Kilkenny land sells for €19,772 per acre

REA Boyd’s sold a 22 acre parcel of high quality grassland today at auction for €435,000 or €19,772 per acre.

The land at Grovine, Kells Road, Kilkenny about 3 miles from the city was offered with a reserve of €250,000 for sale by public auction at the city’s Club House Hotel. The lands were in a clean rectangular block of two fields of high quality grassland in great heart. A ruined cottage and a three span haybarn were included.

The land previously had planning permission for a nursing home that had lapsed some years ago. The agents felt that it only had an agricultural basis and took that approach in selling for receivers Deirdre Sheahan and David Swinburne of KPMG.

The packed auction room saw bidding open immediately at €200,000 and it advanced in bids of €10,000 to €250,000 when the property was declared on the market. Bidding continued swiftly in twos, threes, fives and tens between the two initial bidders until €275,000 when a new bidder entered. The opening bidder drove on to €400,000. A moment’s pause for breath saw a fourth bidder enter and the opening bidder fell out. The third and fourth bidders slugged it out in a mix of twos fives and tens until €425,000. The second bidder, an auctioneer was out of steam.

Michael Boyd offered him time to go and make a phone-call. After a few minutes he returned and trumped all with a bid of ten thousand euros clear to bring the hammer down at €435,000. It was all over in about 15 minutes.

Mr Boyd said; “This was a rare parcel of the highest quality in an area of high demand. Only 4 people got a chance to bid but there were many more bidders in the room for land in this area. Our approach was based on knowledge of the locality and confidence in the will to sell as demonstrated by the low reserve. Everyone looking at this land was confident that time spent looking at it was not wasted. This land was genuinely for sale.

All bidders were farmers or representing farmers and the neighbouring farmer bought it through to extend his holding.”

KEY FACTS

·        22 acres with a haybarn and ruined cottage

·        High quality land all in grass

·        3 miles from Kilkenny City

·        Reserve €250,000

·        4 bidders

·        41 bids

·        Sold for €435,000

·        Buyer; neighbouring farmer

·        Type of bidders; All farmers.

FOR FURTHER INFORMATION; Michael Boyd 0872611699

ENDS

REA Regional Auction in Carrick on Shannon

Friday April 25^th

Bush Hotel, Carrick on Shannon, Co. Leitrim

Lot 1 :

No. 8 Kilkenny Close, Castlebar, Co. Mayo
Quality 3 Bed home in excellent Location (REA Carthy)

Reserve €100,000

Lot 2 :

Ex RDF Building at Church Street, Longford Co. Longford
On the Instructions of the Dept. of Defence. (REA Brady)

Reserve €75,000

Lot 3 :

Knockmore, Castlerea Town, 7 Bedroom Bungalow, (Former Nursing Home).
Quality Location with Great Potential. (REA Carthy)

Reserve €50,000

Lot 4 :

Tarmon Manor, Castlerea, (as per seamus text) (REA Carthy)

Reserve €50,000

Lot 5 :

Lands at Gortleck, Cootehall, Co. Roscommon,
containing c. 10.2 Acres.
On the instructions of the Estate of Mr. Andrew Kerrigan (Deceased) (REA Brady)

Reserve €34,000

Lot 6 :

House and Lands at Gortleck, Cootehall, containing c.15.5 Acres
On the instructions of the Estate of Mr. Andrew Kerrigan (Deceased) (REA Brady)

Reserve €66,000

Lot 7 :

The combination of Lots 5 & 6 (REA Brady)

Reserve €100,000

Lot 8 :

c. 96 Acres of Agricultural Land at Farrangalliagh & Faus, Boyle, Co. Roscommon (REA Carthy)

Withdrawn

REA Brady: (071) 96 22 444

REA Carthy: (094) 962 5990

€746,000 worth of property sold today at REA Limerick Auction

The first North Munster Regional Auction of 2014 was held today in the Limerick Strand Hotel and proved to be a huge success with 77% sold at auction & 15% immediately after auction to the highest bidder giving a 92% success rate.

In summary there were 15 Lots, 2 of which had to be withdrawn prior to auction, 10 properties were sold at auction & 2 sold to the highest bidder immediately after. One property remains unsold but we are presently negotiating with an attendee at the auction.

The total capital value of the Lots was €746,000, the highlight of the auction were  4 High Street, Caherconlish which achieved 97% over its reserve & 56 Caislean na hAbhainn which achieved 25% over their minimum reserves. 

According to Michael O'Connor of REA O'Connor Murphy " We are delighted with our results today. The large attendance proves that there is once again an appetite in the North Munster region for property investments.  We look forward to our next North Munster Auction in June of this year to be held again in the Limerick Strand Hotel".

Lot Number	Property	First Bid	Last Bid	Status	Min Res	diff	%
1	45 Ard Aulinn	€90,000	€114,000	Sold	€99,000	€15,000	15
2	Barrack Street	€30,000	€35,000	Sold	€35,000	€0	0
3	307 Aviary House			Withdrawn prior to auction
4	56 Caislean na hAbhainn	€62,000	€81,000	Sold	€65,000	€16,000	25
5	Glebe View			Sold to highest bidder after auction
6	80 Ard Aulinn	€90,000	€95,000	Sold	€95,000	€0	0
7	Railway Road			Currently negotiating
8	27 Clonmacken Ct	€62,000	€65,000	Sold	€65,000	€0	0
9	Lock House	€10,000	€28,000	Sold	€15,000	€13,000	87
10	Unit 9/10 Ashbury	€43,000		Sold to highest bidder after auction
11	311 Aviary House			Withdrawn prior to auction
12	4 High St	€25,000	€49,000	Sold	€25,000	€24,000	97
13	112 Richmond Ct	€25,000	€30,000	Sold	€30,000	€0	0
14	88 Ard Aulinn	€95,000	€99,000	Sold	€99,000	€0	0
15	138 Carraig Midhe	€55,000	€70,000	Sold	€60,000	€10,000	17
			€666,000