Kilkenny farm makes €3.1 million at auction
The house and outbuildings of the 235-acre farm that sold for €3.1 million at auction.
Last featured on these pages in the edition of August 18, one of the largest farms parcels of land sold in Ireland so far this year was purchased at a public auction in Castlecomer, County Kilkenny last Friday, the 21st of October. It was also the largest sold in Kilkenny in almost 30 years, according to the man with the gavel on the day – Castlecomer-based auctioneer Joseph Cogan.
The farm in question is 2km from Thomastown in the townland of Columbcille and it had been generating a good deal of interest in the months running up to the auction date.
“The reaction so far has been very good,” said Joseph shortly after the farm went on the market. “It’s because of a mixture of the quality and the quantity involved in this holding. That size of farm doesn’t come up often.”
The property came with a house and farm buildings and was offered in lots of 211.5 acres and 23.5 acres, following a natural division by the public road. The majority is in grass, with just over 30 acres under a mixed plantation.
With a price expectation of between €10,000 and €15,000/acre (approximately €2.9 million), this was a farm that would set down a marker one way or another.
“It was a tricky enough auction,” said Joseph after the event. “The two lots and the overall were neck and neck for a while and bids were coming up relatively slowly in increments of €10,000 and €20,000.”
It was after a dairy farmer got involved in the bidding that the price for the overall holding began to increase significantly, putting daylight between that lot and the combined value of the separate lots, Joseph explained.
Given the farm’s size, layout and quality, it made for a particularly attractive option for someone involved in dairying.
“The bidding went up to €2,600,000 for the overall farm,” says Joseph. “At that point, we could discount the bidding on the two smaller lots (which were €380,000 less) and after a long consultation in the room, we decided to go on the market.”
From this point, there were two keen bidders left standing and within a few minutes, the auctioneer said, the price had jumped up to €3,100,000 – the final selling price.
“I was delighted,” says Joseph. “When it was at around €2.2 million, I was getting concerned and wondering if this farm would sell on the day. But all of a sudden, it took off.”
He saw the result as an indicator of the strong demand for land that appears to be continuing unabated.
“I can see land going very well,” he said. “I can see leasing going well going forward, because farmers have to get land... it’s as simple as that.”
The purchaser was a “substantial dairy farmer” from Dunamaggin, while the underbidder was another substantial dairy farmer from Callan.
