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Saturday 22 September 2018

The 'tiger' is back with a bang in farmland market: Record €90,000/ac paid for land in Wexford

Creagh farm
Creagh farm
Jim O'Brien

Jim O'Brien

Celtic Tiger prices and buyers are back in the land market as a record €90,000/ac was paid for a 3ac parcel of ground outside Gorey in Co Wexford, while €37,765/ac was paid for an adjacent 34ac piece.

The Redmond Brothers, builders and hotelier in the area, were the successful bidders on both pieces.

The 37ac non-residential farm is located at Creagh, less than 1km from Gorey town, with extensive road frontage on three sides. It was guided pre-sale at €12,000/ac.

The first lot comprised of 34ac in one division contained in a single elevated field overlooking Gorey town and out to the coast in the distance.

Image: Warren Estates
Image: Warren Estates

The parcel has road frontage to the Hollyfort and Creagh roads and also, on the northern boundary, to a minor road which links the two main roads.

It is situated adjacent to Creagh Water Treatment Plant with electricity and mains sewerage a short distance away.

Denis Howell of Warren Estates describes the land as prime free draining territory that has 0.9ac of mature woodland with a natural stream flowing through on the Hollyfort road boundary.

The farm buildings on this lot include a two-column haybarn with a lean-to.

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The second parcel is made up of a 3ac plot with good road frontage onto the Hollyfort road.

Rectangular in shape, the parcel is easily accessible and is all in grass at present.

Development

According to Denis Howell of Warren Estates, the land is not zoned for development but he believes it might have some such potential in the future.

Obviously this is a view shared by others.

On the day of auction the 34ac opened at €500,000 and with three bidders taking to the field it was put on the market when it hit the €1.1m mark.

Two bidders remained standing at that point and bidding continued to €1.25m when the hammer fell in favour of the Redmond brothers.

The 3ac parcel opened at €90,000 and initially attracted three to four bidders before it went on the market at €120,000.

Bidding continued with two customers in the fray till the hammer eventually fell at €270,000. The €90,000/ac price will surely be in record territory for 2018.

Part of a 37ac holding on the outskirts of Gorey sold for a record €90,000 per acre, reports Jim O'Brien

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