Near the village of New Inn in South Tipperary, a 104-acre residential holding is new to the market with Cashel Marts, and one to watch over the coming weeks and months.
With another quality parcel of land in south Tipperary having achieved close to €20,000 per acre at public auction only last week, this latest offering from Cashel Marts will surely attract a good deal of serious interest.
“It’s all in tillage,” says selling agent Alison De Vere Hunt. “Just a couple of weeks ago, a cut of corn was taken off it, and there’s some of it in rape as well.”
The property doesn’t only contain some superb land, it also has a high quality, five-bedroom residence on it, says Alison.
“It’s a really fine five-bedroom house that was completely refurbished in 2005. Along with that, there are two one-bedroom apartments. There are also a couple of stables, some outdoor sheds, a tack room, outdoor toilets, washing facilities, and a shower.
The farm enjoys excellent access, given its proximity to the Dublin-Cork motorway (the nearest M8 junction is 8km away), and other main routes that traverse through this part of the country. Overall, there is an estimated 1km of frontage to two public roads.
“There are four access points to the property,” says Alison, “one for the residence, one for the yard, and say, two more for the land.”
Despite the multiple access points, there are no plans to split this holding into lots; the next owner will be purchasing a large, high-quality residential farm. “The objective is to sell it all as one unit,” the agent confirms.
In addition to the excellent external access, the farm is well served by an internal roadway system that allows ease of access to all parts of it.
The property has only just come on the market, so it’s difficult to gauge what kind of reaction it’s going to get, just yet. Even at this early point, however, the selling agents have begun to field some enquiries, which points towards a busy few weeks ahead.
The location is perfect in terms of demand. It’s right in the heart of the Golden Vale, a “sweet zone” where a number of strong sales have been logged over the last year or so.
“It’s midway between Cashel and Cahir,” says Alison, “so we’d be in the heart of the Golden Vale.”
There are no entitlements going with the property, but in the current market, and given the high level of quality of this particular holding, it’s a moot point. As for the price, there is quite a lot to consider. The land is the main attraction, without doubt. There is also the quality residence, and outbuildings.
One would have to be realistic in attributing a strong value to these, but whether or not the market will respond in kind is another question.
“For the entire holding, including the residence,” reveals Alison, “we’re guiding in the region of €1.8 million.”
If one was to allow approximately €450,000 for the home, this would imply an expectation in the region of €13,000 per acre. It’s a strong price, but one might well expect a little more, particularly in light of last week’s public auction success at Clonmel.
However, the market is currently a little more unpredictable than normal. The show goes on, but there are a number of elements to temper growth out there. This large holding will be a very important barometer of market sentiment.