Farm Ireland
Independent.ie

Saturday 24 February 2018

67ac Westmeath farm exceeds guide by €100k

Jim O'Brien

Jim O'Brien

A residential 67ac farm near Kinnegad, Co Westmeath, was sold under the hammer last week for €700,000, making almost €10,500/ac and surpassing its guide by €100,000.

Located one mile from Kinnegad on the old N4, the property includes a five-bedroom residence, a farmyard and 12ac of forestry delivering premiums of €2,300 per annum.

The house, which could do with some renovation, consists of a sitting room, kitchen, utility, cloakroom, a bathroom and five bedrooms. The yard consists of a hay-barn with a six-bay lean-to and a range of livestock facilities.

The land under pasture is described by Ronan McKenna of Raymond Potterton auctioneers as of exceptional quality extending to 55ac and laid out in three fields in permanent pasture.

The 12ac of forestry is at the other side of the M4, but is connected to the farm by a purpose-built overpass.

Comprising well-established hardwoods and conifers, the timber realises €2,300 per annum in payments.

Bidding

At the auction, bidding on the property opened in earnest when Raymond Potterton accepted an opening offer of €500,000. With four contenders in the fray, the price increased in tranches of €10,000 until it reached €680,000.

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With two bidders remaining, it went up in €5,000 increments to €690,000 when a final bid of €10,000 secured the property for a solicitor believed to be acting in trust for a local farmer.

At another auction held last week, Raymond Potterton also sold 14ac of land at Ferskil, Granard, Co Longford. The holding consisted of 12ac of grazing ground a derelict house and 2ac of bog.

The property opened at €80,000 and with three bidders in action, it went on the market at €135,000 and sold at that to a local farmer.

Indo Farming