The farmland located at Craanhill, Gorey extends across 25 acres and offered a valuable opportunity for farmers to acquire land. The land is currently leased until the end of 2027.
Auctioneer David Quinn of Quinn Property had guided the property in the region of €15,000 per acre and said nine registered bidders across the various Lots. He added that the “bulk of interest came from local farmers and businesspeople.”
While the farmland did not reach a desired reserve during the public auction, a spokesperson for Quinn Property confirmed the property had been sold privately for a price which was higher than €500,000, the price before it was withdrawn from the auction.
The lands were offered in three lots, splitting the land into two Lots, 16 acres and nine acres and offering the entire 25 acres lands as a final Lot.
The 25 acres holding will be sold in seperate lots and a combined lot.
During the auction, which took place on Tuesday March 10, Lot 1 opened at €200,000 and quickly climbed to €300,000 with five further bids. Lot 2 commenced at €120,000 and reached €180,000 after opening bidding.
Lot 3, the entire lands received a bid of €500,000 – enough to surpass the combined bids of Lot 1 and 2 and a break was called to take client instructions. Upon his return to the auction room, David said he was instructed to withdraw the individual lots and focus on Lot 3.
With bidding stuck at €500,000 (€20,000 per acre) and the property still short of its reserve, the property was withdrawn from the market, leading to negotiations with the highest bidder.
Following this, the lands were sold for a higher figure than the €500,000 to a local farmer. Speaking immediately after finalising the deal, David said that his client was “extremely pleased with the outcome” and said there continues to be a strong demand for agricultural land and property in the Wexford region.
The lands are all in grass and have good frontage onto a local road. They also provide free draining soil and are suitable for most agricultural enterprises. The land also benefits from a natural water supply.
Situated at Craanhill in Gorey, the holding is ideally located just three kilometres from Craanford, five kilometres from Carne and 10km from the bustling town of Gorey.