40-acre non-residential farm in Clonmel made €740,000

In spite of caution in the farmland market, a public auction of a 40-acre non-residential farm near Clonmel in South Tipperary last week bucked the trend. The property in Ballyvaughan (3km from Clonmel) was equally divided between tillage and grass, containing two fields of 20 acres each.

According to selling agent Pat Quirke of Clonmel-based PF Quirke & Company, the good quality property was offered in three lots — the tillage field first, the grass field second, and then the entire holding.

The offer of the individual lots drew no bids from the attendance, but bidding on the entire holding opened at €400,000 (€10,000/acre). The bidding continued, with breaks for discussions with the vendors, and when the bidding reached €550,000 (€13,750/acre), the farm was declared “on the market”.

After a total of 61 bids, the price reached an extraordinary €740,000. At €18,500 per acre, it is one of the highlight sales of the year. According to Pat Quirke, the purchaser and under-bidders were all local landowners.

Mr Quirke said: “While the land market nationwide seems to be stalling somewhat, for the right parcel of land in the right location, there are always a number of buyers which will ensure a good price.”