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Independent.ie

Saturday 23 September 2017

Surge in property sales post-auction

Jim O'Brien

Jim O'Brien

20ac parcel of ground sold under hammer and 24ac land Old Rectory went after auction

The rasp of the hammer is not ringing through the auction rooms with the frequency vendors and agents might like, but the sales are happening, often in the immediate aftermath of the public auctions.

This was certainly the case when Aidan Heffernan and Niall Mulligan of Sherry FitzGerald Royal brought three properties to auction at the Castle Hotel, Trim, Co Meath.

One sold under the hammer and two sold after auction.

The property sold at auction was a 20ac parcel of ground located in a townland called Eighty Eight Acres near Athboy, Co Meath.

The lands are described as top-quality grassland, in a single division and situated in a cul-de-sac about 1km from Athboy.

The bidding opened at €120,000 and with two bidders in the field the price soon reached €155,000.

It was put on the market at that and as no further bids were forthcoming it sold to an adjoining farmer.

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Meanwhile, a 24ac parcel of ground located at Jamestown, Bohermeen, Navan, was bought after auction by a neighbouring farmer who had attended the sale but didn't make a bid.

The lands are described as good-quality grassland with extensive road frontage with an old residence and a traditional farmyard that included a haybarn and lean-to. The auction price was guided at €180,000.

The property commanded the attention of two bidders when it opened and proceeded well until bidding stalled at €140,000, at which point it was withdrawn.

After auction a local dairy farmer who attended the sale but didn't bid as he thought a neighbour was interested in the place came forward.

He bought the 24ac for a price exceeding the closing bid but lower than the guide of €180,000. Finally, on the same day, the Old Rectory on 34ac of mixed land located at Laracor, Trim, Co Meath, was withdrawn from auction but sold some days later for a price in excess of €630,000.

The residence is described by Aidan Heffernan as a charming house that was extensively renovated some years ago but could now do with modernisation such as insulation.

The lands, of mixed quality, also could do with some attention but have potential and have good road frontage.

The property came with a guide price of €875,000 and in the course of the auction was withdrawn at €630,000.

After negotiations with the highest bidder, an Irishman living in New York, it sold to him for a significantly higher price.

Aidan Heffernan described the sales of the three properties as very satisfactory and described the auction and the post-auction sale as typical of an emerging pattern.

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