Well located, much interest but few real bidders
A south Cork farm, close to Kinsale, in the highly desirable location of Sandycove, generated much interest, but few real bidders.
However, it did sell, for just over the guide price of €1.5, but it would have sold for twice that 12 months ago, said selling agent John Twomey of Twomey Crowley, Bandon.
There’s still strong money in land, he says, but added that farmers ‘in the strict sense of the word’ were absent from the bidding last week.
There is no potential for a large-scale building development scheme as the Sandycove area is highly restricted.
The 52-acre farm was part of the estate of the late Michael Hourihan, a well-known builder in the Kinsale area who developed a scheme of million euro houses close to this land.
Twomey Crowley decided to go straight to auction with the land, and there was a very large turnout last Wednesday. The farm was initially offered in lots: the first a two acre site and the second the remaining 52 acres.
The two acres was bid to €300,000 and the 50 acres to €1.1m, at which stage Mr Twomey offered the entire farm, but there was no further bidding and the land was withdrawn. A number of contracts had gone out prior to the auction, so he expected some lively bidding.
Negotiations after the auction proved successful, and the land was sold in two lots for in excess of the guide price. High and dry and laid out in pasture, this working farm was good quality arable land, but it wasn’t purchased by a farmer per se, said the agent, who didn’t disclose the identity of the buyers.
It is paddocked, with water laid on, and the sale includes a modern farmyard.
