THE auction of Renville House in Oranmore, Co Galway, one of the most anticipated auctions to take place west of the Shannon this year did not disappoint last Thursday when the 135-acre property was knocked down for €3.2 million, some €1.2 million above the guide price.

Before a crowd of about 30 people in the Radisson Blu Hotel, Galway, the 19th century Georgian property, home of the Lydon family since 1960 was placed under the hammer. Paddy Jordan of Jordan Auctioneers, Newbride, Co Kildare, opened the bidding at €1.5 million. Bidding was initially cautious, but with the help of four active purchasers, it reached €2.7 million.

After a brief consultation with the vendors the property was declared on the market, and with that, two parties fought it out before the entire was sold for €3.2 million to a solicitor acting in trust on behalf of a client.

SPLENDID

Renville House is a splendid property, entirely unique considering its location on the edge of Galway Bay, close to the Galway city, the town of Oranmore and the Galway – Dublin motorway. The property is approached via half a mile long winding avenue on quality land with a charming residence, farmyard and herd’s cottage. The Georgian residence is however in need of some restoration.

Speaking after the auction Jordan said: “The sale had generated huge interest since the outset of the marketing campaign and it is one of the finest properties we have sold, particularly in terms of the reaction of viewers when they saw the quality of the land, the setting and its unique charm, there were almost no negative comments, which is very unusual.”

Jordan quoted a guide price of €2 million prior to the auction but added: “There was a certain x-factor with the property which was hard to put a number on and really it depended on people’s individual desire to purchase, it now appears this factor was possibly €1.2 million over the guide.”

He continued: “The Farmers Journal Land Price Survey 2015 placed the average price of agricultural land in Co Galway at €7,443/acre, so it seems this result of almost €24,000/acre will go a long way to be matched.

“There are three key factors when buying a property - location, location, location and this result certainly bears testament to that.”