Local auction 

50-acre property in Wicklow fetches €21,000/acre at auction

A 50.6 acre residential property in Knockanree, Avoca, County Wicklow fetched a total sale price of £1,055,000 at auction last week.

auctioneer David Quinn had guided the property between €12,000 and €14,000 per acre before the auction and was stunned by the massive sale price of €21,000 per acre achieved by the property.

David noted that there had been ‘strong interest from local farmers and business people’ and that he had ‘registered bidders from neighboring counties Dublin and Wexford’. There were more than 10 registered bidders in total.

The property was offered in three different lots: Lot 1: a bungalow and outbuildings on c. 9.7ac; Batch 2: c. 40.9ac and Lot 3: all.

Lot 1 attracted many early bids and reached €270,000 after the first round of bidding. Batch 2 started in the same vein. With more than ten bids, an offer of €420,000 was on the table after the first round of bidding.

The entire property was then offered to the chamber and it soon received an offer of €700,000. With the entire property now at a higher bid than the individual lots, the auctioneer again scoured Lots 1 and 2, looking for other bids. Strong bidding on Lot 2 brought it up to €500,000, however, a higher bid of €780,000 was then made on the set.

Another round of bidding on lots 1 and 2 resulted in a combined bid of €1,010,000 (€290,000 – Lot 1 and €720,000 – Lot 2) and with no further bids on the entire lot, the lot 3 was withdrawn and David Quinn proceeded with the sale. the property into two separate lots.

Lot 1, comprising a bungalow and outbuildings on c. 9.7 acres attracted another bid and sold for €295,000. There were three bidders and the buyer was based in Dublin.

Lot 2, consisting of c. 40.9 acres, had eight more bids before the hammer fell to €760,000. There were five active bidders on Lot 2 which was eventually sold to a local businessman.

The total sale price of €1,055,000 equaled an extraordinary result of approximately €21,000 per acre.

Speaking after the sale, David Quinn said: ‘Typical land values ​​in the East Wicklow area range between £10,000 and £15,000 per acre. Achieving a price of over €20,000 per acre was a truly remarkable result.

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