Farm Ireland
Independent.ie

Thursday 18 January 2018

Is one of Ireland's largest farms about to be sold?

Offer received for massive 2,400ac estate in Donegal

The Grianan Estate, one of Europe's largest organic farms, has been brought to the market today by international real estate advisors, Savills, with a guide price of €17m.
The Grianan Estate, one of Europe's largest organic farms, has been brought to the market today by international real estate advisors, Savills, with a guide price of €17m.
Ciaran Moran

Ciaran Moran

Donegal Investments Group plc has confirmed it has received an offer for the Grianan Estate which is being guided at €17m.

In a trading announcement today, the board confirmed the sales process continues for the property and that an offer has been received which it says "may or may not result in a completed sale".

Savills has been retained to secure a buyer for property which is one of Europe's largest organic farms, in Co Donegal.

The almost one-of-a-kind property has gone on the market with a guide price of €17m.

Owned by the Donegal Investment Group, The Grianan Estate is situated at Speenoge, Burt, Co Donegal, about 20 minutes from the towns of Letterkenny and Derry.

The approximately. 2,400 acre property - which includes a 500 acre lake - consists mainly of land reclaimed from Lough Swilly. Savills say this makes it particularly fertile and suitable for all farming enterprises.

For the past 10 years, the farm has been producing over 3,000 tonnes of organic produce per year including milk, vegetables and cereals. A number of Irish household brands are said to source food from the farm.

Donegal Investment Group has a number of leases in operation across The Grianan Estate including to conventional producers of potatoes, wheat, oats and barley.

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The Estate overlooks the shores of Lough Swilly.

Meanwhile,the Group also annouced today that revenue decreased by €3.5m for the 6 months ended 28 February 2017, with the majority of this reduction resulting from the cessation of certain potato trading activities in our AJ Allan business.

While a significant portion of the Group’s revenue is sterling based the negative impact of the weakness in sterling post Brexit has in the main been offset by margin recovery and the Group’s management of its sterling exposure during the period.

Profit before tax and exceptional items for the period was €3.2m, an increase of €2.0m over the six months to 29 February 2016 (an increase €2.9m without a contribution from associates in the prior period). 

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