Farm Ireland
Independent.ie

Saturday 23 September 2017

A flurry of capital gains in the midwest

Cloverfield House in Co Limerick
Cloverfield House in Co Limerick
Jim O'Brien

Jim O'Brien

The number 13 is said to be unlucky for some but it proved to a fortunate numeral for Tom Crosse of GVM Limerick as he closed thirteen rural property deals in the dying days of 2014.

The looming Capital Gains Tax deadline in December focussed the minds of vendors and buyers and led to expeditious sale closures, explained Mr Crosse.

The biggest transaction was the sale of Cloverfield House, a 130ac residential farm at Dromkeen, Co Limerick. This was sold for a figure believed to be in the region of €1.2m or over €9,000/ac.

The farm is described as a fine parcel of ground with great dairy potential. Located 3km from Dromkeen off the main Limerick-Waterford road, it includes a derelict gate lodge and a sweeping driveway leading to the residence, with a traditional courtyard to the rear.

The house is in need of renovation and refurbish-ment, with accommodation that includes a sitting room, dining room, kitchen, study, five bedrooms and a bathroom.

The farmyard buildings include a cubicle shed, a silage slab, slurry tank, cattle crush, a haybarn and a disused five-unit herringbone milking parlour.

There is also a range of ancillary out offices in the courtyard.

Closer to Limerick city, a 72ac farm at Staunton, Ballysimon sold for €750,000 - almost €10,500/ac.

Also Read


Located 3km from the city and 500m away from the well-known Morrison's pub, the property is laid out in easily manageable divisions and has been home to horses in its most recent incarnation.

The farm has a traditional yard including a haybarn, a range of mixed-use sheds and a silage slab.

Staying near Limerick city, a 60ac farm at Newport Road, Lisnagry was sold for €520,000 (almost €8,700/ac). Described by Mr Crosse as a "truly outstanding residential roadside holding", the property is located off the Castletroy exit from the M7. The farm has frontage on to the motorway, the Newport road and the Ahane road.

The land is laid out in 11 divisions that are well watered and fenced.

The four-bedroom bungalow on the property is in need of repair, while the out-offices are also need modernisation.

Boom

The property was sold in the days of the boom for a figure believed to be in the region of €3m.

Prices achieved by GVM for the remainder of the13 parcels of land located throughout the midwest varied widely.

The highest price per acre was achieved for an 8ac parcel of ground at Clonlara, Co Clare that sold for €300,000 (€37,500/ac), while a 6ac parcel on the outskirts of Newport in Co Tipperary was sold for €140,000 (over €23,000/ac).

A 30ac farm at Ballintubber, Newcastlewest, Co Limerick sold for €375,000 (€12,500/ac) ,while 30ac at Dundrum Road Tipperary Town sold for €160,000 (over €5,000/ac).

A 55ac farm at Murroe Co. Limerick was bought for €300,000 (over €5,000/ac) with a holding of 22ac at Ballysheedy, Limerick making €85,000 (just under €4,000/ac).

A 20 ac farm at Derryfadda, Killaloe in Co Clare sold for €150,000 (€7,500/ac).

The smaller parcels included 11ac at Corcamore, Clarina, Co Limerick which made €75,000.

In the same parish, 8ac at Barnakyle, Patrickswell sold for €70,000 (over €8,000/ac). A 5ac parcel at nearby Kildimo made €60,000

Mr Crosse believes the demand for land in the midwest region will remain strong with prices generally holding up at around €10,000/ac.

Indo Farming



Top Stories