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Friday 9 December 2016

Talks continue after €680k bid turned down for 80ac Drumheel farm

Published 05/07/2011 | 05:00

Negotiations are continuing with a potential buyer for an 80ac Cavan farm after it was withdrawn unsold from auction.

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The residential farm at Drumheel, Virginia, was offered for sale in two lots, as well as in its entirety, by auctioneer Robert Nixon but failed to reach the vendor's expectations on the day.

The farm is on the Meath/Cavan border, about four miles from Kells and four miles from Virginia, overlooking the M3 motorway.

Lot one consisted of 78.5ac of land, which has all been recently reseeded, and an extensive range of farm buildings, including two four-bay double slatted sheds, a four-bay single slatted shed with creep area, a three-bay single slatted shed, a four-bay loose shed and 13 looseboxes.

In all, the farmyard had accommodation for up to 200 cattle. This lot also included single farm payment entitlements of €10,600 per year. Bidding on this portion of the farm opened at €450,000 and moved to €500,000, with two local farmers in the running.

Next, the auctioneer moved to sell lot two, the traditional four-bedroom farmhouse on 1.45ac. Bidding on this lot opened at €130,000 and moved up by €40,000 to €170,000.

When Mr Nixon combined the two lots to offer the entire farm for sale, it went to €670,000 and a further round of bidding on the lots saw the house increase to €180,000.

However, the combined price of €680,000 was not enough to tempt the vendor to put the property on the market and the farm was subsequently withdrawn unsold from the auction. Negotiations began immediately after the auction with the highest bidders and continued over the weekend.

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The auctioneer had quoted a pre-auction guide of €8,000-10,000/ac for the land.

Caitriona Murphy

Indo Farming



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