Farm Ireland

Sunday 25 March 2018

Bad day at the auction in the Midlands

Jim O’Brien

Auctions have their good days and bad days and two farms that might have been expected to move didn't attract the interest expected and were withdrawn from auction.

The Chicago vendor of a 51ac farm at Stonestown, Cloghan, Co Offaly, goes back still in ownership of this particular piece of ground after it failed to sell at auction under the direction of Peter Scully of GVM Tullamore.

There was just one offer of €275,000 for the property, well short of the guide of €460,000.

Located one mile from Cloghan and eight miles from Birr, the lands are all in grass and enjoy extensive road frontage.

Mr Scully is in discussions with the highest bidder but is conscious that the gap between the last bid and the guide is quite substantial.

Further north, in the village of Ballynacargy, Co Westmeath, a 90ac residential farm with a substantial house located adjacent to the village, failed to sell when brought to auction by Paul Murtagh of Murtagh Brothers, Mullingar. It was withdrawn at €500,000.

Mr Murtagh describes the house and farm as having tremendous potential but both are in need of attention throughout.

The house is a fine four-bedroom, two-storey over basement residence and the farmyard comprises a wide range of traditional buildings.

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The land stretches along the back of the village and is described as the best of fattening ground.

Bidding opened at €400,000 and with four customers showing interest it moved to €500,000 but stalled at this point. The property was withdrawn and remains a distance short of its guide of €800,000 but Mr Murtagh is confident it will sell.

Irish Independent