Brace of South Tipperary auctions sees farm achieve almost €38k/acre
Some of the lands on the 64-acre farm sold at auction in Clonmel for almost €38k/acre
PF Quirke & Co. Auctioneers had a successful pair of public auctions last week at their offices in Clonmel, South Tipperary.
On Tuesday, March 26, they had two substantial farms up for sale. Both were sold on the day, making a total of 124 acres of South Tipperary land.
The first property under the hammer was a 64-acre holding at Parkville, Clonmel. The property was guiding at €12,000 per acre and was of excellent quality.
Although purely for agricultural use, the lands have extensive road frontage, are adjacent to zoned lands and are close to a sub-station, with Clonmel less than 1km away.
“While they’re currently zoned for agricultural use, they may have some future development potential,” said selling agent Pat Quirke in advance of the auction.
In this executor sale, the property had been let to the same tenant for 47 years.
Bidding at the Gladstone Street auction rooms began at €1,000,000 (€15,600/acre) and went to €1,400,000 (€22,000/acre) with the help of three active bidders. At that point, the property was put on the market and more bidders became involved.
Forty-seven bids later, the hammer fell at a figure of €2,425,000 (€37,900/acre). The buyer was “a local business with equine interests”, while the underbidder was a “neighbour with business interests”.
“This exceptional price underlines the value of certain pockets of land in Tipperary, particularly when there are special circumstances leading to competition,” commented Pat afterwards.
The second auction didn’t produce quite as much fireworks but it was another significant sale nonetheless.
The 60-acre farm at Corbally, Dragan was another executor sale and included a residence requiring renovation and 36 acres of forestry.
Bidding reached €520,000 before the property was withdrawn from auction. A deal was struck immediately afterwards with the highest bidder for a higher undisclosed price.
Commenting afterwards, Pat Quirke said that while the figure of under €10,000/acre might appear low on paper, the young forestry and the condition of the residence were compromising factors.
