Farmers to fore in Wicklow success
Bidders target entire
Published 20/07/2010 | 05:00
In a clear sign of how residential developers have faded out of the property market, it was a farmer who secured a 7.5ac portion of zoned land in Tinahely, Co Wicklow, last week.
The land was part of a 30ac block located to the back of the main square in Tinahely. It was originally zoned for residential development in 2002 as part of the local development plan and was accessed by two rights of way.
Local selling agent David Quinn initially offered the 30ac block of land in two lots. Bidding on the 7.5ac zoned land reached €115,000, while the remaining 22ac reached €170,000.
However, there was more interest from bidders when the two lots were combined. Bidding on the 30ac reached €320,000 before it was put on the market, and it was eventually knocked down for €330,000. The buyer was an adjoining farmer, while the underbidder was another local farmer.
A further eight acres of land, located 0.5 miles from Tinahely town at Coolruss, was also offered for sale on the day.
Bidding on this portion of the farm opened at €60,000 and moved swiftly to €90,000. Soon after it was put on the market, the eight acres was sold to a local farmer for €95,000.
Mr Quinn had quoted a guide price of €9,000-€10,000/ac for the entire 38ac farm, but it was sold for a combined total of €425,000 (€14,166/ac).