Farm land at €26k per acre

THE crowd was so big for the auction of a 99-acre farm last Thursday that it was moved to the hotel venue’s ballroom. According to Dan Fleming of Fleming Auctioneers, there were well over 100 at the Vienna Woods Hotel for the sale of the farm at Ballinvriskig, White’s Cross, Cork

“There were bids from several different people, from individuals, auctioneers, solicitors and farmers, a wide amount of people were present on the day.”

The sale was a hard one to call, Fleming said at the time of its launch on the market, because it comprised a number of elements. There was the house and three acres, development land of 14 acres, and the remaining 82 acres of quality farmland in a location where sales are rare.

It was an executor’s sale, and with the property market in a state of flux, the agent was hard put to fix a guide price, particularly on the development portion. This, he suggested, would have been suitable as serviced sites, because the self-build sector is seen as the driving end of the residential property market at the moment.

At the auction, the farm was offered in lots initially, and then in the entire, with bidding starting low and slow, according to the agent.

“It was tough going, the farm was put up in lots first, the house, the development land and the remainder of the land, and then, all the land.”

The house and three acres made €450,000 in bidding, and the 14 acres were making €500,000 to €600,000 in initial bidding.

The development land started as low at €150,000 for the entire, said Dan Fleming, and was then bid up to €900,000 with a bit of ‘dragging and going’.

The entire property made €2.06 million and following the executor’s decision, it was put on the market in lots. The house was sold at €450,000 to a solicitor acting in trust, and the development land was bid up to €1.02m when it was sold to auctioneer Pat Burton.

The balance of the land was withdrawn at €820,000, and according to Mr Fleming, was up to €1 million in bids by last Friday — and he’s still negotiating. In total, the farm realised €2.65 million, the equivalent of €26,000 per acre, including the house and development land — a heartening result.

“The crowed were expecting one thing, value for money and it was a strong cross-section who were actively looking for property, in particular, good farming property,” said Fleming.