In its final auction of 2022, Quinn Property sold a 14ac holding located outside Enniscorthy, at Coolycarney, Co Wexford, on 16 December.

The online auction on the LSL platform saw the grassland property with a derelict house exceeding all expectations.

Ahead of the auction, auctioneer David Quinn noted strong demand from local farmers and business people, with almost 15 registered bidders. That demand translated into strong bidding on the day.

Bids

Bidding for lot 1, c1 acre, opened at €5,000 and quickly rose to €11,000. Lot 2 comprising of c9.7 acres with a derelict house and yard opened at €80,000 and reached €130,000 after the initial round of bidding.

Lot 3 consisted of c3.3 acres and this opened 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.

A flurry of bids saw this reach €241,000 and auctioneer David Quinn sought further bids for lots 1 to 3 before taking client instructions.

No bids were placed on lot 3, while a new bidder on lot 1 brought that to €13,000, and there proved stronger interest in lot 2, as this rose to €200,000.

Brought to market

This meant a combined total of €273,000 was required to purchase the entire. Further bids brought the entire to €308,000 and it was placed on the market.

Three bidders remained and quickly brought it to the €350,000 mark before the hammer ultimately fell at €360,000 (€25,700 per acre). The purchaser was a local person with equestrian interests.

Guided in the region of €10,000/ac to €12,000/ac, the holding, located 2km from Ballindaggin village, was offered in lots, but ultimately sold in its entirety for double the guide price.

Speaking after the auction, David said: “This was a truly remarkable result, well above the typical price of €15,000 per acre paid for similar holdings. It was great to end the year securing a record price.”