Farm Ireland

Monday 22 January 2018

62ac farm sells by private treaty for €655k

Jim O'Brien

Jim O'Brien

A 62ac farm at Rahan, Tullamore, Co Offaly, recently sold by private treaty in four lots. Tullamore-based auctioneer John Mollin handled the transactions, which netted a total of €655,000 or €10,564/ac.

According to Mr Mollin, the lots reflected the natural divisions of the property and all four were bought by neighbouring farmers.

Described as a mixture of good arable and grassland, the holding came with two derelict dwellings, a mill house and two old-style farmyards and good road frontage on three of the four lots.

Lot one comprised 19.8ac in stubble running down to the Grand Canal. It was laid out in two divisions with good road frontage and included a derelict house with an old yard. This portion sold for €225,000. Lot two, 13.1ac of quality lands with good road frontage, a three-bedroom bungalow, a farmyard and a two-storey, listed millhouse, sold for €175,000. The third lot was made up of 8.9ac of arable land under stubble and with decent road frontage, and sold for €80,000.

Meanwhile, the final lot comprising 20.8ac of grassland bounded by two roads and the canal sold for €175,000.

Mr Mollin also sold a 57.6ac residential roadside farm at Lowerton Mor, Blueball for €575,000. It is located eight miles from Tullamore and 12 miles from Birr .

According to the auctioneer, the grassland is dry, free-draining ground. While it has been rented for a number of years, it is in good heart and comes with its own well, an old residence, some out buildings and extensive road frontage.

Initially, Mr Mollin attempted to sell the property in two lots, with lot one consisting of 38.4ac, while lot two was an 18.5ac parcel along with an old residence and farmyard and frontage on to the main road.

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However, it was only when the property was offered as an entire that the auction took off. It opened at €415,000 amd two bidders showed keen interest until the price reached €500,000. The property was put on the market at that stage and eventually sold for €575,000 to a solicitor acting for a local client.

Jim O'Brien

Indo Farming