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Bids reach €1.75m for top quality holding
The last mention that we had of this farm near Bandon in Co Cork was on Christmas week, 2005.
By Rose Martin
Then, we reported that Brothersfort Farm, a renowned tillage enterprise and being sold by the Ferguson family, was bid up to €3.6m and was expected to come close to the guide of €4m — for 142 acres of land. That’s the equivalent of €28,169 per acre — a price that was quite common in the lead up to boom’s peak in 2006. Mike Brady of the Brady Group is giving a much saner figure this time round for the private treaty sale.
“It’s bid up to €1.75m already — we set the AMV at that and two days later had a bid of the full amount,” he says.
The property is being sold by a firm of solicitors and the identity of the vendor hasn’t been disclosed, but it’s believed to be a high profile, property developer from North Cork who has leased the land in the intervening years.
Now, with the crash and Nama, the coverall term ‘business plan’ land that was once part of developers’ portfolios is reaching the market as part of financial ‘re-adjustments’.
And in a sweet irony, those that made the money from land sold in the boom are among the front row of buyers — it’s one of the reasons why land prices, despite a pronounced slump for two years, were the first to recover. Farmer’s being efficient at seeing which way the wind is blowing and good at assessing the economic value, as opposed to the notional value of land, have waded into the market with gusto and we had a little boom over the last 18 months.
The big farms are now coming on stream, and while not all are developer-owned and Nama-sold, many are — those with money still in hand are finding rich pickings.
And this farm at Brinny, Bandon, Co Cork, is one of the finest, according to Mike Brady of the Brady Group.
“It’s a class holding — in my 25 years as an advisor, and I’ve walked land all over the country, this vein of land from Bandon to Upton is some of the finest.”
Deep soil, well drained and in a position that’s not too close to the sea to dry out, but not too far away to be cold, it’s great ground, he adds.
The Brothersfort farm, (translated from the Norse, Brudersfjord — the invaders made their way up the Bandon estuary to found a “longphort” here), is now on offer as a 137-acre, residential holding, with a modern house and self-contained apartment attached in the sale.
There’s also a range of old estate farm buildings, (part of the original house, which was razed) and the land is set with grain this year, says Brady.
Located between Bandon and Innishannon, in large divisions and one manageable block with road frontage on two sides, this impressive property also has frontage onto the Brinny River.
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