Bidders slug it out as Wexford holding goes for €19,000/ac

Work to do: The 2,475 sq ft two-storey farmhouse near Rathnure needs complete refurbishment
Work to do: The 2,475 sq ft two-storey farmhouse near Rathnure needs complete refurbishment
Jim O'Brien

Jim O'Brien

In an auction that Clive Kavanagh of Jordans described as 'a flyer', a residential farm on 79ac near the village of Rathnure in Wexford sold in its entirety for €1.5m, making almost €19,000/ac.

In a sale that saw four lots receive keen attention from a wide range of local bidders, the entire eventually won the day when a solicitor acting in trust put down the last bid.

Located at the foot of the Blackstairs Mountains, the holding is about 12km from Enniscorthy, 18km from New Ross and 20km from Bunclody.

The residence and yard are reached by an avenue, while directly inside the main entrance is a derelict gate lodge or cottage.

The 2,475 sq ft two-storey farmhouse with a rear extension is in need of complete refurbishment, while a traditional farmyard to the rear of the residence is made up of a series of dated farm buildings made up of old sheds and derelict outhouses.

Extending to 79ac, the land is primarily laid out in one block in a number of divisions made up of good-quality ground fenced with natural boundaries and hedgerows throughout.

The holding comes with good road frontage and is described as ideal for tillage or grazing.

Slow

At auction, proceedings were slow to start but, according to Clive Kavanagh, once it opened, the sale took off. The first lot, comprising the house and yard on 6.6ac, reached €190,000 after two rounds of bidding.

Get the latest news from the Farming Independent team 3 times a week.

A 21.4ac portion of ground was making €460,000 or €21,500/ac after the second round, while a 34.3ac piece was bid to €500,000.

The last parcel of 16.47ac was making €310,000 or near €20,000/ac when attention turned to the entire. This had been bid to €1.25m in earlier bidding.

On the final stretch, the 79ac, the house and yards absorbed all energy in the room.

It went on the market at €1.3m, with three bidders in action.

The final furlong was a contest between two customers until a solicitor acting in trust clinched the deal at €1.5m.

Mr Kavanagh was delighted with the price, saying that even if the house on 6.6ac at €190,000 is taken out of the calculations, the rest made €18,000/ac.

Indo Farming


For Stories Like This and More
Download the Free Farming Independent App