Farm Ireland

Saturday 25 November 2017

Glebe land primed for investment in Cavan

The holding is centred around the ruins of the old Glebe House
The holding is centred around the ruins of the old Glebe House
Jim O'Brien

Jim O'Brien

A 34ac elevated holding on the edge of the town of Cootehill in Cavan, which is centred around the ruins of the old Glebe House, was withdrawn from auction last week after being bid to €322,000.

With 50m of access on to the street in Cootehill and 230m of frontage on to a well-maintained laneway, the place is ideally located from many perspectives.

The lands are entirely in productive old pasture, nicely laid out and with no waste. Currently, the place is being zero grazed by a local dairy farmer and comes with a farmyard that includes twin four-column sheds with silage walls and a double lean-to fitted with cubicles, all set on a large concreted yard with feed troughs and cattle-handling facilities.

The former Glebe House standing at the centre of the farm is in need of renovation. The property could have excellent investment potential given that it has lapsed planning permission for 300 houses and commercial development.

On the day of auction, a fine crowd showed to view proceedings and a few came to bid. Raymond Potterton launched proceedings when he accepted a bid of €250,000.

With four bidders in contention, the price rose in increments of €10,000 to €280,000 and then went on in €5,000 bids to €320,000.

A further €2,000 saw the property withdrawn from auction and the place is now for sale by private treaty. Stephen Barry of Pottertons says there continues to be active interest and he expects to conclude a deal in the not too distant future.

Meanwhile, much further south, near Nenagh in Co Tipperary, local auctioneer Eoin Dillon failed to sell a property located near the North Tipperary town.

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The 50ac residential farm was withdrawn after being bid to €350,000.

Located 3km from Nenagh, the farm is found at Ballygasheen, Ballinaclough off the Thurles Road.

A cottage reached by a long avenue is situated at the centre of the land, with accommodation that includes an entrance hall, a kitchen/living area with a modern stove, two small bedrooms and a sitting room converted to a bedroom in latter years with an ensuite wet-room attached.

The lands are all in one block with excellent road frontage. Up to 34ac is top class grazing ground and in excellent condition, while a 4ac patch is in need of reclamation from rushes and other vegetation.

Two further fields totalling 12ac are described as 'middling land.' The place is rented by a dairy farmer who looks after the place well.

On the day of auction, Eoin Dillon had a packed room but eventually withdrew the property at €350,000.

Echoing recent comments by many of his colleagues, Mr Dillon says there are plenty of farming customers for land but many are finding it difficult to source finance.

Indo Farming