72-acre farm made over €12,000 per acre

Irish Examiner - Farming - - PROPERTY - Conor Power

An­other suc­cess­ful pub­lic auc­tion was held last week in Mun­ster.

This time, it was a 72-acre road­side hold­ing in the town­land of Cloghav­iller near Her­bert­stown, Co Limerick. The res­i­den­tial farm was ap­prox­i­mately 1km from the vil­lage of Her­bert­stown, close to the Tip­per­ary bor­der. The auc­tion was con­ducted by Kil­lar­ney-based auc­tion­eer Tom Spil­lane.

The farm, fea­tured on these pages on Septem­ber 28, was of­fered in one lot only at the Dee­bert House Ho­tel in Kil­mal­lock on Fri­day, Oc­to­ber 27. Ac­cord­ing to the sell­ing agent, the pub­lic auc­tion was well at­tended.

This was good-qual­ity lime­stone land in the Golden Vale, af­ter all, and it’s a rare day that such a sub­stan­tial quan­tity of it comes un­der the ham­mer in one lot.

Over 50 were in at­ten­dance, and the auc­tion got un­der way at 3pm sharp, with the first bid com­ing in at a rea­son­able start of €600,000. The bids came quick and fast and af­ter a fur­ther eight bids, the price had moved up to €720,000. At this level, the prop­erty was al­ready at the pre-stated price guide of €10,000/acre, but more was ex­pected. A re­cess was there­fore called, dur­ing which the auc­tion­eer took in­struc­tion from the ven­dors. Af­ter a short break, the auc­tion was recom­menced, with the farm now be­ing placed on the mar­ket. This prompted an­other round of bids — 18 in all — which saw the value of the Golden Vale farm climb to some­thing closer to what many ob­servers reck­oned it would fetch.

The ham­mer fi­nally came down on a fig­ure of €920,000. Speak­ing af­ter­wards, Tom Spil­lane said: “This rep­re­sents a price of €12,777 per acre, which rep­re­sents above the av­er­age price per acre for land in this area, but it also re­flects the ex­cel­lent qual­ity and con­di­tion of the land in the heart of the Golden Vale and the huge de­mand shown for it.”

In to­tal, there were five sep­a­rate bid­ders in­volved. Given the num­ber of pro­gres­sive dairy farm­ers in the area, this and the over­all re­sult were not en­tirely un­ex­pected, but it was a very wel­come pos­i­tive auc­tion re­sult, none­the­less.

The 72-acre hold­ing at Cloghav­iller near Her­bert­stown, Co Limerick, which made €920,000 at auc­tion.

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