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Monday 20 February 2017

Derelict farm bucks trend and sells for €2.3m after bidding war

Donal Buckley

Published 28/10/2011 | 05:00

The 209-acre Lewistown House, near Newbridge, Co
Kildare, sold for just over €2.3m at auction yesterday
The 209-acre Lewistown House, near Newbridge, Co Kildare, sold for just over €2.3m at auction yesterday

A DERELICT bungalow and 209 acres of farmland sold for a combined €2.375m at auction yesterday -- 42pc over the guide price.

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However, seven other properties failed to sell in a separate auction devoted to commercial properties.

The 209-acre Lewistown House, near Newbridge, Co Kildare, was sold in three lots to local farmers.

Joint agents JP&M Doyle and Brophy Farrell Real Estate Alliance had been guiding an average of €8,000 per acre for the property, but made an average of €11,363 per acre.

The first lot, the derelict farmhouse on 119.7 acres, sold for €1.72m or €14,370 per acre.

Lot two, consisting of 58.8 acres, sold for €410,000; while the third lot, consisting of 31.4 acres, sold for €245,000.

"This was a very good result in the current market," auctioneer Paul Doyle said.

Yesterday also marked the deadline for tenders for 'Walford', the Shrewsbury Road house in Dublin 4 understood to be owned by Sean Dunne's wife, Gayle Killilea.

When it was bought six years ago, it set a record €58m for a Dublin house.

But when it was put back on the market last month, the sellers who never lived in it were expecting €15m.

Their joint agents Savills and Lisney had also stipulated that bidders submit a €1m bank draft with their tender documents. The tenders were submitted to Donal T McAuliffe solicitors, but the firm did not return phone calls last night.

Investment

Meanwhile, another successful auction yesterday saw a three-bedroom cottage -- 6 Millbrook Villas, in the centre of Naas, Co Kildare -- sell for €145,000.

This was €20,000 over the guide price set by agents Sherry FitzGerald O'Reilly.

However, none of the seven commercial properties sold at an auction by RTA Business Brokers at Red Cow Moran's Hotel, Dublin.

They ranged in price from €150,000 for an investment property in the centre of Caherciveen, Co Kerry, to €800,000 for Camlin House, Ballinameen, near Boyle, Co Roscommon -- a guest house on 24 acres.

Con Nagle, director of RTA, blamed lack of finance as the main reason for not selling the businesses, which are now being offered for sale by private treaty.

Irish Independent

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