Burrane bought as buyers still haggle over Haghill
It’s another indication of fairly smart market activity in the south, even if the eventual sale price is less than the €12,500 per acre sought initially. The property had been under negotiation since its market launch in October.
Meanwhile, sleet, snow and icy roads didn’t put off 80 or so people who turned up for last Friday’s auction by Ernest Forde of Haghill House, Bandon, Co Cork.
While the property didn’t go under the hammer, it looks set to sell for close to the €1 million guide price.
The sale drew a very good response, and bidding took off at a clip, said Forde. The residential farm, put on the market in early October, had not been intensively farmed for some time. While not an executor sale, it was being sold by a beneficiary.
The property, all good quality level pasture, close to Bandon town, has great potential, says Forde, not least in its faded, but still rather grand residence (which could be a handsome house, given renovation work).
This wasn’t lost on the were six bidders, says Forde, divided equally between those who were punting on lots and those bidding for the property in the entire.
The auction opened at €750,000 for the entire, and bidding went back and forwards between the lots until it reached €875,000.
At that stage, the property was withdrawn and almost immediately afterwards, the agent received an offer of €940,000, much closer to €1m guideline.
The negotiations are ongoing, says Forde, who expects the sale to be wrapped up one way or another.
“It’s at €10,000-plus an acre, and we were expecting a little bit more, but we expect to do something with that.
Bidding for the entire property were two businessmen and a farmer, according to Forde, and neighbouring farmers and two solicitors were bidding for lots.
His only regret is that it didn’t make closer to the reserve on the day — but private treaty negotiations look likely to close the gap.
All in one block, the property’s boundary is close to the Bandon-Timoleague road. It includes the 150-year old residence, a yard with an 80-head cubicle house, and old stone outbuildings. It has at least 8km of road frontage and divides easily into lots of 30, 32 and 29 acres, says Ernest Forde.
