121-acre farm near Buttevant fetches over €21k/acre at auction
The farm – located in the townland of Ballyellis, approximately 3.5km from Buttevant and 16km from auction venue in Charleville – had generated strong interest since it was first launched on the market.
Last featured on these pages in the edition of October 13 last, a 121-acre farm in North Cork went under the hammer last week, laying down an extraordinary price marker.
If the expectant crowd of 130 people at the Charleville Park Hotel at 3pm on Wednesday, November 23, were hoping for a headline price, they weren’t disappointed.
The farm – located in the townland of Ballyellis, approximately 3.5km from Buttevant and 16km from auction venue in Charleville – had generated strong interest since it was first launched on the market, according to the selling agent Michael Barry of Fermoy-based auctioneers Dick Barry & Son.
The holding included a farmhouse and collection of outbuildings and featured top-class land and almost 2km of road frontage.
“It’s an exceptional farm,” said Michael before the auction. “It’s very hard to find the likes of it anywhere else... It’s a once-in-a-lifetime opportunity to buy an exceptional 121-acre residential holding, made up of sound and level land and with good depth, with a 4-bedroom house and yard with farm buildings including two 4-column hay barns with double lean-to, gathering pen, cattle crush, machinery shed, and slurry facilities.”
Michael invited an opening bid of €1.5 million, to which there was no initial response. On his second time of asking for an opening bid of €1.4 million, the bidding got underway.
Beginning slowly, the bidding quickly rose to €2 million with strong and fast bids arriving in increments of €50,000. There were five active bidders involved at this stage of the auction.
At the €2 million bidding mark, two of the original five bidders appeared to be heading for a duel to the finish, with somewhat slower bids in smaller increments of €10,000 and €20,000. The two active bidders continued up to €2.27 million.
At this point, Michael Barry adjourned the auction for five minutes. Upon his return, the attendees were informed that the property was now on the market.
The two bidders from before the adjournment continued their head-to-head in increments of €5,000 and €10,000. Suddenly, a new party entered the bidding at €2.48 million, and within five minutes, the hammer dropped at €2,550,000. At over €21,000/acre, it was largely above the pre-auction guide of €12,000/acre.
"We are delighted with the result,” said Michael, “which further proves demand is strong for large-scale commercial farming enterprises. The auction topped off a strong year of farm and land sales, both by auction and private treaty, with a trend towards consolidation from existing agricultural enterprises, strong milk prices and a secure asset influencing the market".
The property was bought in trust by a County Clare-based solicitor.
