Farm Ireland
Independent.ie

Saturday 3 December 2016

Kilbeggan farm sells for €1.3m

Jim O'Brien

Published 15/06/2010 | 05:00

THERE WAS keen bidding for a house, farmyard and 114ac, near Kilbeggan, Co Westmeath, which realised €1.303m at auction last Friday in the Bridge House Hotel, Tullamore, Co Offaly.

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When the hammer fell on the last of six lots at Ardnaglue, Kilbeggan, the land had made an average of €10,000/ac, according to Peter Scully of selling agents GVM Tullamore.

The property was offered in six lots because the farm is bisected by the M6 motorway, while two lots are located a few miles from the main holding.

Lot 1, the residence and farmyard on 26.5ac, opened at €300,000. The lot went to €420,000 in the first round of bidding and, with four bidders in the chase in the second round, it sold for €430,000.

Lot 2, comprising 5.7ac, opened at €40,000 and was sold for €54,000 during the second round.

Bidding for Lot 3, comprising 28.4ac, opened at a cautious €150,000 and the lot then went on the market at €225,000. In the second round it stayed and sold at €225,000.

There could only be one buyer for Lot 4, made up of an isolated 2.2ac. It made sense that the adjoining farmer would buy it, which he duly did for €12,000.

Chased

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Lot 5, a 14ac piece half a mile from the main farm, opened at €100,000 and went to €110,000 during the first round. In the second round, three bidders chased it to €130,000 when it went on the market. Two bidders stayed with it until it sold for €160,000.

The final lot, comprising 41ac, was an out-farm located two miles from the homestead. It opened at €300,000 and crept up to €370,000 during the first round.

In the second round, three bidders and then two took it to €422,000, at which point it was sold.

The selling agent and the vendors were very happy with the €1.303m realised by the sale.

"We were hoping to make €1.2m, so we were very pleased," said Mr Scully.

"People from the area were equally delighted to see the land bought by locals."

Irish Independent



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