West Cork land smashes guide price
Published 25/01/2012 | 06:00
In one of the first auctions of the year, a 9.3ac field adjacent to the west Cork village of Inchigeelagh sold for €205,000 or €22,000/ac. The field was on sale by private treaty with a guide of €120,000/ac until auctioneer Henry O'Leary and the vendor decided to put the property to public auction.
The village of Inchigeelagh is located about 30 miles from Cork city and Killarney in the heart of west Cork, where property generally commands a tourism premium. The 9.3ac parcel is laid out in a level field that fronts on to the Macroom road, with some 7.1ac zoned for low-density residential development and a nursing home.
The auction took place on January 18 at Creedon's Hotel, Inchigeela. A capacity crowd turned up for the event and Henry O'Leary opened the sale calling for a bid of €90,000.
Five customers indicated interest and, in bids of €5,000, the price soon surpassed the guide and reached €150,000. At that point Mr O'Leary consulted with the vendor who agreed to put the property on the market.
Two new bidders entered the fray, while the original customers withdrew.
The new bidders, a local businessman with farming interests and a businessman from east Cork, followed the sale to its conclusion with bids of €5,000 and, when the hammer fell, the field sold to the local man.