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Friday 15 December 2017

Superb value Cavan lands reflect taming of the Tiger

Jim O'Brien

Jim O'Brien

The upcoming auction of lands in the environs of the Cavan town of Bailieborough should provide some remarkable contrasts. A piece of ground in the town that fetched €630,000 during the boom is being guided at between €50,000 and €60,000.

Four properties will be up for sale on Wednesday, October 17, in an auction to be conducted by Bailieborough auctioneer Peter Murtagh.

In an honest assessment of the sale, Mr Murtagh said that a "significant retreat on pricing" would be the order of the day.

A division of about 14.3ac at Rakeevan within 4km of Bailieborough is expected "to reach the far side of €100,000" when it is offered in two lots of 9ac and 5.2ac. The 9ac comes with planning permission.

This piece sold for €495,000 some six years ago.

In the same townland, and within 1km of town, Mr Murtagh expects a parcel of 14.5ac to "push €5,000 per acre".

Of this, 0.62ac is zoned 'residential'.

A portion of 10.7ac at Curkish and Rakeevan and within 0.5km of Bailieborough town centre will be offered in two divisions.

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Lot one, 6.62ac, has a small section zoned residential and is guided at €60,000 while lot two, a 4.1ac piece is expected to make at least €25,000.

Mr Murtagh believes that this land is so close to town it would be a good parcel to buy and "sleep on for a few years".

Finally, a property comprising a disused building on a footprint of 0.32ac at Market Square, Bailieborough, which sold in 2006 for €460,000, comes with a much reduced guide of €50,000 to €60,000. This represents a slide in value of around 90pc.

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