A highly successful public auction was held on Wednesday, last week, in South Tipperary, with the final result laying down a very strong farm property market marker.
The property in question was featured on these pages on August 31 last.
The 130-acre farm near the village of Golden was described by selling agent Alison De Vere Hunt as “the best farm to come to market this year in Tipperary.”
The auction took place at Cashel Mart’s auction rooms. According to Alison, the property drew a large crowd.
“This was no surprise,” she says, “as this is a piece of land that stands out on its own for its quality and location.”
There was no dwelling house with the lands, although it does feature a large old shed in the centre of the holding. It’s in a strong location agriculturally, about 6km from Cashel, on the outskirts of Golden and located on two public roads.
The property was listed in two lots, with the bulk of the land (about 119 acres) comprising Lot 1 and the remaining 10 acres or so making a second lot physically separate from the first. Lot 2 comes with entitlements worth approximately €1,000/year.
“We offered the 118.97 acres first and bidding started at €1.2m,” says Alison. “We went on the market at €1.6m.
“Bids increasing in increments of €50,000 were taken until we got to €1.75m. After this, bids came in smaller increments.”
At €1,750,000, this was already above expectations, and proving to be a very strong price at some €14,700/acre, an extraordinary figure for such a large holding of over 100 acres.
The bidding didn’t end there, however, and those smaller increments worked their way up to a final offer of €2,100,000, or just shy of €17,650 per acre.
The purchaser was a local farmer acting through a solicitor, Alison says.
While it’s not uncommon for smaller parcels of land to achieve such high per-acre prices over the course of a year, the large holdings such as this one very rarely reach such heights.
Before the auction, the stated price expectation was just €12,500/acre.
The second lot of 10 acres also sold well, even though it never quite got to the level of the main portion of land.
It’s an arable field currently growing potatoes. Bidding began brightly at €100,000, and ended up at a very respectable €132,000 (€13,200/acre).
“This was also a great piece of land,” says Alison and, under normal circumstances, this price would be newsworthy of its own accord.
Overall, therefore, the day’s activity at the Cashel Mart auction rooms saw a 129-acre non-residential farm sell for a total of €2,232,000, giving an overall price per acre of €17,300. The Golden Vale sale certainly lived up to its name and it will be difficult to eclipse this price for such a large farm holding.