Farm Ireland

Sunday 18 March 2018

Former model farm is sold in lots for €1.275m

Jim O’Brien

A 125ac residential property at Moig on the main road between Shanagolden and Newcastlewest, Co Limerick, sold in lots at auction last week for €1.275m or €10,200/ac.

The property is located 1.5 miles from Shanagolden and eight miles from Newcastlewest and split into two lots by the main road.

The holding, which comes with a single farm payment of approximately €8,900, was once a model farm. However, in recent years the holding has been in decline and needs attention.

The residence, a substantial two-storey period house, is in need of complete renovation and modernisation.

The farmyard is of the traditional kind, with a four-column haybarn, a 32-stall cow house, a cattle crush and a range of outoffices.

The land includes 77ac of grassland around the house and 48ac across the road.

At auction one section consisting of the residence and yards on 77ac opened at €350,000 and made slow progress to €450,000 before Richard Ryan of GVM offered the 48ac which opened at €300,000. This progressed to €525,000; at which point attention turned to the entire but the 125ac received only one bid of €980,000.

The farm was eventually offered in the entire and in the lots and sold for €700,000, while the 48ac lots was sold for €575,000.

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Irish Independent