Farm Ireland

Monday 11 December 2017

Local pays close to €1.5m for Kildare farm

Jim O'Brien

Jim O'Brien

Within 24 hours of the announcement of the Budget details, Kildare auctioneer Paddy Jordan believes that the reduction of stamp duty from 6pc to 2pc helped expedite the sale of a 157ac non-residential farm at Mooretown, just outside Kildare town.

The property sold after auction for a price in excess of the final bid of €1.4m.

It was bought by a local farmer for a figure believed to be close to the pre-auction guide of €1.5m. According to Mr Jordan, the change in stamp duty would have saved the buyer up to €60,000.

The land, 2km from Kildare town and 1.5km from the M7, is all in one block. The farm is laid out in nine divisions, with more than 2km of road frontage. There is 70ac in tillage, 68.5ac in permanent pasture and a further 18.5ac of rough grazing.

The property comes with a derelict two-storey residence and an old farmyard that includes a four-span hayshed with lean-to and a three-span hayshed with lean-to.

A good crowd turned up for the sale and Mr Jordan opened bidding at €1m.

An unusual auction ensued in which six bidders engaged in the action, with only one of the participants making more than one bid.

The price increased in increments of €50,000 and the final bidder came in cold at €1.4m. At that point, the auctioneer consulted with the representative of the vendors, the beneficiaries of the estate of the late Joseph Kelly, and returned to the auction to seek more interest. This was not forthcoming so the property was withdrawn.

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Mr Jordan then entered negotiations with the highest bidder and the property was eventually sold for a figure close to its guide of €1.5m.

After the auction, Mr Jordan said he is hopeful about the agricultural property market as this year draws to a close.

"There were six people in there today with more than a million to spend on property," he said. "Last week I sold a 270ac property for €2.64m and there were four people at that auction willing to spend in the region of €2m. With the changes in stamp duty, the prospects are relatively bright for farm sales."

Indo Farming