Farm Ireland

Wednesday 13 December 2017

'Top' 251ac Coole farm fetches €1.7m

Jim O'Brien

Jim O'Brien

A 251ac residential farm at Ballynameagh, Coole, Co Westmeath sold after auction last week for a figure believed to be in excess of €1.7m.

Located between Castlepollard and Coole, the farm, which was known as one of the best-run in the county, has been rented for drystock farming in recent years.

According to auctioneer Paddy Murray the land is "top" ground, while about 10ac near the river needs attention. The yard is of the traditional kind with a number of dated farm buildings while the residence is in need of total reconstruction.

At auction the property was initially offered as an entire and this was bid to €1.62m where it held. The farm was then offered in lots with a parcel of 46ac attracting one bid of €300,000 followed by a large portion extending to 146ac which attracted one bid of €500,000. The final lot, consisting of the house and yard on 59ac, attracted two bidders and was withdrawn at €402,000.

Since the price on offer for the lots did not exceed the price on offer for the entire, further bids were sought on the entire. When none were forthcoming, the property was withdrawn at €1.62m but sold immediately after to the highest bidder for a figure believed to be in the region of €1.7m or just under €6,700/ac.

Joint agents Murray Auctioneers and Sherry FitzGerald Davitt and Davitt handled the sale.

At Shrataggle, Porturlin, Belmullet, Co Mayo a small residence on 7.5ac along with 200ac of commonage sold during the week for €126,000. The 200ac is part of a larger 3,790ac commonage.

Karl Fox of Fox and Gallagher Auctioneers opened the bidding at €50,000 and matters continued apace until a final bid of €126,000 closed the deal and the property was sold.

Also Read

A farm extending to 46.5ac at Clontycoe, Ballyroan, Abbeyleix, Co Laois sold under the hammer recently for €360,000 or €7,700/ac.

Located 2km from Ballyroan, 4km from Abbeyleix and 10km from Portlaoise the holding was laid out in three fields with a natural water supply, good shelter and extensive road frontage. The land was sold with approximately €6,000 in Single Farm Payment entitlements.

Before an attendance of around 30 people Paddy Jordan offered the property for sale in one lot. Two active bidders fought it out from the opening bid of €250,000 and bidding proceeded in offers of €10,000 and €5,000 until the property was knocked down at €360,000.

Indo Farming