35-acre Wexford holding fetches almost €28k/acre at auction

The 35-acre farm next to the picturesque village of Coolgreaney.

Last featured here just two weeks ago, a 35-acre farm near Gorey, County Wexford, was successfully sold at an online auction last week on Wednesday, May 28.

The property had a pre-auction expectation of between €15,000 and €20,000/acre, its location next to the picturesque village of Coolgreaney giving it something of an edge that might bring its value above its purely agricultural usage.

The high-quality lands have extensive road frontage and a natural water course. They were in tillage until recently. Prior to the sale, auctioneer David Quinn of Gorey-based Quinn Property said that there were 10 registered bidders – “mostly local farmers and businessmen.”

Lot 1 (4.25 acres) and Lot 2 (30.35 acres) were offered initially, reaching a combined value of €530,000 (€15,100/acre).

There appeared to be a stronger appetite for the entire holding (Lot 3). When it was offered to the virtual floor, rapid bidding brought the value to €850,000 (€24,300/acre).

Lots 1 and 2 were offered once more and this time the combined value hit €890,000 before another bid on Lot 3 brought it to €910,000. It was only when another round on Lots 1 and 2 brought the combined total to €940,000 that bids on Lot 3 ceased and the property was then declared on the market.

Four more bids on Lot 1 brought it to €140,000 (€32,200/acre) and a final bid on Lot 2 resulted in €830,000 (€27,300/acre).

With a combined figure of €970,000 (€27,700/acre), it was well in excess of its expectations.