Farm Ireland

Thursday 22 March 2018

Land withdrawn despite dual interest

An 18ac parcel of land near the village of Clarina, Co Limerick, was withdrawn from auction last week after being bid to more than €8,600/ac.

The farm is in the townland of Elm Park, just half a mile from Clarina and around six miles from Limerick city.

It was described by Tom Crosse, of GVM Auctioneers, as an "excellent piece of ground", which is all laid out in grass.

Although the property has limited road frontage, Mr Crosse maintained that it had site potential for a single house.

Bidding for the holding opened at €100,000 and continued until it was eventually withdrawn at €155,000.

There were two interested parties, a solicitor who was acting on behalf of a client and a local landowner.

Mr Crosse said more had been offered for the farm since the auction and he was confident of finalising the sale during the coming week.

Commenting on the land market in Limerick, Mr Crosse said most good-quality farmland was making between €8,000 and €9,000/ac.

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"A 40ac farm I sold at Reens, Ardagh, made more than €10,000/ac but prices have generally settled between €8,000 and €9,000/ac," he said.

"Business people are not featuring any more," he added. "If they have a few quid in their pocket, they're holding on to it."

Irish Independent