Farm Ireland

Tuesday 20 March 2018

Westmeath farm fails to make guide price

Jim O'Brien

Jim O'Brien

An 87ac non residential farm at Tinode, Streete in Co Westmeath failed to sell at auction last week and was withdrawn at €360,000 about €140,000 shy of its guide price.

The holding, located between Rathowen in Co Westmeath and Edgeworthstown in Co Longford has plenty of road frontage and includes a range of cut-stone outbuildings. The lands are all under grass, laid out in neat, tidy divisions and well fenced with electric fencing throughout.

There is a mains water supply to the property along with a natural water source. According to auctioneer Dillon Murtagh the ground is of excellent quality with little waste and has extensive road frontage.

The sheds include some cut-stone buildings, a series of more modern galvanized buildings, cattle handling facilities, a haybarn and an old derelict farmhouse.

A good crowd showed for the sale and the auctioneers offered the property in a number of lots made up of a parcel of 30.5ac including the buildings, another parcel of 23ac, a 33.5ac lot and, finally, the entire.

At auction bidding on the entire opened at €250,000 and was bid to €360,000 before it was withdrawn. Attention then turned to the lots with the yard on 30.5ac the first to be brought for auction. This was bid to €100,000 before it was held.

The 23ac parcel was next into the ring and after opening at €100,000 it reached €120,000 before it was held. The last piece, comprising 33.5ac, also opened at €100,000 and was making €140,000 when it too was put to one side. The full amount on offer for the lots at that point was €360,000, the equivalent of what was on offer for the entire. With no further budge on the lots or on the entire the property was withdrawn.

According to Mr Murtagh all the interest was from the general locality and he says there is active post-auction interest in a combination of the 33.5ac along with the 23ac parcel. This 56.5ac piece is making in the region of €300,000.

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