Farm Ireland

Monday 18 December 2017

e925k farm sale 'shows there is interest in land'

Caitriona Walsh

A Co Meath farm that failed to attract a buyer three years ago was sold last Tuesday for €225,000 over the guide price.

The remarkable turnaround appeared to defy the economic recession.

The 108ac roadside farm at Derrypatrick, Summerhill, Co Meath, is located adjacent to Teagasc's beef unit at Grange and shares the name with the country's foremost suckler research herd.

While the property failed to sell three years ago, there was no shortage of customers this time around.

The holding was described as prime fattening land when it went under the hammer.

It is located three miles from Summerhill, 10 miles from Dunboyne and 17 miles from Dublin.

Auctioneer Jimmy Murtagh said the land was laid out in one division with no internal fences and could be further improved by any potential buyer.

It had a pre-auction guide price of €700,000.

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A large crowd gathered in the Trim Castle Hotel for the sale and with a full house watching, the auctioneer opened the bidding at €500,000.

Bidding climbed steadily in bids of €10,000 each as five bidders, all farmers, expressed their interest in the property.

As the early contenders dropped out, the bids fell back to €5,000 each as it approached €900,000.


At €925,000 the farm was declared on the market but there were no further bids made.

The hammer eventually fell in favour of a Meath farmer who was not from the immediate locality.

Mr Murtagh said the final selling price of €925,000 was €225,000 above the guide price and proved that there were plenty of customers for land.

"We have plenty of interest in land and loads of customers at the moment, some with money from development," he said.

Indo Farming