Costly land sales suggest conversion to residential
Last week, €2.3 million, or €28,750 per acre, was paid for an 80-acre farm at Ballinaclough, Fenor, in County Waterford, which sold without milk quota, and had miniscule entitlements.
The land was sold in two lots, and while the identity of the buyers wasn’t disclosed by selling agents Halley Grace, Tom Grace revealed that the land would remain in agricultural use.
The first lot included the farmhouse and yard and 68 acres: it opened at €700,000, and was quickly bid up to €1.7 million. The remaining 12 acres made €500,000.
The property has some good quality land and excellent road frontage. The high price paid could be put down to residential development money, says Tom Grace, as Waterford is in the throes of a strong development push.
