Farm Ireland
Independent.ie

Tuesday 23 April 2019

Businessman swoops to land Limerick farm for €23,000 per acre

Stock photo
Stock photo

Jim O’Brien

In the top auction of the year so far, a 42ac farm on the western edge of the picturesque Adare village in Co Limerick sold at auction last week making a per-acre price of €23,095 and an overall figure of €970,000.

Five bidders including local farmers drove the price initially but two businessmen fought it out in the end.

The residential holding at Rower Beg is 2.5km from Adare with frontage on to the N21 linking Limerick to Tralee. It was guided prior to auction at €650,000.

The land was on the market as farmland but it was always felt business interests would swoop in.

While the residence is in need of complete renovation, auctioneer Tom Crosse said its value lies in its potential to ease the passage of planning permission for a new residence in this much-sought-after address.

A dated yard behind the house was once home to an abattoir.

The land is made up of top-class ground in an area that is home to some of the best dairy farms in the country and a range of highly regarded equestrian holdings.

Laid out in four large fields fenced with traditional hedgerow, the property is in one block and ideal for dairying, either as an out-farm for replacements or for fodder production.

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A land sale earlier in Adare late last year raised the bar to a very high mark for land prices in the area when a 38ac parcel situated about the same distance on the other side of the village made €1m or €26,000/ac.

Vendors

Tom Crosse advised caution, saying that the holding in question included a landlocked piece of ground zoned for development.

Last Friday, bidders threw caution to the wind when Mr Crosse opened proceedings for the 42ac farm.

Five customers showed cause at €430,000, and the amount on offer leapt forward. After consulting the vendors with €730,000 on board, the auctioneer went back for more.

“There was money in the room,” he said. “I could smell it.”

Two businessmen stayed in the race when Mr Crosse put the property on the market at €930,000.

Both stayed standing until the price reached €970,000 when the hammer fell. And then there was one.

Indo Farming