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
