Farming

| 12.3°C Dublin

29ac farm with derelict building sells for €284k

A 29ac farm with a derelict residence located three miles from Mountnugent, and seven miles from Oldcastle in Co Meath was sold at auction last week for €284,000, or €9,800/ac.

The lands, which are all in grass and in good heart, are intersected by a small country road close to the shores of Lough Sheelin.

Rented for quite a number of years the lands were well looked after by the tenant and while auctioneer Thomas Potterton had intended to sell the property in two lots there was only interest at auction in the entire.

Three customers declared their hand when proceedings opened at the Property Exchange, Trim, at €150,000. In bids of €10,000 and €5,000 the amount on offer steadily increased and soon came to €220,000.

After consultations with the representatives of the vendors it was agreed to put the property on the market at this point.

A total of 30 bids ensued and the land was eventually sold under the hammer to the current tenant for €284,000.

Also at the Property Exchange a 90ac farm at Tullyhill, Rathshane, Castletown-Finea, Co Westmeath, with full planning for a 5,500sq ft residence and 20ac of forestry attracting €4,000 in annual forestry premiums sold under the hammer for €402,000, or €4,466/ac.

The large parcel of farmland occupies a mature elevated setting two miles from Finea, 6.5 miles from Castlepollard and 12 miles from Oldcastle. The property is bordered by Mullaghneen wood, reputed to be the largest beech plantation in Ireland.

With two bidders showing interest at the auction, bidding opened at €310,000 and following 17 bids the farm went on the market at €396,000. A further two bids brought it to €400,000 at which point a new customer emerged and brought the price to €401,000. However, one of the original bidders, a farmer living in Belturbet, came back into the race and bought it for €402,000.

Auctioneer Thomas Potterton was happy with the sale saying it is a good sale when the guide is exceeded. In this case the sale price exceeded the guide by almost €500/ac.

Indo Farming