Post-auction deal sees Longford holding sell at €5,500 per acre

Sky’s the limit: The farm is located on the Longford/Westmeath border in a sought-after location
Sky’s the limit: The farm is located on the Longford/Westmeath border in a sought-after location
Jim O'Brien

Jim O'Brien

The land auction scene has been busy for the last few weeks with some notable sales throughout the country.

At Annagh, The Pigeons on the Longford/Westmeath border, Padraic Murtagh of James L Murtagh auctioneers sold a 55ac residential farm soon after it was withdrawn from auction at €268,000.

Located 15km from Athlone and 8km from Ballymahon, the holding is in a picturesque area, running down to Lough Ree.

Laid out in a number of neat grass fields, the farm includes a traditional two storey, three-bedroom farmhouse in need of modernisation, while the yard is made up of a two-column modern shed, a cow byre and a store.

At auction, the property was offered in three lots. The house and yard on 29ac received two bids from the one customer and was held at €110,000.

When a parcel of 26ac attracted no bid, the entire was introduced and opened at €220,000.

Two bidders drove it to €257,000, at which point the auctioneer consulted the vendors and returned to the room where a further €11,000 was added. The place was withdrawn at the accumulated €268,000.

Post-auction negotiation ensued immediately and resulted in the place being sold to the highest bidder. It is believed it made around €300,000, or €5,500 per acre.

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