STRAIGHT out of a successful sale of 57 acres at Ballynoe, Midleton, Tom Kelly of CCM has just listed a 92-acre tillage farm at Lahard, Whitegate, Co Cork.
Close to Power Head, (and with stunning views over the mouth of the harbour), the property is in one block, says Kelly, and while it has a lot of cliff frontage, most of the land is tillable.
He says it is excellent free-draining east Cork soil.
Located near the village, the majority of the land is accessible, and has been rented for the last five or six years, according to Kelly.
It is laid out in six or seven fields, with 40 to 50 metres of road frontage available.
Access is via a shared laneway.
It’s a land only sale, the house and yard were sold off some five years ago.
The tillage ground has been rented since then.
Property agent Kelly seeks offers in the region of €10,000 per acre.
The Lahard farm is 5km from Whitegate, and close to Inch Strand.
The sale offers an interesting overview of the property market, because this Lahard farm adjoins a property in the Ballyshane townland which sold in 2008 for what was then regarded as very good value at €10,000 per acre.
The 141 acres sold for €1.4m, and three years on, that’s the same value level being sought by Tom Kelly of CCM.
Realistically, it means a level of affordability for forward-thinking farmers and the opportunity to buy more land at more sensible values. But, according to Kelly, that will depend on the banks.
Meanwhile, Tom Kelly says he is close to finalising the farm sale at Ballynoe, Mallow, in two lots. The 57-acre residential farm is near the finish line, with 50 acres agreed at €8,000 per acre, and the house, yard and seven acres agreed at €220,000.
At the time of the sale announcement, Kelly was looking for €10,000 per acre, but said he was focussed on selling. The sale of the bulk of the land for €8,000 per acre bears this out — and also bears out the level of valuation being imposed by banks.
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