Record €5.8m for 101-acre farm in Cork auction
Whatever happens for the remainder of the year, it will be very difficult to top the record price achieved at the public auction of a 101-acre residential farm at the Rochestown Park Hotel in Cork last Thursday.
The property in the townland of Monees on the edge of Cork City was featured in these pages in the edition of April 19 last, and was expected to set a strong marker.
It is an exceptional property in terms of quality, size, rarity and proximity to the southern capital. There are a two-storey farmhouse and extensive outbuildings on the property, but the real gold with regard to this farm is the land itself.
“In any case, the farmyard itself is not so much the big appeal, as the location of such a sizeable farm holding,” said auctioneer Michael Barry of Dick Barry & Son, Fermoy.
There is plenty of roadside access to the property, most notably from the main Douglas-Carrigaline road (N29) running along the southwestern side, with the main laneway entrance to the farmhouse and yard leading from the L6477 (an alternative road that passes the Maryborough Hotel) that forms most of the north-eastern boundary.
Rather typical of the area, the land is of very good quality. “The quality of the land is absolutely top class,” said Michael before the auction.
It would be suitable for any sort of agricultural enterprise, grazing, tillage, equestrian, it’s all top-quality land.
The agent also stated before the auction that he was expecting a price “well north of what one would consider a high agricultural value”.
“Outside of it being a very good agricultural farm, the location of it pushes it into a different league. When you’re going to auction, you just don’t know. It’s an exceptional property, so we’re very much looking forward to the auction.”
A number of precedents had been set by somewhat similar farms that had exceeded the €20,000/acre mark, so the stated expectation that this auction would have a similar outcome was reasonable.
Nobody, however, could have foreseen just what a strong market marker this sale was going to provide.
The farm is located within the new Cork City boundary. That may give it some “hope value”, but this is un-zoned land, and therefore of purely agricultural value.
According to Michael, things had started out in a cagey manner: “There was a very big crowd there, between interested parties and onlookers.
“After a very sluggish start and a single bid of €2m (€19,800/acre), the bidding took off quickly from that point. The process then developed into a protracted battle between two solicitors, who made 30 bids between them.
"There were probably other interested parties there, but they didn’t get a look-in once that process kicked in, and the bids started coming in €100,000 increments. We adjourned once it reached €5m, and it was then put on the market.”
The bidding between the two representatives then continued until the price reached €5.5m. Thereafter, the bids came in smaller increments of €50,000. Then, according to Michael, “Galway based solicitor Joan O’Brien outlasted our Cork colleagues Éamonn Muldoon of O’Flynn Exhams and partners to secure the farm for €5,800,000.”
The identity of the winning bidder was unknown. The under-bidder, represented by solicitor Éamonn Muldoon, is believed to be from a well-known Cork business and building family.
The final price of about €57,400 per acre dwarfs anything else achieved in Munster so far this year or, indeed, for a very long time.
Commenting on the exceptional result, Michael Barry was pleased and said that “the cream always comes to the top… The sale will give a favourable slant to agricultural land in Cork, however this farm could have long-term development potential.”
