Farm Ireland

Saturday 22 October 2016

Locals win out in keen bidding for Laois holdings

Jim O'Brien

Published 24/06/2015 | 02:30

A 148ac tillage and grass farm in Co Laois fetched €1.54m or almost €10,500/ac amid stiff competition.

  • Go To

The farm, located at Eyne, Portlaoise, near the M7 motorway, was purchased by a local farmer.

It has extensive road frontage facing on to a local road. About 73ac of the farm is under winter barley, with 8ac of fallow ground, and the remainder in grass.

Laid out in large fields, the holding is bounded on one side by the Triogue river. Most of the fields have water access through a private well.

The farmhouse is a typical 1970s bungalow with accommodation including two reception rooms, two bathrooms and three bedrooms. While in habitable condition the dwelling needs modernisation.

The yard is also dated and comprises a range of traditional buildings, including an old disused farmhouse.

At auction the property was offered in lots and as an entire, with one lot comprising the house and yard on 93ac, with 81ac in tillage and 12ac in grass. The second lot was made up of 55ac of grassland.

As the transaction got into full swing auctioneer John Hennessy of Stradbally was busy as a plethora of bidders made sure the lots and the entire stayed in play nearly to the end.

The entire opened at €1m and was quickly bid to €1.2m. The 93ac and the house opened at €650,000 while the 55ac opened at €300,000.

As bidding went on it was nip and tuck between the lots and the entire. When the entire was put on the market at €1.52m the lots were €140,000 behind and fell away at that point.

Bidding on the entire proceeded until it was knocked down at €1.54m to a farmer living eight kilometres away. The underbidders are understood to be Kilkenny farmers.

€13,600/ac in Ballacolla

A second 41.3ac farm at Ballacolla in Co Laois made €562,000 or over €13,600/ac at auction last week.

Located at Old Glass in Ballacolla, close to Junction 3 on the M8 motorway, the property has extensive frontage on to two public roads.

The lands are in permanent pasture and very fertile, according to auctioneer, William Mansfield. He also recalls the lands producing beet and corn in the past. They were recently reseeded and have a piped water supply.

At auction the auctioneer initially offered the farm in two lots of 31ac and 10ac respectively. The 31ac was bid to €270,000 and the 10ac parcel was making €50,000 before both were withdrawn.

When attention turned to the entire matters took off in earnest with four local bidders showing intent even though proceedings opened at €300,000, which was €20,000 less than the accumulated amount on offer for the lots.

The price quickly rose to €455,000 at which point the farm was put on the market.

Bidding continued in bris fashion until the hammer fell at €562,000 to a farmer from 'across the road'.

Mr Mansfield was delighted to see the property surpass its guide of €11,000/ac by over €2,500/ac.

Indo Farming


Top Stories