Sold for over €13,000/acre
The buyers were there, as were the local auctioneers, six of whom turned up either to represent clients, or perhaps, just to view proceedings.
Interest was high partly because the auction lot was part of a larger property, which was seized by ACC Bank, and which is probably just the trickle before the flow.
There was much speculation prior to the auction of the 20-acre holding about how much interest would be seen from neighbouring farmers, in particular from those who has sold the land in the first place.
The response to the auction was heartening, with the land making more than its guide price of €250,000, knocked down from €265,000 after a string of bids.
The property opened with a bullish speech from auctioneer Pat Burton, who wielded the gavel on behalf of Christy Buckley, and who spoke so finely of the land that someone in the back of the hall was heard to say, “If it’s that good, can’t you buy it yourself.”
Mr Burton had forsaken the world of auctioneering in the early part of the noughties, when he sold out his share of the Burton Crowley and O’Flynn firm to Sherry FitzGerald.
The proceeds went into a farm, and he concentrated on cattle until late in the decade, when he returned to auctioneering.
He opened proceedings at €180,000, and the land went up in bids of €10,000 until it reached €205,000, and then climbed in bids of €5,000 to €250,000, at which stage the property was put on the market.
The eventual highest bidder at €265,000 is believed to be a neighbouring farmer whose land will be ‘squared off nicely’ by the new acquisition.
He was heartily congratulated by the underbidder, a Co Kerry farmer, who, according to Christy Buckley, is still interested in another piece of the 600-ace Kinsale site.
However, on the basis of the number of estate agents who attended the auction, there may be interest in the entire property.
It’s believed agents received a firm offer on 500 acres prior to last Thursday’s auction, but sources say that ACC bank and the receiver wanted to spot-test the market, before entering into any negotiations on the entire property (which failed to sell for €5 million, or €15,000 per acre, a year ago).
Estate agents will also point to the amount of waste with the land, although renowned for fertility.
Steep coastal drops and a number of glens would bring the total of useable acreage back to 250 to 300 acres.
But then, there are plenty of people willing to talk down the market if they’re hoping to buy cheap.
There is the option for the vendors to tap whatever money is out there by selling in small lots. But that’s yet to be decided.
Christy Buckley says he’s open to offers big and small.
“We’ve a lot to do yet and we’re still selling, we’re actively promoting the land as a unit, or in lots.
“There were four tonnes to the acre of winter barley just taken off it,” he says.
When the entire block of land went up for sale last September, there were no takers at the guide price of €15,000 per acre.
Accumulation of the site had cost more than €10m.
The latest €13,250 per acre sale has set a benchmark, but no-one knows for sure if that was a one-off occurrence.
In 2008, some 93 acres of the land were withdrawn from sale at €25,000 per acre.
It was Kinsale Harbour Resort Ltd and Xces Projects who accumulated a substantial holding of 600 acres at the seaside location, with hugely ambitious plans for an integrated golf, equine and tourism scheme over three townlands, part of which was designated for an Ernie Els-designed golf course.
