Business Farming

Thursday 18 September 2014

32ac coastal farm makes €12,500/ac

Jim O'Brien

Published 28/11/2012 | 06:00

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The sale of coastal land in Wexford has been busy of late. Some of the land was bought during the boom with an eye to the development of holiday homes and holiday villages.

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However, it is now coming back to the market as farmland.

Typical of these properties is a grassland holding extending to 32ac and located within yards of the beach at Ballymoney, Gorey, Co Wexford. Under receiver's instructions, it sold under the hammer last week for €400,000 or €12,500/ac.

Laid out in one single block, the farm is in grass and is home to an old farmhouse and a traditional farmyard surrounded by mature trees.

While sold jointly by Quinn Properties and Savills as agricultural land, the property could have development potential in the future subject to the necessary planning.

The farm was offered at auction as an entire and bidding opened at €250,000.

In bids of €5,000, the amount on offer reached €350,000, at which point the farm was put on the market. After another 10 bids, it sold under the hammer for €400,000 to a solicitor acting in trust.

Further west in Carlow, 33ac of a 60ac farm sold in two lots at auction under the hammer of James Fenlon of Graiguenamanagh.

Located at Ballycrinegan, St Mullins, Co Carlow, the 60ac farm comprised 33ac of relatively good land, seven acres of mountain and 19ac of bog.

A portion of 17ac of the better land sold to a local farmer for €130,000, while another 16ac farm sold to another local for €105,000. The mountain and bogland remain unsold.

Cavan

The sale of land continues to outstrip the housing market by the veritable country mile; indeed the presence of a house on land can be a handicap to a farm sale.

This was certainly the case when 20ac at Rachlaghy, Mount Nugent, Co Cavan sold at auction for €190,000 or €9,500/ac, while a two-storey house on the land failed to sell. The house is on the market with a guide price of €40,000.

Two bidders showed cause when Ballyjamesduff auctioneer Padraig Smith opened proceedings and the property was knocked down for €190,000 to a solicitor believed to be acting on behalf of a local farmer.

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