Zoning makes all the difference as Tipp land fetches €5.5m
A 46-acre residential holding, in permanent pasture at Tullow Lane, Killusty, Fethard, in Co Tipperary made €900,000 under the auction hammer, John Stokes said after the successful sale, showing an average of €20,000 an acre paid by the buyer.
The residence was a three-bed bungalow, with 10 acres of marginal land, well located off a secondary road, which helped generate a strong price. It was bought by an estate agent, in trust, for a buyer understood to be a local businessman.
In contrast, though, seven acres of land zoned for housing near Clonmel, on the Cahir Road, made a high of €5.5 million, one of the strongest prices paid in recent years in Clonmel for development land, according to Mr Stokes.
It was located at Abbey Farm, on the edge of Clonmel and was sold for a farming family. It was bought by a builder from Wexford (who viewed by helicopter, before dropping in subsequently to pick it up at the auction). A Cork builder was among the underbidders.
In all, there were about seven interested bidders for the land, which made just short of €800,000 an acre.
It is located opposite the Poppyfields Retail Park and the Park Hotel, and is likely to be developed for up-market detached houses, priced around the €500,000 mark.
“It is about the only zoned land on the market in Clonmel at the moment, in a great location,” Mr Stokes said.
