Farm Ireland
Independent.ie

Monday 20 November 2017

One million slashed off Co Wicklow farm price

Glen House guide now at €290k

Darragh McCullough

Darragh McCullough

Farmers could be looking at extraordinary value in a Co Wicklow farm that is being brought to the market in one of the biggest ever auctions of receivership properties next month.

Having been previously sold for nearly €1.29m at the height of the boom in 2006, Glen House, Kyle, Co Wicklow, is now being offered with exactly €1m slashed from the reserve price -- at just €290,000.

The 55ac farm is laid out in more than 14 small fields, along with some rough grazing ground.

It was described by Robert Hoban of joint selling agents, Space, as a "lovely bit of grazing ground", although one local auctioneer contended it was "tough, stony land".

The farmhouse has not been lived in since a local family first sold the farm more than six years ago for €750,000 to a couple reportedly based in the US.

After securing planning permission for a shed, the property returned to the market 18 months later.

In this short period of time, the farm appreciated by more than €500,000 in value to earn a handsome €23,500/ac. It was bought by a local bidder and was let to a local farmer for the past few years.

The farm will be one of more than 80 properties that will be auctioned off with bargain basement reserves on April 15 in the Shelbourne Hotel, Dublin.

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Space's autctioneers have not ruled out the possibility of selling the properties for less than its quoted reserves.

There have already been several thousand requests for catalogues, with more than 400 last Friday alone according to Mr Hoban.

Bust

Most of the properties have been taken into receivership from developers and businesses that have gone bust since the economic downturn began three years ago.

However, Glen House is one of the few properties that is being sold by the owners on the day. It is located around two miles off the N81 and 10 miles south of Blessington. The planning permission for a new shed has lapsed.

Despite the fact that it is the only farm that is included in this auction, Mr Hoban said that in the last number of days he has been offered over 20 farms from different clients.

"People like the no nonsense approach of this sale, where there are no silly guides and the reserves reflect the new times we find ourselves," he said.

Indo Farming