€555,000 for 28 acres
Making a shave under €20,000 per acre, the land at Rockfield drew a strong crowd to auction and there were five bidders on the day.
The property opened at €250,000, and was quickly bid up to €430,000, at which stage it was put on the market. A flurry of bids later, and the property was knocked down to a local business woman for €555,000. The purchaser has existing equestrian interests, said the agent.
It’s been a good year for GVM, with more than €18.5 million in sales, and 1,460 acres sold through the Limerick office, according to Property Director, Tom Crosse.
The average price per acre for the Limerick area was €12,600, he says, and demand was strong, with many business people entering the market. They see land as a good investment, he says.
Deep developer pockets and road money contributed to high prices and stiff competition, making it very hard for long-standing farmers to compete in the market. The highlight of GVM’s property year was the sale of a 278-acre holding at Ballynacree, Emly to bloodstock enthusiast and tycoon, J P McManus.
