Farm Ireland

Monday 23 April 2018

Westmeath farm sells for €5,600/ac

Stock photo
Stock photo
Jim O'Brien

Jim O'Brien

A 34ac farm at Cummerstown, Collinstown, Co Westmeath sold after auction last week and is believed to have made in excess of €185,000 or around €5,600/ac.

The lands were described by Padraic Murtagh of James L Murtagh as made up of mainly good-quality ground laid out in a number of neat divisions with plenty of road frontage given that the place is divided by a public road. A small farmyard with the holding includes a slatted shed and a range of useful farm buildings and cattle handling facilities.

At auction the property was offered in three lots and as an entire. The first lot consisted of 4.7ac and included farm outbuildings. Bidding opened at €40,000 and increased in increments of €1,000 before it was withdrawn at €56,000.

The second lot made up of 18ac initially attracted no bids, but eventually opened at €40,000 and moved up slowly in increments of €1,000 until it reached €48,000 at which point it was withdrawn.

The final lot made up of 10.5ac opened at €45,000 and it too went up in increments of €1,000 before it was withdrawn at €67,000.

The entire was offered but attracted no bids, before the three lots were withdrawn and negotiations ensued with the three separate bidders.

All three lots were sold soon afterwards, with the yards on 4.7ac making in the region of €61,000 or €13,000/ac. The 18ac lot which was withdrawn at €48,000 sold for what the auctioneer called 'a significantly higher sum' while the 10.5ac made around €70,000 or €7,000/ac.

All three purchasers were either from the area or had connections with the area.

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Tipperary auction

The famous Hayes Hotel in Thurles was the venue recently for the auction of a 67.7ac roadside holding located at Moyaliff, Ballycahill, 11km south west of Thurles.

Vincent Ryan of Thurles based auctioneers Thomas V Ryan described the farm as a top-class grass farm with plenty of road frontage and a yard that includes a derelict house and a range of old sheds.

The roadside fields are elevated slightly and slope down towards the River Farney Bridge that forms part of the boundary.

On auction day, the farm was offered in three lots that include the derelict house and farmyard on 3.8ac with the remaining 63.9ac of land in grass making up the second lot and the entire forming the last.

In the first round of bidding, the entire opened at €550,000 before being bid up to €700,000 by two competing farmers.

As the auction progressed, interest turned to the lots with the house on yards bid up to €82,000 and the 63.9ac making €620,000. In the end, the lots at €702,000 prevailed over the entire. Vincent Ryan was pleased with the outcome which exceeded the pre-auction guide of €665,000.

The auctioneer said mid-Tipperary land appears to be selling well and making good prices. His previous land auctions achieved sale prices well in excess of the guide.

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