Worth waiting on €1.23m Euro sale
Two well-known Cork auctioneering circles were bidders, namely Maurice Cohalan and Dominic Daly, with a guest appearance by solicitor Micheal Purcell of Macroom. And the buyer is rumoured to be property developer and part-time horse-breeder, Denis O’Flynn.
The farm has a good quality, solid, two-storey house, 102 acres in one block, and a separate field of 13 acres.
The price of 1.23m exceeded expectations for what was described as “average” land by estate agent Micheal Hinchion of Sherry FitzGerald Hinchion, who handled the auction, which took almost two hours to complete.
Over 100 people filled the room in the Castle Hotel, Macroom, where the farm was auctioned in two lots, or in its entirety. The second lot of 13 acres was making up to 340,000 at one stage, with bidding coming strong from Dominic Daly, thought to represent the Regan family, who have quarrying interests nearby. He joined forces with Mr Purcell in bidding for the entire, and an unknown bidder took the farm over 1m but then withdrew, and the land was eventually knocked down to Maurice Cohalan of Cohalan Downing and Associates, who eventually bought it, in trust.
That this holding should make almost 11,000 per acre is highly unusual. The land needs improvement, although the wetter areas once grew grain, and would respond to drainage work. It is within 20 miles of Cork city, but it has no milk quota and no entitlements, although the new owners could apply to the National Reserve for entitlements, under the Fischler CAP Reform.
Development value is marginal. While it’s not Green Belt zoned, only a one-off house or cluster close to Coachford village would be allowed by Cork County Council. The farm is five miles east of Macroom.
