Farm bids approach €3.2m

A FARM at Callatrim, Bandon, Co Cork, which hit the market late last year, is now edging close to €3.2 million in bids, and has a minimum sale price set at €3.5m.

According to David Busteed of Sherry FitzGerald Brennan Busteed, there’s been a slew of interested parties for the property, most of whom are developers and speculators.

While the 49-acre farm is not even zoned, its position to the north of the town ensures its development potential - in the long or short term.

“Bidding has been mainly from developers and speculators looking for a land bank for the future and they would probably continue to lease the farm while these fields are turning into fields of gold,” said David Busteed.

The vendor expects to reach the guide price, he added.

The land is described as top quality and it includes a detached residence.

There is a huge demand for land in Bandon, the agent said, but in many cases where it’s zoned for development, farmers won’t sell. “There are plenty of developers who’d love to get their hands on zoned land in the town, especially considering its proximity to Cork. There is zoned land around, but farmers are not willing to sell, they belong to the old school.”

And despite the rise in values in land generally, there hasn’t been an increase in supply in Bandon, said Mr Busteed. It’s difficult to get good agricultural holdings as they come up for sale rarely, he said.

Farms in the area are generally well-run, profitable businesses that have been handed down for generations, and few are prepared to break that chain, Mr Busteed said.

The new development plan for Cork county is due for 2007, so there is ample time for lobbying on new zoning for land adjoining towns and villages.