Farm Ireland

Sunday 18 February 2018

Local buyer sees off Kilkenny raider in Nenagh farm auction

258ac holding sells for €2.2m after bidding battle

Jim O'Brien

Jim O'Brien

RECENT weeks have seen the sale of some large holdings and and among them was a 258ac residential farm at Camira, Ballymackey near Nenagh in Co Tipperary. It sold under the hammer for €2.205m, somewhat under its guide price of €2.85m

Located ten minutes north of Nenagh off the Toomevara road, the farm includes a 1940s bungalow residence, outbuildings in an old farmyard and 258ac of decent land set out in 21 fields.

The farm is all in one block and comes with 1,120m of road frontage and frontage on to the Ollatrim River. The land is made up of top quality ground suitable for both tillage and grazing.

The residence, a dormer bungalow constructed in 1940s, is in need of renovation and refurbishment while the farm buildings are mainly of the traditional type.

Up to 50 people attended the sale, including many neighbours and friends who had come to wish the former owners well.

Auuctioneer Denis Bergin conducted a patient auction. He asked for a bid of €2.5m at the beginning of proceedings but had to backpedal to €1.1m before he got the first nod from a local businessman with farming interests. A local auctioneer then entered the fray.

With bids of €50,000 the order of the day, the price rose to €1.8m at which point the auctioneer adjourned proceedings for a consultation with the vendor.

On resumption, a new bidder, believed to be a dairy farmer from Freshford in Co Kilkenny, entered the fray. He made a bid of €1.85m and the local man came back with another €50,000 until the price climbed to €2.125m and the Kilkenny man sought an adjournment. After consultations the Freshford bidder added €25,000 to the price and bidding continued until the offer reached €2.205m and proceedings were again adjourned.

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On returning to the room Mr Bergin put the property on the market at €2.205m and the local customer bought the property for that price. Speaking after the auction Mr Bergin said he believes he got a good price for the property even though the sale price fell short of the guide.

"In my estimation out of the 258ac at Camira there are about 77ac adjacent to the river that are inclined to be wet and I was happy to get between €4,000 and €5,000/ac for that portion. This netted about €350,000. We got around €1.8m for the rest giving us a price of about €10,000/ac. Overall I was happy with that. I believe we got every penny that was to be got in the room," he said.

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