Farm Ireland

Wednesday 18 October 2017

Coralstown land

Jim O'Brien

Jim O'Brien

A 28.5ac non-residential farm at Heathlands, Coralstown, Co Westmeath, was sold at auction recently for €350,000 (€12,280/ac).

Located between the N4 and the M6, four miles from Kinnegad, the lands were described as top quality ground with no waste.

The holding is laid out in one field and is fully reseeded in new grass with excellent exterior fencing and a supply of mains water. Road frontage of 400m and the farm's location on the edge of the village of Coralstown meant there was added interest.

Local auctioneer Jimmy Murtagh had a full house for the sale at the Greville Arms Hotel, Mullingar.

The property was first put to auction in lots but bidding only began when the entire was introduced.

Bidding opened more strongly than expected at €250,000 and Mr Murtagh and three bidders drove the price to €310,000.

At that point, Mr Murtagh consulted with the vendor and, when the auction resumed, no further bids were forthcoming. However, when it was put on the market at €310,000, bidding continued until €350,000, when it was bought by a local drystock farmer.

Mr Murtagh believes that many prospective buyers in the room were surprised at the strength of the opening bids and decided not to engage.

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"We originally had a guide price of €11,500/ac and to sell on the day for a stronger price was good," he said.

Jim O'Brien

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