Ploughing ahead - farmland sells for new record of €1m

Fields of gold: The farmland at Adare, in County Limerick
Fields of gold: The farmland at Adare, in County Limerick
Margaret Donnelly

Margaret Donnelly

Farmland in County Limerick has been sold for a record €1m.

The sale of 27 acres in Adare works out at almost €38,000 an acre.

The average price of an acre of good quality land in the county usually reaches approximately €10,000/acre.

Cattle had been grazing the million-euro pastures in recent times.

It's understood that a Dublin-based businessman beat off competition to purchase the parcel of land at Curraghbeg, located 1km from the village.

Selling agent Tom Crosse, of GVM Auctioneers, remained tight-lipped about the recent sale that has been the talk of Adare.

However, he did confirm that there was "fever interest" in the property and that agreement had been reached.

It is understood from local sources that while the winning bid was €1,000,000, the auctioneers had been guiding €750,000 for the land.

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It all adds up to a record price paid in County Limerick for Curraghbeg.

The auctioneer said there was a lot of interest from locals living in houses in Adare wishing to build their own home, which pushed up the price.

However, it is understood a businessman won the race for Curraghbeg and bought it by private treaty. "The property was offered for sale in two lots. Lot one was a single storey farmhouse and 17.5 acres - it is excellent quality land," said Mr Crosse.

"Lot two was nine acres, six of which is zoned residential. However, that particular portion is landlocked to the rear of an existing housing development. It was sold as the entire."

The land and farmhouse were put on the market by a local family.

The interest shown comes down to "location, location, location" and reflects the popularity of the village, said Mr Crosse.

"Adare is flying. The Manor has enhanced it, its popularity is growing, business people are gravitating towards it to live," he said. "The fact there is an old farmhouse there guarantees planning permission if somebody wants to build a big house on it.

"There is some value in there for the zoned land even though it is landlocked - people would take a view on that.

"You have the proximity to the village and the bypass will come at the side of Adare, which will make it more accessible as well."

Irish Independent

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