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Friday 20 October 2017

Strong 2013 sees five farms in Munster go flying past the magic million mark

MUNSTER

This 103ac residential farm at Manister near Croom in Co Limerick sold at auction for 1.05m. The roadside farm was bought in trust for a Middle Eastern client by Andrew Nolan of Goffs Country
This 103ac residential farm at Manister near Croom in Co Limerick sold at auction for 1.05m. The roadside farm was bought in trust for a Middle Eastern client by Andrew Nolan of Goffs Country
Jim O'Brien

Jim O'Brien

Land sales in Munster were strong, especially in the latter part of 2013 with much action in the Limerick market where three farms broke the €1m mark.

The survey includes 34 land auctions held in Munster in 2013. The sales accounted for the disposal of 1,934ac of land fetching a total of of €18,480,500 and making an average price of €9,600/ac.

The biggest land transaction recorded was the sale of a 143ac tillage and grazing farm at Killeagh and Carrigarostig in east Cork.

In a sale handled by Mick Barry of Fermoy and CCM Marts, the sale realised a total of €1.7m or €11,800/ac.

A 125ac farm residential farm at Moig, Shanagolden in Co Limerick was next in the pecking order and sold under the hammer of Richard Ryan of GVM Kilmallock for €1,275,000 or €10,200/ac.

This was followed by the sale of a 115ac dairy farm at Meelin in north Cork for €1.25m or €10,800/ac in a sale handled by the Brady Group.

Staying in Cork, a 75ac grass and tillage farm at Raharoon, Bandon was sold by Hodnett Forde for €1.155m or €15,200/ac.

Back in Limerick a 102.5ac residential farm at Manister near Croom attracted the attention of Andrew Nolan of Goff's who was reputedly acting for a client from the Middle East with equestrian interests when he bought the property under the hammer of John Flynn for €1.05m.

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Another Shanagolden farm also broke the €1m mark when a 69ac dairy farm at Kilmoylan in the West Limerick parish sold under the hammer of Paddy Barrett of Loughill for €1.012m or €14,500/ac.

The highest per acre price in Munster was paid for a 10ac parcel of grazing ground at Beaufort near Killarney in Co Kerry, sold by Tom Spillane for €26,000/ac.

The Kingdom also boasted the lowest per acre price when 77ac of hill ground at Caherdaniel made €2,500/ac.

Of the 34 Munster sales, one farm made more than €20,000/ac, three properties sold for between €15,000 and €20,000/ac, 16 farms made between €10,000 and €15,000/ac, a total of 11 farms made between €5,000 and €10,000/ac, while three holdings sold for under €5,000/ac.

Tom Crosse of GVM in Limerick said while farmers were very much back and competing at most land auctions, other parties were also active.

"The recent increase in DIRT Tax is tempting investors into purchasing land. They can derive a reasonable 'hassle free' rental income that can be tax free if they opt to enter a long lease," he said.

According to John Hodnett, of Hodnett Forde in Clonakilty, the scrapping of dairy quotas in 2015 is driving much of the demand for land sales in West Cork.

He said the banks are also much more amenable to lending to farmers.

"Every farmer now has to have a business plan and when you present that to a bank they have to take you seriously," he said.

David Shee of Shee & Hawe, Carrick-on-Suir agrees, saying there is evidence that farmers are finding it easier to get finance.

Irish Independent



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