Receivership sale makes €18,700 per acre at auction
The receivership sale was jointly handled by Tom Spillane of Tom Spillane & Co and JC Gubbins of O’Connor Murphy Gubbins, Limerick, and both agents were delighted with the result.
The 11.5 acres at Rathanane, Kilcummin, Killarney, was bid up strongly by a mixed group that included solicitors, accountants and private bidders, but the pace was set by three local bidders, one of whom, a farmer, was the eventual purchaser.
The land had previous planning permission for 30 units, but according to Tom Spillane, doesn’t yet have the infrastructure to match.
However, he points out that it’s fine grazing land, in a good location at just the right size to be affordable for local farmers. The hope value, he says, would be an additional sweetener on the deal, but primarily, the south-facing, quality grassland was the main draw, he says.
The high per-acre price may also recognise its medium to long term development potential, but can also be seen as a result of a shortage of such good quality agricultural land in the area. “It’s the land, and it’s Kerry,” the agent concluded.
The property opened at €90,000, and rose in bids of €5,000, until the sale price of €215,000 was reached. The land realised an average per-acre price of €18,695.
nAnother successful sale was notched up earlier this month, when a 29-acre property at Curragh More, Mitchelstown, was sold at auction by John Paul Sheehan of Lisney. Eight miles from the town, and close to Ballyporeen, the holding was described as level, and of very good quality. There was no residence or outbuildings included, and the property met the reserve of €200,000 set by the agent.
nMeanwhile, there’s no further update on the sale of a 75-acre property at Meelcon, Tarbert, Co Kerry, which was withdrawn from auction earlier this month.
The property, which had a reserve of €950,000 set before auction, was bid to €700,000, and is now being sold by private treaty through agent Pat Kelly of P&A Kelly Auctioneers.
The residential farm comes with a modern five-bed bungalow, described as being in excellent condition, and he says the property is well laid out, easy to manage, with excellent road frontage.
The property had been a dairy farm up until five years ago, and would be ideal for grazing, says Kelly, who adds that it may be sold in lots.
