53 acres sells for €1 million at auction
An auction of three parcels of land totalling 148 acres in and around Cuffesgrange, Co Kilkenny last Friday produced an astonishing result.
The public sale of the lands (featured on this page on August 31) took place at the Club House Hotel in Kilkenny City, was carried out jointly by Cork-based auctioneer Anthony O’Regan of Keane Mahony Smith and Kilkennyb a s e d a g e n t G o d f r e y T Greene.
The auction was packed, with approximately 50 people, according to Anthony. The land was divided into three. Lot 1 was the most attractive and comprised 53 acres of pasture with a singlestorey residence in need of total refurbishment, and a col- lection of outbuildings. Located in the townland of Church Hill, it had direct access to the main road. The price expectation had been rather modestly set at around €10,000/acre. Bidding on this first lot began promisingly at €500,000. A further 43 bids were to follow until the hammer came down on an extraordinary price of €1,000,000.
This puts the value of that block of land at almost €19,000/acre.
Lot 2 was a 52-acre non-residential plot in the townland of Coolapoge.
Once again, expectations had been modest, with 20 acres of the land in need of attention. Here again, however, there was strong interest, and the hammer came down on a price of €440,000, or €8,500/acre. Lot 3 would have been considered the least attractive of the parcels up for sale on the day, with a stated price expectation beforehand of about €6,000/acre.
The 43-acre non-residential holding in the townland of Toberbreedia had a laneway access. After some brisk bidding, the hammer fell on a sale price of €400,000. At €9,300/acre, it was a very strong result.
Overall, says Anthony, the auction “surpassed all expectations”, with a total of €1,840,000, and an average peracre price of €12,400. All the buyers were local farmers who were bidding on their own behalf. The Tipperary-Limerick borderland has dairying in the veins.
A 58.7-acre piece of this Golden Vale real estate has just been put on the market. It can be purchased in lots or in its the entirety.
With the added intrigue of the sealed bid, it will be interesting to see what kind of price this land will fetch. “It’s all good grazing ground,” says selling agent Matt Ryan of Matthew Ryan & Son Auctioneers, Tipperary. “It’s as good a piece of ground that I’ve had the sale of in quite a while. It would make very good fattening land or milking land.”
The property is in the townland of Glenbane, just off the road that joins Emly and Cullen, about 4km from each of these Co Tipperary villages. Tipperary town is 12km away, Limerick city and Cahir are about 34km from this farm. The gravel limestone base that typifies this part of the Golden Vale is present here and there is no shortage of potentially interested parties in the vicinity who are well aware of the opportunity that such a holding presents.
Matt says: “Both dairying and beef are strong activities in the locality. You will also see a number of people involved in the bloodstock industry. The property has direct access from the public road, even though the road frontage involved isn’t large, but is sufficient to warrant the presentation of the farm in two lots. Lot 1 consists of 31.2 acres and Lot 2 has 27.5 acres of land, and a cottage thereon. Lot 3 is the entire holding. Bids are being accepted privately, the agents say, up to 3pm on Wednesday, October 25. “We’ve had a good level of interest,” confirms Matt, “both local and from outside the area, people looking for an add-on farm.”
There are no entitlements with the farm and the cottage is in need of complete refurbishment. The guide price is set “in the region of €10,000 per acre”, a reasonable sum designed to attract plenty of attention.
Aerial view of the 53 acres of pasture at Cuffesgrange, Co Kilkenny, sold for €1m at auction.
Sealed bids are invited for this 58-acre holding at Glenbane, Lattin, Co Tipperary.