Farm Ireland
Independent.ie

Wednesday 18 October 2017

Galway buyers show farming back to best

Jim O'Brien

Jim O'Brien

When local farmers packed an auction room at the Oranmore Lodge Hotel, Co Galway, recently, they were not shy about competing for 64.55ac of land at Bushfield and Moneymore East.

The property sold in three lots and made €971,000, or more than €15,000/ac.

The lands had been guided at €12,000/ac prior to the auction.

There was tremendous interest in the property thanks to the location, just two miles from Oranmore village and eight miles from Galway city.

The strongest interest came from local farmers and they turned up in their numbers.

The land is described as prime quality ground with substantial road frontage.

According to auctioneer Joe Greaney, of Keane Mahony Smith, the farm has been rented for several years and is in need of some attention in terms of maintenance of boundary walls and reseeding.

Driven

Also Read


The holding was offered in three lots.

The auction opened with lot one, which was 10ac. Bidding started at €110,000 and the sale, which was driven by keen competition between two bidders, continued at a brisk pace until the lot sold after 14 bids for €205,000.

Two neighbouring farmers battled it out for the second lot, which comprised 28ac. It opened at €300,000 and sold after 15 bids for €430,000.

When lot three -- 26.55ac -- was introduced, two adjoining farmers again declared interest and bidding began at €260,000. After 17 bids, the parcel sold for €336,000.

The lots sold for a total of €971,000, or €15,042/ac.

Mr Greaney said the active bidding by local farmers and the price paid underlined the resurgence of interest in farmland and reflected the current confidence in the industry as a whole.

Indo Farming

Independent.ie Comments Facility

INM has taken the decision to remove the commenting facility on its online platform Independent.ie to minimise the legal risk to our business that arises from Ireland's draconian libel awards system.

We continue to look forward to receiving comments through direct email contact or via social media, some of which may still be featured on the website Independent.ie