Last orders for tillage farm
He started marketing the tillage farm just over a month ago, and has four interested parties with bids still at the €1.75m mark, but set to consolidate in the coming weeks.
There were repeat viewings, as well as visits to the 1970s four-bed residence in the middle of the superior farm this week, and having called for final offers, Mr Brady is taking a week or two’s holidays before coming back to the hustings.
Most, if not all, of the four parties to show their hand so far are cash buyers, who have got money put away from development land sales, and apart from the constant lure of the land for farmers, the fact that values have dropped by some 50% from boom era peak and are now holding up better than all other property asset classes, shows the value (and, of course, peace of mind) to be had in an Irish farm purchase.
This return to land appreciation, especially at a time of rising world population, is mirrored internationally: see p12 for further analysis.
Just as all politics is local, so too is the focus on this Brothersfort farm, which last sold back in 2005 for between €3.6m and €4m.
It’s been leased out since 2006, but has always had the reputation of being a top-class tillage farm (previous owners were the Ferguson family) and location is along the Brinny river, three miles from Bandon town and less than 20 from Cork city.
It’s probably too big to be bought as hobby farm, and isn’t really large enough for a strong dairy enterprise, but the richness of the land, and the single farm payment of €12,450 underpins its desirability in any case.
The vendor isn’t identified, and solicitors are PJ O’Driscoll & Co.
At the current bid of €1.75m, it equates to a price per acre of €12,750 — down from the heady days of €28,000 an acre.
