Farm sale beats stock market

A FAIRLY good turnout was recorded for the auction of a 40-acre farm at Ballybeg, New Two Pot House, near Mallow in Co Cork, last week. But the crowd didn’t matter when it came to the quality of bidders, of which there were three, according to Maurice Cohalan of Cohalan Downing and Associates.

Described as an excellent non-residential farm, the property was being offered in one lot, guide priced at €800,000 prior to auction.

On the day, it made a very rewarding €1.005 million.

“On the day when the Irish stock exchange lost €4 billion and pensions dropped by 6%, it goes to show that when it comes to land, the principle that they’re not making any more of it still works,” said Mr Cohalan.

The bidding for the farm opened at €650,000, and then rose to €930,000, until it was knocked down at €1.005 million — the equivalent of €25,000 per acre.

Laid out in two large fields, the holding comprises good quality arable land, situated within a short drive of Mallow town.

It has been used for tillage up until recently and it’s believed the buyer is a local farmer, although the property was bought in trust.