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Friday 15 December 2017

Prime Offaly holding sells for close on €11,000/ac

The 133.5ac grazing and tillage farm at Killeigh sold for €1.44m, almost €10,800/ac
The 133.5ac grazing and tillage farm at Killeigh sold for €1.44m, almost €10,800/ac
The cottage on 4ac near Geashill, Co Offaly sold for €110,000
Jim O'Brien

Jim O'Brien

Land continues to command a good price, and the auction rooms are recording a steady stream of sales.

A 133.5ac grazing and tillage farm at Killeigh, Co Offaly sold in lots under the hammer last week. The farm, made up of prime land with elevated views of the surrounding countryside made €1.439m or almost €10,800/ac.

Killeigh, home to the famous Glenisk dairy, is about 10km from Tullamore on the N80 and about 15km from Mountmellick.

At auction, Gordon Cobbe of selling agents GVM Tullamore offered the property for sale in lots and as an entire with the lots comprised of a 48.5ac parcel of grassland, 82.5ac of tillage ground and a 2.5ac piece suitable for a site.

The 48.5ac in grass - and described as the best of grazing ground - has approximately 1.75km of road frontage and slopes upwards from the road to an elevated height with great views of the area.

The 2.5ac parcel of grass, across the road from the 48.5ac, has decent road frontage and similarly elevated views and, according to the selling agent, has great site potential subject to the required planning approval.

The 82.5ac section is made up of arable land currently in tillage and laid out in one block. Located 1.5km northeast of Killeigh village, the ground was most recently in beans but would be suited to any type of farming.

On the day, a crowd of 50 to 60 people showed up for the auction.

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The initial stages of the sale saw the lots attract two to three bidders for each one, with the 48.5ac lot opening at €400,000, the 2.5ac site opened at €50,000 and the large 82.5ac of tillage ground opened at €650,000.

This represented a strong opening to the auction and saw the combined price for the lots standing at €1.1m.

When the entire was put to the floor it attracted a bid of €1.2m, however, this was the last bid it attracted.

In a second round of bidding the lots 'took off' with the 48.5ac selling to a local for €540,000 while the 2.5ac sold to another local making €74,000. The 82.5ac of arable ground was bought by a Meath tillage farmer for €825,000, making a grand total of €1.439m.


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