Farm Ireland

Tuesday 16 January 2018

€825k fails to land 91ac Bandon farm

Co Cork
91ac residential farm

Jim O'Brien

Jim O'Brien

A 91ac residential farm near Bandon, Co Cork, was withdrawn from auction last Friday.

An offer of €825,000 failed to secure the purchase of the property.

The farm at Knocknagurrane, Bandon, is located three miles from the town of Bandon, just off the Timoleague road.

Known as Haghill House, the holding is in permanent pasture, with 17ac fully reseeded in the recent past.

John Hodnett, of local auctioneers Hodnett and Forde Property Services, says the lands are situated on a gentle slope and in "great order".

The house is a four bedroom traditional farmhouse in need of complete refurbishment.

The farmyard has extensive outbuildings that include a cubicle house for 90 cattle, as well as both open and covered silage pits.

The covered pit is now converted to an easy-feed system. The yard has ample slurry storage capacity. The farmyard also includes a selection of stone outbuildings in poor condition.

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The property was initially offered for sale in three lots, each with independent access from the property's extensive road frontage.

But Mr Hodnett withdrew the entire at €825,000 or €9,200/ac. The property was guided at €10,000-12,000/ac.

Lot one comprised the house and farmyard on 30ac and opened at €200,000. Three bidders entered the fray and in bids of €25,000 the price soon reached €275,000.

Lot two included 32ac in eight divisions. It opened at €250,000 and two bidders took the price to €300,000.

Lot three, comprising 29ac in five divisions, opened at €100,000 and three bidders followed the sale to €250,000.

The entire was then put for auction and opened at €700,000 and two bidders, again in bids of €25,000, took the price to €825,000, the equivalent amount on offer for the combined final bids on the three lots.

Mr Hodnett said negotiations were continuing with the highest bidder for the entire and a sum significantly higher than the final bid had been put on the table.

Irish Independent