One of the best signs of a recovery in the local property market came in the Maldron Hotel recently when local auctioneer, Seamus Browne sold 11 acres of development lands for more than 50% more than it was guiding pre-auction.
The 11.34 acres at Borris Rd in Portlaoise had previously sold for a significantly higher sum at the height of the Celtic Tiger. Talking to the Express after the land sold, Seamus Browne said that twelve months ago, the land would at best have sold for €20,000 an acre, so the €317,000 sale price was a real boost for market watchers.
The eventual selling price worked out at just under €28,000 an acre.
Whilst the site had planning for a residential development that planning lapsed on April 15 but crucially it remains zoned for residential. Ironically the lands have reverted to agricultural use in recent times and for the past couple of years they have been in tillage.
There were as many as six bidders on the day for the property and these were a mix of developers and farmers. It was eventually bought by a local developer after some spirited bidding.