Farming

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Bidders fight it out at auction to push 72ac price to €930k

A 72ac parcel of land at Bestfield on the edge of Carlow and described by Jordan Auctioneers as "development land with agricultural potential" sold at auction last week for €930,000 or almost €13,000/ac. The property was bought by a farmer from the Athy/Carlow area.

Adjoining the old sugar factory, the majority of the land is zoned for residential and industrial use in the current local area plan.

Before a packed auction room the property was opened with an initial bid of €500,000 with five active bidders.

The property was placed on the market at €810,000 and three final bidders fought it out before the hammer was dropped at €930,000.

TREND

The price achieved was well in excess of the guide price of €10,000/ac and, according to Paddy Jordan, the price reflects the growing trend of development lands achieving only marginally more than base agricultural values.

"There were four disappointed under-bidders on the day and clearly a strong appetite for lands in the area," he said.

The property is located circa 2km north of Carlow town on the R417 Athy-Carlow road and is all in one block with good road frontage onto the R417 and is bounded by a canal to the west. The land was sown in winter corn and according to the selling agents was renowned for its excellent quality and suitable for any number of uses.

Indo Farming