Farm Ireland

Tuesday 20 March 2018

Withdrawn lotted holding reaches post-auction sale

Jim O'Brien

Jim O'Brien

A property in two lots was withdrawn from auction and subsequently sold as one at Baltinglass, Co Wicklow, on Tuesday last.

The cumulative price bid at auction came to €265,000 and, according to auctioneer Paddy Jordan, the entire was sold soon after for a sum "substantially in excess" of the amount bid.

Located at Commonstown, Moone, Co Kildare, not far from Athy and the N9 and M9, the lotted land was divided by a road.

Lot one consisted of 15ac, of which 12ac are in Christmas trees and three are in broadleaf forestry. Lot two consisted of 28.5ac, of which 23ac are in tillage and 5.5ac in broadleaf forestry.

The land was described as good arable ground, while the forestry is young and generates modest annual premia. Both lots have good road frontage.

Mr Jordan opened the auction with lot one at €100,000. Three bidders declared interest in the 15ac on offer and, in bids of €10,000, the auction continued until the price on offer reached €140,000. At that point the lot was withdrawn.

Lot two opened at €100,000 and two bidders entered the auction.

After two bids of €10,000

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and one of €5,000, the lot was withdrawn at €125,000.

Protracted negotiations ensued and eventually the property was sold for an amount greater than the offered total of €265,000.

Irish Independent