Crosshaven land set at bullish €20,000 an acre
And it ain’t cheap — the 50 acres of top class land on offer at Kilcolta, Crosshaven, Co Cork, are pitched at around the €1m mark — a cool, €20,000 per acre.
And according to Roy Dennehy, the demand for land in this renowned tillage zone is high — hence his bullish price guide. In fact, he says the banks are looking for farmers to lend money to, but most don’t want it — because they’re paying in cash!
Now, whether or not this is a return to the natural optimism and ebullience of farming auctioneers is debatable, but Dennehy’s confidence could be well-founded for a farm of such quality, in such a location.
The property looks straight out to sea and is only minutes from Crosshaven, on the Templebreedy road.
It has a headland to itself, he says, and is in a mixture of tillage and pasture, with some road frontage and two rights of way over adjoining properties, so access isn’t a problem, he adds.
Pricewise, however, it may be a bit on the high side.
“But sure look, come and talk to us,” is Dennehy’s response, adding: “It’s 50 superb acres at the mouth of Cork harbour.”
In fact, the surrounding land is zoned low-density and part of this farm, which isn’t currently offered, has a one-third of an acre site, with wide sea views, that could be included in the sale to complete a hobby farm package.
However, the quality of the land won’t go unnoticed and with cash buyers out there, if Dennehy is to be believed, then land of this quality, good arable ground, free-draining etc, won’t hang around.
The agent achieved a very healthy €700,000 total for approximately 48 acres on the Ringaskiddy road, part of which had been a golf driving range for some time.
The land which is south-facing and free-draining made €14,580 per acre, a not too shabby sum considering its roadside location on the busy, Ringaskiddy road.
Dennehy Auctioneers were also joint agents in the sale of Kilnagleary House, which is now complete and which netted another €700,000 sale for a house and 46 acres, although it was pitched at the higher level of €800,000.
The house and lands are located off the Crosshaven road, adjoining the Pepsi Cola plant and within minutes of the town. The buyer’s identity is not disclosed but it’s believed to be a local farmer who sold property in the height of the boom to O’Flynn Construction and who is now expanding his portfolio.
Joint agents on the deal were Irish and European who are equally tight-lipped about a large land sale they are currently negotiating on the Currabinny Road. Castlefarm, which has 165 acres of prime, south-facing land is being sold jointly with Savills and was floated with a guide of €2.7m, or €16,000 per acre, in three lots.
