Farm Ireland

Tuesday 20 March 2018

All happy as 78ac sells

A 78ac farm at Cooltomin, Askeaton, Co Limerick, sold at auction recently for €605,000 (€7,750/ac).

Located within five miles of three west Limerick towns -- Askeaton, Shanagolden and Rathkeale -- the non-residential holding with 300m road frontage was described as top-quality limestone grazing ground, with some being of a low-lying, softer quality.

Laid out in 10 fields, it has a natural water supply delivered by a stream that runs through the property.

A crowd of 25 people turned up at the Woodlands House Hotel, Adare, according to Richard Ryan, of GVM Auctioneers in Kilmallock.

The farm was offered in one lot and bidding opened at €300,000. Two customers declared interest at an early stage and, in bids of €10,000, the sale progressed slowly until it reached €380,000.

At that point a bid of €20,000 brought the price to €400,000 and, following a further bid of €10,000, Mr Ryan consulted with the vendor.

After the recess, the sale reopened but no bids were forthcoming. A further recess was called and withdrawal of the property was considered.

However, when the property was reintroduced to the room, bidding resumed and, in increments of €10,000, the price came to €470,000.

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The farm was then put on the market. After it reached the €600,000 mark, a final bid of €5,000 from a local farmer secured the property.

The under-bidder was an auctioneer believed to have been acting for a client.

Mr Ryan was happy with the outcome: "We had guided the property at €6,000/ac plus and were pleased to come out stronger at €7,750/ac. The vendor was happy, the buyer was happy, and so it was a good day's work all round."

Indo Farming