Applebe farm sells for almost €2m
The 176-acre Applebe family farm, which hosted point-to-point races for years, finally went to auction after a long lead-in — a strategy to allow prospective purchasers time to get financing before the auction date.
With farms of this size — and with the prospect of big money — the number of real bidders was supposed to be few, but 20 were in the fray at one stage, said Eamonn O’Brien, of GVM, who, along with colleague Tom Kelly from the Midleton office, handled the sale.
A crowd of 100 people was present at Corrin Mart to witness the landmark, €1.975m sale — above its prior-to-auction asking price of €9,000 per acre, or €1.58m. The final price, a shave under €2m, represents the buoyant land values at present and the continued demand for more land.
Eamonn O’Brien said there was a large and enthusiastic turnout.
“We had a full house at Corrin and we opened at €1.25m and we had no problem with that, because it’s not where you start, but where you finish, that matters,” he said.
“The cream of Munster was there, bidding for this property, and we had 20 bidders climbing in 50s — from €1.25m to €1.3m, until we had €1.75m in the bag. Such was the interest that we had eight different bidders.
“It went on the market at €1.75m and went as far as €1.9m and, after that, the bids went up in 25,000s and we had three more bids and then finished it out at €1.975 — €375,000 over the guide price.”
The modest €9,000 per acre asking price reflected the investment that will be needed to work the farm, O’Brien said at its launch, but its value was not lost on local farmers, one of whom, Patrick Murphy, snatched the prize on the day. The sale price was €11,220 per acre — not a record, by any means, but for the quantity of land and the economies of scale involved, it was a very strong price.
The purchaser is also said to have agreed to purchase a dairy farm near Carrigtwohill quite recently, but that fell through.
It’s also said that the acquisition of the Dawstown land, which neighbours his family holding, was funded by the sale of other lands, in south Cork, some years ago. His own, 50-acre-plus farm was on the market quietly this year, with Irish and European, and included a superb residence.
On foot of this purchase, perhaps it may come back on the market again?
A highly-regarded dairy farm, Mr Murphy was congratulated by the vendors on the day. The Applebe family also laid on food and refreshements at the mart for family, friends and neighbours, who came to support them through the auction. So it’s a tale of all’s well that ends well, after a good day of theatre in the Corrin mart.
