€15,000 per acre guide price ahead of 95-acre farm auction

€15,000 per acre guide price ahead of 95-acre farm auction
The 95-acre farm at Bridgeland, Rathcormac, Co Cork, due for public auction on August 16.

Fresh from a highly successful public auction at the Vienna Woods Hotel in Glanmire on May 29, Michael Barry of Fermoy-based auctioneers Dick Barry & Son is to present an even more exciting prospect to the market on August 16 next — this time at the Grand Hotel in the centre of Fermoy.

The Vienna Woods auction involved the sale of an 80-acre residential farm at Coneybeg, Watergrasshill, near Cork city.

The property was featured on these pages in the edition of May 7, and it had a guide price of €12,000 per acre.

The land was very good quality with the exception of about ten acres and the house was a four-bedroom bungalow in need of refurbishment.

There was a large attendance at the auction and the bidding was slow to start.

Eventually, the first bid came in at €700,000.

Four bidders were soon involved and bids followed in increments of €5,000 until the price reached €1,080,000 (€13,500/acre).

After a brief recess, the farm was declared “on the market”, and the four bidders were reduced to three — a local farmer, a solicitor and the eventual purchaser.

The three continued to battle it out until the hammer fell at the price of €1,205,000 (€15,069/acre).

According to Michael, the purchaser is believed to be well-known local businessman Tim Crowley, who owns a large steel fabrication business in the area.

Michael said he was very pleased with the result, adding that the excellent location of the farm played a big part in achieving such a strong price.

This next auction should see even more spectacular fireworks, as the location, size and quality of this property are even better.

The property is a 95-acre non-residential farm with superb road frontage in the townland of Bridgeland on the outskirts of Rathcormac village, being sold jointly by Dick Barry & Co and Richard Ryan of the Kilmallock branch of GVM Auctioneers.

“To say that this is an exceptional farm would be an understatement,” says Michael of the land, which is on the Cork side of Rathcormac village, with a long stretch of road frontage onto the R639 (formerly the main Cork-Dublin N8 road, before the construction of the M8).

Cork city is a ten-minute drive away via the M8.

While the land is adjacent to the village and all of its amenities, it is not currently zoned for any other use other than agriculture.

For a property which is so close to residential development, one cannot rule out the possibility of future zoning, which gives the farm an additional edge in terms of value.

“It’s on the left hand side as you come from Cork.

“It runs from Dr Barry’s Bridge [over the River Bride] all the way up to the village.

“Then, if you turn left at the village, up the Glenville Road, there’s more extensive road frontage on that road too.

“It’s right on the development boundary, and the services are there, so it’s a place that could have future development potential.”

The farm has mains water and electricity, and the range of outbuildings includes a newly-built five-column slatted house with cattle crush, three-column hay barn with lean-to, and a feed shed. There’s a nice yard too.

“The farm is very well laid out and well fenced. There’s a road through it. There are two gates onto the N8, and gates onto the Rathcormac-Glenville road. It’s bounded on the lower, southern side by the River Bride.

“As regards quality, this farm is out of the top drawer.”

The price guide is €15,000 per acre but given how the last farm auction went, one wouldn’t be out of place in suggesting that this farm will go considerably higher.

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