Business Irish

Friday 19 September 2014

31 land lots sell at auctions

Published 21/11/2012 | 05:00

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An average price of €10,739 per acre was achieved for parcels of land in excess of four acres in Allsop Space's auctions over the past two years.

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Since its auctions began in April 2011, it has sold 31 land holdings of which 22 were development sites and nine were agricultural holdings.

Surprisingly, at a time when locals have dominated land acquisitions, as many as 36pc of purchasers originated from outside the local area.

Of these, 23pc came from abroad and 13pc were non-local Irish buyers. Irish expatriate bidders based in the UK have been particularly active via telephone bidding and purchased 19pc of the land lots.

"Local interest remains equally strong, however, with 64pc selling to those based in the surrounding area," says Robert Hoban of Allsop Space.

The lots ranged in size from a 0.03-acre site in Wicklow town which sold for €52,000. This worked out at the equivalent of €2.08m per acre.

The highest price was the €560,000 achieved for a former Esso site at Headford Road, Galway, which had planning permission for 12 flats.

Extending to only a third of an acre, it was bought by a non-local person for a price which was the equivalent of €1.6m per acre.

The next highest price was the €525,000 paid for 39 acres which included a quarry and farmland at Ballyorgan Kilfinane, Co Limerick. It was bought by a local person for the equivalent of €13,462 per acre.

The lowest prices of €10,000 each were seen for two lots at Connolly village, Co Clare.

The largest of these was a 2.47-acre parcel for farm land which was bought by an overseas buyer for the equivalent €4,049 per acre in May this year, while a 1.5-acre plot in the village was bought by a non-local buyer for the equivalent of €6,667 in November last year.

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