Brace of Limerick farms sell for €13k and €14k/acre

Aerial view of the farm near Askeaton sold recently at auction.

GVM Auctioneers in Limerick conducted two very successful sales at their auction rooms in the centre of Limerick City last Thursday, the 7th of September.

The first was a modest-sized 30-acre farm and the second was a larger holding of 74 acres, which was last featured on these pages in the edition of the 27th of July last.

First under the gavel with auctioneer Tom Crosse was the farm at Ballinaguile, Croagh. Bidding on the 30-acre property opened at €250,000. Bids kept coming at regular increments until the value reached €385,000, at which point Tom Crosse declared it on the market. 

There followed another round of six bids until the gavel fell on a price of €420,000. At a value per acre of €14,000, it was a very strong price and Tom Crosse expressed satisfaction afterwards at the price obtained, pointing out that the land was accessed via a long right of way. The successful buyer was reported to be a local dairy farmer.

Immediately afterwards, it was the turn of the 74-acre farm at Liffane, Askeaton. This was offered in two lots. Following a number of bids and options, the property was withdrawn, having achieved a value of €880,000 on the floor. 

At just under €12,000/acre, it was short of the pre-auction expectation of €15,000/acre. However, a deal was concluded immediately afterwards for a figure believed to be in the region of €1,000,000. It represents €13,250/acre and the buyer is believed to have been a local beef farmer.