Farm Ireland
Independent.ie

Wednesday 20 September 2017

Kilbeggan farm sells for €1.3m

Jim O'Brien

Jim O'Brien

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.

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