Farm Ireland

Friday 24 November 2017

Paulstown lots make over s1m as feel-good factor hits county

Jim O'Brien

Jim O'Brien

The feel-good factor generated by Kilkenny's All-Ireland victory can surely take some credit for the near record prices paid at auction for a farm at Paulstown, around 10 miles from the Marble City.

The residential 65ac farm sold under the hammer in five lots for €1,007,000. The local hurling club played a central role in the drama, paying €305,000, or more than €24,000/ac, for a 12.6 ac parcel located near the village. The remainder of the property made an average of €13,245/ac.

The property was described by selling agents Jimmy Walsh and John Maher, of Leinster Marts, as one of the finest farms in the area and renowned in its day as a progressive farm. It has been idle in recent years.

The holding was offered in lots, the size and shape of which were determined by the division of the farm caused by the construction of the M9 motorway. The house was a four-bedroom farmhouse in need of extensive refurbishment, while the farmyard was a traditional yard with a variety of older buildings.

When lot one, the house and yard on 34ac, was put to the floor it opened at €200,000 and with three bidders in the hunt the price rose to €372,000.

After turning his attention to the other lots and the entire, the auctioneer returned to lot one and it went on the market at €372,000 and sold to a local farmer for €445,000.

Lot two, a 14ac parcel, opened at €80,000 and with three bidders in the running it went on the market at €192,000 and sold at that to a man from Mullingar who has family connections with the former owners.

Lot three comprising 3ac and lot four comprising 2.6ac were bought under the hammer by an adjoining property owner for €30,000 and €35,000 respectively.

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Lot five was regarded by the auctioneers as the jewel in the crown. It was a 12.5ac parcel located close to the village of Paulstown.

This opened at €150,000 and had two competing bidders all the way. It went on the market at €205,000 and was bought by the local GAA club for €305,000, or €24,179/ac.

The entire was offered for sale after the first offering of the lots and was withdrawn as it attracted a bid of €627,000, which was less than the sum of what was on offer for the lots individually.

John Maher, of Leinster Marts, was delighted.

"The auction surpassed all our expectations, we had a guide price of €700,000 on the place and we really thought that was optimistic. On the day the farm made €307,000 in excess of that."

Indo Farming