Property: Midlands farm sells for €1.3m as auction sales stay steady
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.
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The farm was initially offered in lots with the old house on 40ac withdrawn at €350,000.
An 11ac piece was withdrawn at €78,000 and 22ac of lowland was withdrawn €50,000. When a combination that came to 187ac was withdrawn at €720,000 Mr Murtagh offered the entire and then the real action started.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.
In nearby Trim at a place called Newhaggard a 14ac residential holding sold after auction for more than €520,000.