Local pays €1.46m for knocked down Dublin farm
Published 20/04/2010 | 05:00
A north Dublin farm sold for €1.46m on Thursday, the largest of three properties to sell for a combined €1,797,000 at three auctions on the same day.
After the death of its owner, the Ivy Cottage, The Ward, Co Dublin, was brought to auction with an expectation that it might sell for around €1.5m, only about a third of the price offered for the property at the peak of the market.
The 72ac property sets a price of €20,100/ac for farmland in north Dublin at a time when the average price for good farm land nationally is about €12,000/ac. However, north Dublin farmland usually fetches a premium to national prices as it is in stronger demand.
Auctioneer Liam Reilly said about 50 people attended the auction and several bidders bid when the preliminary auction offered the property in smaller lots. But those amounted to a combined total of €1.12m. Mr Reilly then put the entire property on the market and there were only two bidders. It was knocked down to a local farmer, Timothy Fitzgerald, at the higher price of €1.46m.