Glentrasna sells for disappointing €5,000 per acre
With the cut-off date for dairy entitlements for the relative years marked at May of next year, there could be some surprises in the spring market, but at the moment, the urge to sell is as low as the winter sunlight.
And the auction house sales have thrown up some surprises - in Clare, a 90-acre farm made a record €11,000 per acre while in County Cork, an area which has some of the highest prices in the country, a farm at Glentrasna, Ballynoe, achieved a low price of around €5,000 per acre.
This 120-acre residential holding threw up one of the most surprising results of the autumn sales and according to a local source who attended the auction, it never quite got off the mark. Local farmers made desultory bids and the land had only reached a sum just above €3,000 per acre when it was withdrawn.
Despite being in a state of neglect, the land is basically very good quality, the source continued, and the consensus is that is was sold for well below its real value. Good husbandry and attention could see the farm turned round, with the possibility of it being one of the most productive in the area.
The Queen Anne house, which was the residence for the farm, at Glentrasna, Ballynoe, was once part of the Duke of Devonshire’s estate and was in very poor condition. The four-bedroomed property carried a guide price of €400,000, but sold at auction for €278,000 and was purchased by a relative of the beneficiaries of this executor sale. The house will require ‘bucket loads of money’, says selling agent, John Gaffney of GVM who believes the new owners will restore the very attractive house.
The main bulk of the farm, some 106 acres was offered in lots of 47 acres; 32 acres and 27 acres and had been given a rough guide of 10,000 per acre prior to auction.
On the day bidding was sluggish with lot two making €172,000; lot three making €100,000 and lot four bid to €107,000 at which stage all three lots were withdrawn and sold immediately afterwards, said Mr Gaffney.
He described himself as very pleased with the overall result and as were the executors of the sale.
David Keane of CCM Midleton was acting for the purchasers, who are believed to be Glanbia.
