Unzoned Gorey site sells for €60,000 an acre at auction
Local buyer pays €620,000 for site
A PARCEL of unzoned land on the outskirts of Gorey town has sold for an incredible €60,000 per acre, smashing all expectations, and outstripping all prices fetched for such in Gorey land since the beginning of the recession.
The 10.4 acres in two divisions, located at Ramstown Lower along the Ballycanew Road, is zoned for agricultural use. Auctioneer Niall Slattery of Warren Estates in Gorey said the hope would be that it could be zoned for commercial or residential use, since it is located between the town and the bypass, and it has a lot of road frontage. ‘It is a prime site,’ he said.
There were up to 40 people at the full auction room in the Warren Estates office last Wednesday afternoon. The land was guided for sale at €300,000, and bidding opened at €200,000. With three bidders in contention, the price moved quickly to €450,000, at which point it was withdrawn and then put on the market.
A fourth bidder then entered the fray, and the offers continued until the hammer fell at €620,000. The land was bought in trust, but it is understood to be a local buyer.
Niall said that the under-bidder was on the phone. ‘It shows Gorey’s appeal, even from outside the locality,’ he said. ‘ This land is in a great location. With the hotel and the IT hub nearby, it’s on a prime entrance to town.’
‘It will have broad appeal for residential and commercial, but it’s not zoned,’ he said, adding that the highest price achieved since the crash for unzoned land close to town was €30,000 per acre.
Also on Wednesday, a five acre parcel of part-zoned land at Poulshone was offered for auction with ten people in the room. It was guided for sale at €200,000 as two acres were zoned residential with potential for 24 houses. It was withdrawn at €100,000, and is now for sale by private treaty.
A second lot, four acres zoned as a green area, located nearby at Glenrichards, fronting onto the coast road, was next offered, and ended up selling for double its guide price.
It was guided at €40,000. Two strong bidders in the room saw the hammer fall at €78,000, or almost €20,000 per acre. The purchaser was a businessman from the midlands.