€22,000 an acre for unzoned field
The result was down to strong competitive bidding said auctioneer Henry O’Leary, and the buyer was local businessman, Denis O’Leary of CJ O’Leary Millers Ltd.
The single, level field, which is bounded by the Lee, (its source is further upriver at Gougane Barra), has no zoning even if it’s on the edge of the village, but may have long term development prospects for the buyer.
The purchaser went head-to-head with another West Cork investor for the site, but the initial bidding was amongst seven parties.
The auction started at €90,000, (bearing in mind that the guide was a respectable, €120,000) and was soon bid up to €150,000. The agent then put the property on the market and two bidders emerged to take the property up to €205,000 when it was knocked down to Denis O’Leary.
And the reason for the strong per acre price?
“It’s a nice piece of ground at the edge of a village and a good long-term investment,” says O’Leary. “Land is climbing back slowly and it’s seen as a sensible investment.”
That said, he was surprised by the response at auction:
“The vendors are pleased and the price per acre is a strong as they could have hoped for — it was a public auction and a fair indication of the value of the property.”
This spike is not only an indication of agri values — it’s a sign of the present financial uncertainty —people are putting money into the ground beneath their feet.
