Demand sees farm beat guide by €60k
A 153ac Westmeath farm sold at auction last week for €901,000, beating its guide price by €61,000 and realising about €5,888/ac.
The successful bidder is believed to be a local businessman with farming interests, while the underbidder was also a local businessman, an indication to auctioneer Jimmy Murtagh of a growing interest in farmland on the part of non-farmers.
The farm at Mulachroy, Delvin is about a half-mile from the village of Drumcree and three miles from Delvin and is one of the more substantial parcels of land to come on the market in Westmeath this year.
It comes with 800m of road frontage and an old two-storey farmhouse in need of major refurbishment.
In one block and laid out in three fields, the farm has its own natural water supply and is described by Mr Murtagh as the best of fattening ground suitable for tillage or grazing.
There was a good attendance at the auction and three bidders showed interest when matters opened with a bid of €500,000.
Bidding continued steadily until the property was put on the market at €885,000 and a further €16,000 was added to bring the price to €901,000.
It was knocked down to an agricultural consultant believed to be acting for a local businessman with farming interests.
Meanwhile, in neighbouring Co Meath, a 9.64ac parcel of ground made just a little more than €10,000/ac at auction last week when it sold to a local businessman.
Located 6.5km from Navan, the land is in one field with 88m of road frontage and described by auctioneer John Harrington of Smith Harrington as top quality ground with no waste.
With two bidders in the chase, the property opened at €70,000 and in tranches of €5,000 and €1,000 it went to €97,000 before it was put on the market and sold at that to a businessman from the general area.
The underbidder was a local farmer.