Bunclody farm sold for €3m at auction
A farm holding in Bunclody was told for €3.05m when it went up for auction last week.
The farm, located at Bolinaheny, was brought to auction by Quinn Property estate agents and auctioneers with the sale taking place in the Ashdown Park Hotel on Wednesday.
The property was comprised of a 216 acre residential farm with extensive outbuildings and land.
A record crowd over 150 people turned up at the auction with the auctioneering firm stating that it was 'one of the finest farms to be sold in North Wexford for some years'.
Prior to the auction the guide price was €2.3m but due to scale of the property it was offered in four separate lots as well as in its entirety.
The lots were comprised of: Lot 1 - four-bed residence with extensive range of yards, sheds and outbuildings on 113 acres; Lot 2 - 49 acres; Lot 3 - 26 acres and Lot 4 - 28 acres.
All the lots offered extensive road frontage with land in tillage and grass.
The estate agents outlined the details of the auction and said that bidding on Lot 1 opened at €1m but moved 'briskly' to €1.5m at which point no further bids were forthcoming.
Bidding for the second lot started at €400,000 and eventually reached €440,000 while bidding for Lot 3 began at €250,000 and peaked at €310,000.
Bidding on Lot 4 opened at €250,000 before ultimately reaching the €300,000 mark.
'At this point the combined figure for the farm was €2,550,000,' said the firm in its report.
'The farm was then offered in its entirety but there were no offers in excess of €2,550,000.'
Once it was established that the farm was to be sold in separate lots another round of bidding took place.
Lot 1 was placed on the market immediately and after some brisk bidding the hammer fell at €1,900,000.
That portion of the property was bought by an adjoining farmer.
Lot 2 was also declared on the market immediately and following some strong bidding it was sold for €500,000 to a farmer/businessman from the North Wexford area.
Lot 3, which had reached its reserve following the first round of bidding, was sold to the local GAA club for €350,000.
Lot 4 received no further bids in the second round of bidding and was sold to a local farmer for €300,000.
The total price for the farm was €3,050,000 which equated to almost €14,000 per acre and that was around 20 per cent over the guide price.
The auctioneer commented that he had a large number of disappointed under-bidders seeking similar land In the north Wexford area.