107a Wexford farm exceeds €25k/acre at auction
The house on the farm at Ballycarrigeen, Wexford.
A large farm in Wexford went under the hammer on November 28 last, selling strongly on a dramatic day.
The sale took place at the Ashdown Park Hotel in Gorey. Bids were simultaneously being received online, and the man with the gavel on the day was David Quinn of Gorey-based Quinn Auctioneers.
The farm was at Ballycarrigeen, about 5km from Ferns and its size and quality made it a rare and much-coveted piece of agricultural real estate before the auction began.
The property was described as one having tremendous potential, whether for farmers or investors.
The lands are mostly in grass, with a small section in tillage. Although they are all in one block, the construction of the M11 has split the farm in two (connected via an underpass), with 83.7 acres adjoining the house and farmyard on the eastern side, with the remaining circa 23.7 acres lying to the west of the motorway.
A traditional farmhouse in need of modernisation added value to the overall package on sale. It was presented in the following lots:
- Lot 1: 45.5 acres;
- Lot 2: 33.5 acres;
- Lot 3: Residence, farmyard and outbuildings on 4.7 acres;
- Lot 4: 23.7 acres;
- Lot 5: Entire holding of 107.4 acres with house, farmyard and outbuildings.
“About 15 people turned up at the auction in the Ashdown Park Hotel,” says Mr Quinn. “We first offered the property in the first four lots, resulting in a peak combined value of €1,800,000.”
With pre-auction expectations in the region of €1.85m, it was already just about there. However, the real interest turned out to be for the entire holding. When Lot 5 was offered, the value went to €2m.
The farm was declared on the market at that point. Two bidders remained (one online and one in the room) and their battle quickly brought the price to €2.68m.
The hammer fell at that point. According to the auctioneer, it was sold to a local farming family at the very strong price of over €25,000/acre.
