Farm Ireland

Monday 23 October 2017

Handsome ¤14,700/ac paid for Monaghan land

Jim O'Brien

Jim O'Brien

A 34ac parcel of Monaghan land sold at auction for a handsome €14,705/ac on Monday, August 22.

Located at Drumcrew, Castleblaney, just off the Dundalk road, the land was described by Cavan auctioneer Padraig Smith as good quality agricultural land.

It is laid out in nice-sized fields with an abundance of road frontage onto two roads. One acre of the holding consists of a lake and shrubbery.

While the land is zoned for development, Mr Smith believes this did not have a significant impact on the price paid.

A good crowd turned up for the auction at the Glencarn Hotel, Castleblaney, and when the auctioneer sought an opening bid of €230,000, two bidders responded.

Bids of €10,000 soon saw the price reach €310,000.

The pace slowed somewhat but bidding continued in increments of €5,000 and when the price got to €330,000 a recess was called.

On return, the sale moved rapidly and suddenly there was €480,000 on the table. The lands went on the market at this price and sold for €500,000.

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Mr Smith said the land was bought by a local farmer with business interests. The underbidder was leasing the land and was the current tenant.

Jim O'Brien

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