€1m paid for parcel of land in Glenbrien
Published 02/08/2014 | 00:00
A parcel of land up a Glenbrien lane hit the million euro mark at auction last week.
But the new owner of the 150 acres in the townland of Clonmore faces a further big bill to bring the property up to scratch.
The final word at last week's auction in the Riverside Park hotel was delivered by solicitor Tony Ensor.
He made the €1 million bid before an attendance of around 50, acting in trust for an un-named client.
Three bidders showed serious interest in the farm, which was put on the market by representatives of the late Mary Roche.
The under bidder seen off by the man from Ensor O'Connor was a neighbouring farmer.
Auctioneer Frank McGuinness was pleased with the sale but noted that the land in question has been neglected in recent years.
He reckoned that the programme of reclamation required will set the new owner back more than €200,000.
The seven-figure sum represents a price per acre well under €7,000 per acre, shy of the standard €10,000 benchmark and reflecting the need for further investment.
'It is a good price because there is a lot of work to be done,' he mused. 'It is a fine block of land.'
No house or other substantial building was included in last week's offering, which has no road frontage offering potential for housing development.
The farmhouse associated with the property remains up for sale by private treaty, along with five acres.