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€13,000/ac paid for one block of Tipp holding

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Land in Ballintotty, Co. Tipperary

Land in Ballintotty, Co. Tipperary

Land in Ballintotty, Co. Tipperary

Up to €13,000/ac was paid at auction for one section of a 110ac residential farm at Ballintotty on the outskirts of Nenagh, Co Tipperary last week.

The property was the farm of well-known North Tipperary farming couple Michael and Carmel Flannery who died in a car accident last year.

It includes a residence, a traditional farmyard and a mix of tillage land, grazing ground and forestry.

Located about four miles from Nenagh, the holding is adjacent to the old N7 and divided into various lots by the M7 motorway.

On the day the farm was offered in lots, with three of the five lots selling under the hammer, while two sold immediately after the auction. The sale netted around €940,000 on the day, with the best price paid for a 40ac tillage field which made €535,000.

The 40ac section attracted most attention and after some coaxing and cajoling Nenagh auctioneer Eoin Dillon accepted the opening bid of €350,000.

With two solicitors from the same local firm battling it out, the property went on the market at €470,000 and continued in bids of €5,000 and €2,500 until the hammer eventually fell at €535,000. This section is believed to have been bought by a local farmer.

Price rises

A 20ac block, of which 6ac is in forestry and 13ac in grass, opened at €100,000 and with a solicitor and a local farmer in contention the price rose to €115,000 where it held.

When the auctioneer returned to this particular lot at a later stage in proceedings a bid of €120,000 from a new bidder put the lot on the market and a further bid of €125,000 from a solicitor acting for a young farmer secured the parcel.

The house and yard with 6.7ac of forestry planted in 2001 was offered as another lot. Two young couples were in contention for this section, which opened at €90,000, went on the market at €130,000 and was bought at that price.

The largest parcel of forestry, extending to 36ac, was withdrawn from auction at €110,000. It sold afterwards to an adjoining dairy farmer for a figure closer to the guide of €130,000.

The last piece, a 7.5ac parcel with 1.5ac in grass and 6ac in forestry, was guided at €30,000 and sold after auction for a price not far from the guide.

Speaking after the auction, Eoin Dillon was delighted with the result. "The prices for the lots were bang-on and the purchasers were all local farmers and a young local couple establishing a new family home," he said.

Indo Farming