Wexford property sells following negotiations after online auction
A parcel of prime agricultural land in County Wexford was sold following following consultation after an online auction in which the reserve price was not met.
However, following discussions with the highest bidder the property, which came with a derelict stone built dwelling, was sold to a local farmer for what the auctioneer said was “a substantially higher sum than the highest bid at auction”.
The 9.8 acre property is located at Rathkyle, Adamstown, and went under hammer of Quinn Property on Tuesday, March 21.
It went to market in one or two lots initially with a guide price of between €10,000 and €12,000 per acre.
Ahead of the auction David Quinn, from Quinn Property, said the lands were of good quality and are currently in grass with their own natural water supply.
Mr Quinn said there were “several expressions of interest” in the holding with around 10 registered bidders prior to the auction commencing.
The property was initially offered in two lots with Lot 1 comprised of 6.5 acres, with a derelict dwelling and Lot 2, comprised of 3.3 acres. There was also a third option of purchasing the complete plot of land in its entirety.
“On the day of the auction, Lot 3 was the first to be offered to the room and it got up and running with a bid of €50,000,” said Mr Quinn.
Following nine additional bids the property reached the €100,000 mark and the auctioneer then sought bids on the individual lots.
However, with no bids forthcoming Lots 1 and 2 were withdrawn and a break was then called to take instructions from the client.
When he returned to the room Mr Quinn said he was still short of the reserve and sought further bids, resulting in an offer of €105,000 being made.
However, with no additional bids coming the property was withdrawn and negotiations began with the highest bidder.
Mr Quinn said those negotiations proved fruitful and the holding was soon sold to a local farmer “for a substantially higher sum than the highest bid at auction”.
“While it is preferable to sell under the hammer, we are very pleased to have secured a strong price directly after the auction,” said Mr Quinn, before extending best wishes to the purchaser.