Farm Ireland

Saturday 17 March 2018

Strong bidding sees midlands farm sell for €7,200 per acre

Jim O'Brien

Jim O'Brien

Mullingar auctioneers Murtagh Bros had a good week in the auction rooms last week selling one farm under the hammer and other immediately after auction. Among the successes was a 100ac farm with a derelict residence at Cornacarta, Ballymahon, Co Longford. It made €720,000 or €7,200/ac.

Located 5km from Ballymahon on the Roscommon/Lanesboro road the land is all in one block and laid out in nine fields. The land was well looked after and is described by Dillon Murtagh as in very good condition. The holding has no buildings aside from a derelict two-storey former residence.

More than 60 people turned up for the auction and bidding opened at €500,000. The auction moved quickly in increments of €20,000 until the price reached €640,000. The bids reduced in size to €10,000 but the volume continued until the amount on offer reached €720,000. After consultation the property was put on the market and sold at €720,000 to two brothers who have rented the property for the last 23 years.

Monaghan sale

Moving north to Co Monaghan a 79ac farm with a derelict residence at Mullaghgrennan, Newbliss was withdrawn from auction by Murtagh Bros after being bid to €395,000. It sold immediately afterwards.

Located half way between Clones and Ballybay the holding is 5km from Newbliss on the Monaghan town side. There are no buildings on the property aside from a derelict cottage but the ground is good with plenty of potential. The farm is made up of undulating land laid out in a series of fields with natural hedgerow.

The farm is long and narrow in shape. The holding has about 150m of road frontage access. Proceedings opened when a bid of €250,000 was accepted as a decent opening shot. In bids of €10,000 the price moved swiftly to €380,000 and then dropped back to bids of €5,000 until at €395,000 matters came to a halt. The property was withdrawn at that point and sold afterwards to a Co Cavan farmer.

€15,000/ac in Laois

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In the midlands Portarlington based auctioneer, Matt Dunne sold 6.5ac in two fields at Stradbally, Co Laois for €103,000.

The first lot, a 3ac field sold to a neighbour for €50,000 or almost €17,000/ac while an adjacent field of 3.5ac was sold for €53,000 or almost €15,000/ac to a local veterinary surgeon. Mr Dunne, described the ground as "excellent arable land with good road frontage, and maybe even site potential".

Tipperary auction

A 40.05ac parcel of land in tillage and forestry at Coole, Knocklofty near Clonmel in Co Tipperary made €415,000 or just over €10,000/ac at auction last week.

The property consists of 26.05ac in tillage, 4.7ac of quarry and 9.32ac of oak plantation. The stubble ground is described as excellent land awaiting planting while, subject to license, the quarry is ideal for infilling. The oak was planted in 2012 and is generating €1,886 per annum.

Auctioneer Pat Quirke accepted an opening offer of €250,000 and with two customers bidding in tranches of €5,000 and €10,000 the amount on offer went to €400,000 where a break for consultations was taken.

On returning to the auction a further €15,000 was added to the price and the property was placed on the market where it sold for that figure.

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