Farm Ireland

Saturday 21 January 2017

Handsome ¤14,700/ac paid for Monaghan land

Published 30/08/2011 | 05:00

A 34ac parcel of Monaghan land sold at auction for a handsome €14,705/ac on Monday, August 22.

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Located at Drumcrew, Castleblaney, just off the Dundalk road, the land was described by Cavan auctioneer Padraig Smith as good quality agricultural land.

It is laid out in nice-sized fields with an abundance of road frontage onto two roads. One acre of the holding consists of a lake and shrubbery.

While the land is zoned for development, Mr Smith believes this did not have a significant impact on the price paid.

A good crowd turned up for the auction at the Glencarn Hotel, Castleblaney, and when the auctioneer sought an opening bid of €230,000, two bidders responded.

Bids of €10,000 soon saw the price reach €310,000.

The pace slowed somewhat but bidding continued in increments of €5,000 and when the price got to €330,000 a recess was called.

On return, the sale moved rapidly and suddenly there was €480,000 on the table. The lands went on the market at this price and sold for €500,000.

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Mr Smith said the land was bought by a local farmer with business interests. The underbidder was leasing the land and was the current tenant.

Jim O'Brien

Indo Farming