€401k price agreed for 99ac Spink unit
Published 16/07/2014 | 02:30
Very competitive bidding marked the sale of a 99ac farm in Spink outside Abbeyleix last week, where auctioneer Peter Scully managed to squeeze the property over its reserve price line by a mere €1,000.
The farm, a mixture of grazing, tillage and a good amount of forestry needed plenty of attention after being neglected for the past number of years. However, the auctioneer insisted that it would an ideal site for forestry.
Its forestry prospects were underlined at auction when two foresters, one a local man and the other from Co Wexford, slugged it out with closing bids from €1,000-2,000. The man from the Model County prevailed in the end.
The auction opened with a bid of €250,000, and a quick series of €10,000 bids brought the property to over €300,000.
After consultations the auctioneer resumed and the farm was put on the market when the price reached €380,000.
Slower and smaller bids were then the order of the afternoon until the property was sold at €401,000.
"We got just over the reserve price, which was good on the day.
"Forestry land in the south Laois area generally commands €3,000 to €3,500, so breaking €4,000/ac for the farm was a good result," Peter Scully said after the sale in the Abbeyleix Manor hotel.
Before the auction Peter Scully remarked that, with a bit of investment, the property, which is in one block and only contains a single derelict two storey house, would make a "powerful farm", but it now seems the entire 99ac are destined for forestry.