Residential Adare farm sells for €530,000

The sale of a Co Limerick farm featured on these pages early in August registered a strong result at public auction last week, one that flies in the face of any talk of the Brexit effect dampening agricultural land prices.

Before the auction, expectations were pretty high.

The 34-acre residential holding was described by selling agent Tom Crosse of GVM auctioneers as being “top class land”.

The property located in the townland of Shanaclough (approximately 4km south of Adare) featured an impressive amount of road frontage and came with a price guide of between €500,000 and €550,000 (€14,700 to €16,000/acre).

Tom Crosse was the man in charge of proceedings at GVM’s city-based auction rooms last Friday.

Bidding opened at €250,000 and, with four active participants, the price quickly ran on to €460,000 (€13,500/acre).

A brief recess was called, then further bids were sought from the audience. Two nods later, the holding was formally placed “on the market” at €470,000 (€13,800).

In heated exchanges, the increments of €5,000 each came quickly, before the gavel fell (to rapturous applause from the large audience) on a sales figure of €530,000 (€15,500/acre).

This latest sale represents a “hat-trick of very successful sales in Adare,” said Tom, referring to the fact that he sold 43 acres at auction in Adare in July at €970,000, while 28 acres changed hands in March at €1,000,000.

“Maybe they are buying up car parks to have them ready on time for the Ryder Cup,” joked the auctioneer.

On a more serious note, he concluded that “good land is continuing to sell well despite all the so-called doom and gloom among the farming community.”

The Shanaclough holding contains a farmhouse and some ancillary sheds.

Being so close to Adare and Kilfinny village (2km), it was also of interest to the non-farming sector.

At the time of writing, it is not known who the purchaser is.