Business Farming

Wednesday 1 October 2014

Throwback to the Tiger as Tipperary farm makes more than €20,000/ac

Jim O'Brien

Published 30/07/2014 | 02:30

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One of the top prices for 2014 was paid for land in south Tipperary last week when a 75ac farm sold for €1.565m, or €20,600/ac.

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Commenting on the sale John Stokes of REA Stokes and Quirke, Clonmel said: "It was like the Celtic Tiger days, there were two auctioneers on the phones taking instructions from their clients. I took 100 bids on the place," he said.

The farm is located at Árd na Gaoithe opposite the Boston Scientific complex in Clonmel. The property changed hands for millions during the boom and 27ac was zoned residential, a zoning that still stands.

However, the property was for sale on the day as agricultural ground. Although the land has not been farmed since it was bought for development and is described by Mr Stokes as "the best of good land."

The property includes an old farmstead in need of repair.

Proceedings opened to a packed auction room with a bid of €700,000, just €50,000 shy of the reserve. However, matters then went quiet and the auctioneer consulted with the vendor who requested that the auction continue.

Two bidders, both auctioneers, drove the price to €870,000 at which point the vendor was consulted and agreed to put the property on the market. It was at this point the auction took off, initially in €10,000 increments and then in €5,000 bids.

At €1.4m a new bidder in the room joined the battle but the main stand-off continued between the two auctioneers who were on the phones constantly to their clients and at one point asked for a recess for consultation.

The hammer finally fell at €1.565m and the place was bought by a Cork-based auctioneer.

John Stokes was delighted with the result.

"I thought the property might exceed its guide but 
I didn't expect it would double it."

This result comes not long after the successful sale of a 57ac farm at Outrath in Cahir, which sold earlier in the summer under the hammer of Mr Quirke for €11,000/ac.

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