room, David Quinn opened bidding on the entire, which now needed to beat the combined total of €273,000. For the second time of the day, it was clear that there was serious interest in lot 4 as bidding jumped from €283,000 to €308,000 in the blink of an eye.
Although the auctioneer gave the individual lots a chance to make up the lost ground, there were no further bids on lots 1 and 2, meaning that lots 1 to 3 were withdrawn and lot 4 (the entire) was placed on the market.
With three bidders battling for the entire, there was fierce competition right until the end of the auction.
Bidding resumed at €310,000 and continued to surge towards the €350,000 mark before settling down. Following a couple of bids prompted by the warning of the auctioneer, the hammer ultimately fell at €360,000 (€25,700/ac).
The purchaser was a local person with equestrian interests.
Speaking after the auction, David Quinn said that it was a truly remarkable result, well above the typical price of €15,000/ac paid for similar holdings.
“It was great to end the year, securing a record price. I would like to congratulate the purchaser on their acquisition,” he said.