79ac at Rathnure, Enniscorthy, Co. Wexford, fetched €1,500,000 at a ‘lively’ auction recently, equating to almost €19,000/ac, including the house and yard.
An executor sale, Rathnure House, Rathnure, Enniscorthy, was sold by Jordan Auctioneers on Thursday week last.
Lively
“It sold before a packed crowd of about 60 people. It was obvious beforehand that this auction was going to be lively from the outset,” said selling agent, Clive Kavanagh.
“We offered the property in a number of lots in addition to the entire and while the individual lots commanded interest, bidding on the entire kept trumping the lots,” he said.
“Lot 1 of the house and yard on circa 6.6ac bid to €190,000. Lot 2, on 21.4ac, bid to €460,000. Lot 3, on 34.3ac, bid to €500,000. Lot 4, on 16.47ac, bid to €310,000. The total amounted to €1,460,000,” he said.
Lot 5 – the entire – received one additional bid to €1,500,000 and was sold to a solicitor, acting in trust on behalf of a client.
“The property is located approximately 12km from Enniscorthy, 18km from New Ross and 20km from Bunclody. The residence comprises a two-storey farmhouse with rear extension on a lovely elevated site,” the agent said.
“It is approached via a tree-lined avenue and set back from the road. In need of modernisation, it comprises a number of reception rooms in addition to three to four bedrooms, with a total floor area of approximately 230m²,” said Clive.
“Located inside the main entrance is an old gate lodge or cottage which is derelict but would be ideal for replacement at a future date. There is a traditional farmyard located to the rear of the residence, providing a number of old sheds and derelict outhouses under a partial concrete and gravel base,” he said.
Local buyers
“The land is primarily laid out in one block, in a number of divisions. The entire is mostly very good-quality land with natural boundaries and hedgerows throughout,” said the agent.
Speaking after the auction, Clive said that the sale had generated considerable interest from the outset, primarily from locals who knew the farm would be coming to the market at some stage and had been waiting.
The strong price reflects the market and reinforces the view that local buyers and competition are key to obtaining a premium over the average.
“The market is dependent on the strength of the farming community in the immediate area. Where there are farmers looking to expand with family members joining the enterprise then there is an appetite to purchase, but it varies from region to region,” said Clive.
“Some business people have started to re-emerge and this has in some cases driven prices. The uncertainty around Brexit does exist even though it is not always apparent when top prices are achieved.”