'Top' 251ac Coole farm fetches €1.7m
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 The final lot, consisting of the house and yard on 59ac, attracted two bidders and was withdrawn at €402,000.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 When none were forthcoming, the property was withdrawn at €1.62m but sold immediately after to the highest bidder for a figure believed to be in the region of €1.7m or just under €6,700/ac.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.