Farm Ireland

Thursday 20 October 2016

Two sides of the land market coin

Published 21/10/2015 | 02:30

100ac at Mayne, Clonee, Co Meath sold to a Turkish investor for €1.5m
100ac at Mayne, Clonee, Co Meath sold to a Turkish investor for €1.5m

The land market is one of the best barometers of the country's economic condition and two recent land deals reflect the shuddering extent of the post-2008 crash and the renewed faith in Ireland among foreign investors.

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A piece of land currently on the market on the outskirts of Clonmel, Co Tipperary is a reminder of just how severe the crash was and how inflated expectations were in the mayhem of Celtic Tiger Ireland.

John Stokes of Stokes and Quirke is handling the sale of a 7ac parcel of ground at Abbey Farm, Cahir Road, Clonmel. Once a piece of development land, the property still has planning permission for 65 houses.

It was bought in 2006 for a figure in excess of €5m and is for sale today with a guide price of €228,000, a discount of more than half. However, even with that discount, the property commands a hefty price of €32,500/ac.

According to Mr Stokes the planned 65-unit housing scheme included 10 detached houses, 46 semi-detached houses and 9 terraced townhouses. The planning expires on June 7, 2017.

"This was one of the most expensive development sites sold in Clonmel," he said. "It's among the best locations in Clonmel for residential or commercial property."

Located just off the Cahir Road on the edge of Clonmel, the site is adjacent to the bypass with direct access to all main routes. It is for sale by private treaty.

Meath farm

Meanwhile, the confidence from overseas in the Irish property market is reflected in the €15,000/ac recently paid by a Turkish investor for a 100ac farm near Clonee in Co Meath.

Located at Mayne about 4km from Clonee, 5km from Dunboyne and 7km from Blanchardstown, the 100ac of tillage and grassland holding has 1km of road frontage on to local roads. It is surrounded by progressive farmers, many of whom bid for the property but a Turkish investor beat off all comers with his offer of €1.5m.

According to Patrick Convey of Leinster Property Auctions the land is zoned agricultural and while close to commercial and housing developments it is still a farm. Interest came from a wide variety of sectors.

"We received strong local and overseas interest in the lands," he explains. "A number of pre-auction bids came through our online auction platform."

Mr Convey said investors would have to be confident that the capital value of property in the area will increase given developments locally like the new Facebook data centre located "just a few fields away." Gary Neilson of Coldwell Banker Commercial handled the sale along with Mr Convey.

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