Farm Ireland
Independent.ie

Saturday 3 December 2016

Tired holding sells in frenzied bidding

Published 16/03/2010 | 05:00

DILAPIDATED: After much interest from the packed auction room, this ruinous farm sold to a local buyer for £425,000 (€170,000/ac)
DILAPIDATED: After much interest from the packed auction room, this ruinous farm sold to a local buyer for £425,000 (€170,000/ac)

A packed room in O'Donovan's Hotel, Clonakilty, resulted in the auction sale being relocated to a larger room last Friday.

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More than 80 people witnessed some brisk bidding, which resulted in the sale of a farmhouse on 16ac at Ballyduvane, Clonakilty, for €425,000.

Auctioneer John Hodnett, of Hodnett Forde Property Services, was quoting a pre-auction guide price of €350,000-400,000.

He confirmed the property was eventually sold in one lot to a local accountant, who was acting in trust for a local person.

"I think it restores a bit of confidence to the market in west Cork," Mr Hodnett claimed.

"The bidding was brisk and there appeared to be good interest, with some farmers seen to be keen on the lots."

The holding was offered in lots and three active bidders made a total of 14 bids on lot A, the house on one acre. This opened at €100,000 and was bid to €170,000.

Two bidders pushed the price of lot B, the remaining land which extends to almost 15ac, up to €250,000 after this opened at €150,000.

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"There was one bidder there all the time, and when we offered the entire again it was making €425,000," added Mr Hodnett. "Subtract the €170,000 that the house on one acre was making, and this meant the land was making near €17,000/ac.

"The whole thing was over in about 25 minutes," the auctioneer said.

Mr Hodnett said it was a quality holding with a gently sloping, south-facing aspect. The lands are all in pasture.

The house is a traditional farmhouse but is in need of modernisation. The adjoining outbuildings are also in a ruinous condition and require renovation.

Irish Independent



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