Farm Ireland

Friday 28 October 2016

Property: Midlands farm sells for €1.3m as auction sales stay steady

Jim O'Brien

Published 29/06/2016 | 02:30

It's a case of steady as she goes with auction prices at the moment. A 227ac farm at Derrynagarragh and Tuitestown in Co Westmeath sold at auction last week making €1.3m or €5,276/ac.

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Located 3km from Collinstown and 16km from Mullingar the farm includes a derelict two-storey house and an old yard with cattle handling facilities.

Auctioneer Paul Murtagh describes the place as a 'right good farm' that needs attention but has great potential.

The farm was initially offered in lots with the old house on 40ac withdrawn at €350,000.

An 11ac piece was withdrawn at €78,000 and 22ac of lowland was withdrawn €50,000. When a combination that came to 187ac was withdrawn at €720,000 Mr Murtagh offered the entire and then the real action started.

Opening at €1m the 227ac brought three bidders out of the crowd to declare their intentions and in tranches of €50,000 the price climbed until it reached €1.3m when it was put on the market and sold to a local farmer.

Trim auction

In nearby Trim at a place called Newhaggard a 14ac residential holding sold after auction for more than €520,000.

The property consisted of an architect designed house extending to 4,080sqft. with accommodation that includes five bedrooms (two ensuite), an entrance hall, kitchen/dining room, a living room, reading room, games room and a bedroom. It is described by Philip Byrne as a dwelling with exceptional features such as curved walls, high ceilings with large spacious light filled rooms.

Outside there is 14ac of good quality farmlands, with a workshop, carport and garden shed.

At auction the property opened at €450,000 and with three bidders in the chase it was withdrawn at €520,000 and sold immediately after the auction for a higher figure.

Monaghan sale

Meanwhile in Co Monaghan the 118.5ac Clones farm of the well-known Hugo Maguire was offered for sale in four lots.

On the day two out of the four parcels were sold under the hammer of Thomas Potterton.

A 41.5ac piece at Lisabuck opened at €200,000 and with two bidders in action it was put on the market at €220,000 and sold for €242,000 to a woman from outside the area with farming and business interests.

A group of locals bought a 5.5ac parcel of ground at Coolnacarte for €40,000, while a 27.4ac parcel also at Coolnacarte failed to attract a bid.

Across the road a 44ac parcel with a derelict stone residence and some ancillary sheds and farm facilities attracted two bidders when it opened at €200,000 but it failed to finish and was withdrawn €247,000.

Since auction the 44ac piece and the 27.5ac piece combined have attracted renewed interest.

Indo Farming