Once valued at €10m, bids for a 92-acre farm beside M1 would be lucky to hit €1m now
today's fields of dreams
lReceiver Kavanagh Fennell will appoint an auctioneer for the sale of three properties in Dundalk, Co Louth, shortly. The properties include 10 acres at Hill Street, 4.13 acres at Ramparts Street and 92 acres at Armagh Road. The 92-acre farm is located beside the M1 and was originally considered to have strong development potential. It was valued in excess of €10m. Bids will be lucky to top €1m now.
Baker Tilly Ryan Glennon and PricewaterhouseCoopers are handling the sale of a number of sites near Clonakilty.
lGrillagh, Clonakilty, is better known as Shannon Vale Cross. Situated next to Clonakilty Technology Park and right across from the Clonakilty Rugby Club, this piece of ground was sold at the height of the boom by local farmer Arnie Butimer.
His brother Herbert Butimer also sold some farmland to a number of local builders, including well-known Cork developer John Fleming. Locals say the farmers received up to €110,000/acre from the group of builders. Most of it is now on the market for €8,000-€12,000/acre.
lJust up the road, land at Inchydoney Island is also earmarked for sale under NAMA. Bought by developer John Fleming from the son of former Fine Gael TD John L O'Sullivan, this piece of ground was sold at the height of the boom for more than €25,000/acre and is just a mile from the luxurious Inchydoney Island Hotel. Mr Fleming was going to use the land to build another access road to the hotel. It is now on the market as agricultural land and expected to make up to €10,000/acre.
Locals say they are not surprised that much of this land hasn't been developed. "Every Friday morning we used to hear the whistle of a helicopter coming over the mountains. It was one of the developers coming to look at his development. None of us were too surprised when the whistling stopped," said one local.
Another described the farmers who had sold the land as "honourable men" who had looked after their windfalls wisely. "A lifetime ticket for Munster rugby games was the only extravagance of one."
Most of them are still farming in some shape or form and may even consider buying their land back.
lThere is an offer of about €100,000 on a half-acre site on Ballygologue Road in Listowel, Co Kerry, that contains the shell of eight apartments. There is a lot of work needed to finish them and this cost, as well as the price they may sell for, has been factored into the price.
lThere are 11 semi-detached, partially built houses on the North Circular Road, Limerick, on the market with a price tag of between €1m and €1.5m and the receiver is hopeful they will be sold.
The site, which is in a desirable residential area in Limerick city, was originally purchased by its developers for €3m. The houses have been built up to roof level and the cost of fully finishing them has been factored into the asking price.