An auction of three parcels of land totalling 148 acres in and around Cuffesgrange, Co Kilkenny last Friday produced an astonishing result.
The public sale of the lands (featured on this page on August 31) took place at the Club House Hotel in Kilkenny City, was carried out jointly by Cork-based auctioneer Anthony O’Regan of Keane Mahony Smith and Kilkenny-based agent Godfrey T Greene.
The auction was packed, with approximately 50 people, according to Anthony.
The land was divided into three. Lot 1 was the most attractive and comprised 53 acres of pasture with a single-storey residence in need of total refurbishment, and a collection of outbuildings.
Located in the townland of Church Hill, it had direct access to the main road.
The price expectation had been rather modestly set at around €10,000/acre.
Bidding on this first lot began promisingly at €500,000. A further 43 bids were to follow until the hammer came down on an extraordinary price of €1,000,000.
This puts the value of that block of land at almost €19,000/acre.
Lot 2 was a 52-acre non-residential plot in the townland of Coolapoge.
Once again, expectations had been modest, with 20 acres of the land in need of attention. Here again, however, there was strong interest, and the hammer came down on a price of €440,000, or €8,500/acre.
Lot 3 would have been considered the least attractive of the parcels up for sale on the day, with a stated price expectation beforehand of about €6,000/acre.
The 43-acre non-residential holding in the townland of Toberbreedia had a laneway access. After some brisk bidding, the hammer fell on a sale price of €400,000.
At €9,300/acre, it was a very strong result.
Overall, says Anthony, the auction “surpassed all expectations”, with a total of €1,840,000, and an average per-acre price of €12,400. All the buyers were local farmers who were bidding on their own behalf.