Monday 3 November 2014

Borrisokane Lands Sell at Auction - REA Dillon

On the 30th October 2014, REA Eoin Dillon held a public auction at the Ormond Hotel, Nenagh, Co Tipperary in relation to 5.56 hectares (13.72 acres) of former development lands at Bushypark, Borrisokane, Co Tipperary.  The lands once had planning permission for 41 houses and provision for a further 28 houses.  They were also subject to a right of way and way-leave.  The advised minimum value was €150,000.

The auctioneer opened the auction seeking bids of €150,000 and dropped in €10,000’s before the first bidder a local farmer and contractor got the bidding off.  A local solicitor then immediately bid €125,000 and one more bid of €5,000 being received to bring the bidding to €130,000, from there on the bidding was fast and a two horse race ensued with25 bids of €2,500 being made before the auctioneer broke to discuss the matter with the vendors at €192,500 and to give the bidders a chance to catch their breath.   On his return the auctioneer immediately announced that the property was on the market and a bid of €200,000 was received from the farmer/contractor.  The farmer and solicitor quickly exchanged bids of €2,500 before the hammer fell to the farmer/contractor at €215,000.  The sale price represented a price of €15,670 per acre (€38,722 per hectare).  Speaking after the Auction the auctioneer said that the sale was an important step in drawing a line in the sand and restoring confidence in the market that the development land market had bottomed out and there was a market for good quality well located lands.   The same agent also agreed the sale of 7.6 acres of lands at Coolaholloga, Nenagh by Private treaty on the same day for what is believed to be close to €8,600 per acre.  Rea Dillon will shortly be auctioning over 20 acres of former development lands at Tyone Nenagh.  The lands once had the benefit of planning permission for over 200 houses and will be offered for sale by auction on the 6th of December with a guide price of €200,000 inc VAT.