Farm Ireland

Sunday 21 January 2018

Mixed results for five Limerick land holdings

Jim O'Brien

Jim O'Brien

Mixed results were the order of the day when a 332ac property in Co Limerick was sold last week.

The holding, which was the estate of the late John Garrett, comprised four separate farms.

One of the farms sold under the hammer, another was sold immediately after auction and the other two are under negotiation.

The largest of the properties, a 158ac holding at Ferry Bridge, Kildimo, was withdrawn at €1,070,000 by Tom Crosse of GVM and sold immediately after auction for a figure believed to be in the region of €1.25m.

The farm is located on the N69 immediately west of the Ferry Bridge in the parish of Kildimo.

With frontage onto the Maigue River, the property also has 0.5 miles of road frontage.

It includes 110ac of good elevated grazing ground, while about 40ac is low lying grazing ground, known locally as corcass.

A farmyard on the property consists of a silage slab along with a dated cubicle house and additional sheds.

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A phone mast on the land delivers a rental income of €8,500 a year.

Mr Crosse opened proceedings at €700,000 and the sale attracted the attention of two bidders, a neighbouring farmer and an interested party from Kerry.

Bidding was steady before it stalled at €1,070,000 and the property was withdrawn.

It was sold immediately afterwards to the highest bidder, a neighbouring farmer with a sheep and drystock enterprise.

The property that sold under the hammer was a 56ac roadside holding at Ballinamona, Hospital, Co Limerick.

It came with a derelict dwelling, a yard, cattle handling facilities and a phone-mast delivering €12,500 in rental income per annum.

The bidding opened at €350,000 and with five bidders in action it increased to €450,000 and was finally sold to a local dairy farmer for €475,000.

Mr Crosse described the farm as containing 48ac of the best of land, with a further 8ac of marginal ground. In this regard he calculated that the good land made over €9,000/ac, with the marginal ground making around €5,000/ac.

A 41ac holding at Clorane, Kildimo was offered for sale at the same auction.

Located between Kildimo and Adare, this property changed hands 10 years ago and made €20,000/ac.

On this occasion it attracted two bidders but failed to pass €260,000 and was withdrawn.

Mr Crosse said it is currently under active negotiation. The final section of the Garrett holding was a 77ac farm at Herbertstown.

It was made up of grazing ground just off the main Limerick to Mitchelstown road.

Limestone land

It was withdrawn from auction after attracting two parties bid it to €450,000.

This farm was guided prior to auction at €700,000.

Meanwhile, at an auction the previous week, Mr Crosse sought to auction a 75ac farm at Muddericksfield, Shanagolden, not far from Foynes, Co Limerick.

The farm is described as top quality limestone land that is well watered and fenced, while the residence is a single-storey traditional farmhouse in need of repair and comes with a range of older outoffices.

The farm was offered for sale in two lots. One division comprised 19ac, while the house and 56ac made up the other.

The first lot was bid to €130,000 and withdrawn, while there was no bid on the house and 56ac.

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