Waterfall price doubles
WHO says there’s no life left in the property market? Last Thursday saw €5.5 million paid for a 35-acre property at Ballinvoultig, Waterfall, at auction.
Auctioneer John Hodnett of SWS Property Services achieved almost double the asking for this residential holding in Cork’s Greenbelt.
Located minutes from the Bishopstown roundabout, the South Ring Road and the Ballincollig bypass, there was a lot of interest prior to Thursday’s auction and up to 15 contracts were sent out, says the agent.
On the day, there was a full house and much anticipation in the Kingsley Hotel, where the property was offered in lots and in the entire. The auctioneer flip-flopped between the two until both were bid up to €2.9 million, at which stage the property was put on the market.
It took off from there with three bidders taking the lots and a solicitor bidding on the entire.
In the end, the entire property was sold for €5.5 million to Veronica Neville of Bandon, who purchased on behalf of an unidentified client.
The aims of the purchaser are also unknown, but considering the property came with substantial sheds and a four-bedroomed house, there is huge potential for a commercial mix.
Other potential buyers would include the hobby farming cohort, especially considering the area’s tight zoning. A heavy-hitting buyer could have a demolition and rebuild scenario in mind.
Which in a roundabout way means the buyer is unlikely to have been a farmer, even though the 35 acres would be good arable land.
With the windfall price, however, it just goes to show that there is life in the old property dog yet.
The sale included two storage units of 1,850 sq ft and 3,185 sq ft, and the lots included 4.1 acres, including the residence and outbuildings: lot two was 2.3 acres and lot three comprised 28.9 acres.
