Business Farming

Wednesday 27 August 2014

Limerick land auction sees €9,200/ac paid for 22 acres

Jim O'Brien

Published 24/10/2012 | 06:00

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More than €9,200/ac was paid for 22ac at Shanacloon, Cappamore, Co Limerick recently when a farm sold under the hammer for €203,000.

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The land is described by Newport auctioneer James Lee as fair quality ground in need of some reclamation work.

Part of the property includes a glen with a river running through it. The farm had been for sale by private treaty for the past few months and although there was much interest locally, there was no sign of a sale being agreed.

As a consequence, Mr Lee decided to call all interested parties together for an auction.

Word filtered out that there were quite a few locals in the hunt for the property and there was a good attendance on the day. The property had been guiding in excess of €100,000 by private treaty and bidding opened at €92,000. There were two bidders initially and bidding went up in €1,000 bids to €150,000.

The farm was then put on the market and a third bidder entered while one of the initial bidders withdrew. Bidding proceeded in €1,000 bids, with the two parties in contention until the hammer fell at €203,000. The property was bought by a local farmer.

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