53 acres sells for €1 mil­lion at auc­tion

Irish Examiner - Farming - - PROPERTY - Conor Power

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.

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