Farm Ireland

Wednesday 17 January 2018

Meath site sells for €733,000 post-auction

Jim O’Brien

An auction involving four bidders and 62 different bids failed to sell the 94ac Lionsden Farm located at Longwood, Co Meath.

However, the property sold post auction at the Property Exchange in Trim on Tuesday, October 26.

The non-residential farm is situated seven miles from Enfield, eight miles from Trim and 30 miles from Dublin. Currently under stubble, it is described by auctioneer Thomas Potterton as in good heart, fertile and well drained thanks to the proximity of the Blackwater River and major works undertaken by the previous owner.

A hardcore roadway services the entire holding, which is laid out in four big fields bounded by mature, original hedging.

According to Mr Potterton there was great interest in the property prior to the auction, with many people walking the land and quite a few availing of the hardcore driveway to drive around it.

Four bidders took to the field when €500,000 opened matters at the Property Exchange. The interested parties included a Dublinbased auctioneer, a local farmer, a Westmeath farmer and a Dublin businessman.

In increments of €10,000 the auction proceeded apace until the price on offer came to €570,000. Bidding slowed somewhat as bids increased in frequency and declined in value going from €5,000 to €2,000 and finally to €1,000 increments.

When the price on offer eventually came to €730,000, the auctioneer consulted with the vendor. It was decided to return to the auction and with no further bids forthcoming the property was withdrawn. Negotiations were entered into with the highest bidder and when these broke down at €733,000, proceedings closed for the day.

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On the following morning Thomas Potterton took a call from the underbidder, the Dublin-based auctioneer who had bowed out the previous day after a bid of €725,000.

Negotiations were entered into and eventually the property was bought for a price in excess of €733,000. It is understood the customer in question is Edward Townshend of auctioneers, Colliers International, who was acting on behalf of a client.

The auctioneer and the vendor were happy with the price.

“We got about what we had guided for but, given the level of interest prior to auction, we thought we might have made a little bit more. Nevertheless, circa €7,800/ac isn't a bad price for the times we live in,” Mr Potterton added.

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