Limerick farm fetches €17,000/acre at auction
Marked aerial photo of the Ballyshane farm sold at auction.
Limerick-based auctioneers GVM Property had another successful auction last week with a 30-acre property at Ballyshane, Newcastlewest, Co Limerick.
This is a part of the Golden Vale that has been much coveted over the last number of years, and the size of this holding meant that there was always likely to be a wide range of potential suitors.
The auction was a ‘hybrid’ type, with bids coming live from the floor, as well as from online bidders.
The property was described by auctioneer Tom Crosse as a compact parcel of land of medium quality located near the village of Monagea and on the road linking Monagea and Newcastle West. Significantly, the property included a derelict house — an element that draws a lot of attention these days with such a severe shortage of housing.
“Part of the land requires drainage,” Mr Crosse added, “And there’s good road frontage.”
In all, there were eight bidders lining up on the day. Three of them were pre-registered online bidders, with five more bidders going the traditional route of being present on the floor.
The bidding opened at €350,000 and after a number of bids, the farm was placed on the market at €475,000 (€16,000/acre). Bidding continued until the gavel fell at €510,000 (€17,000/acre) to a buyer believed to be a local farmer.
Commenting immediately after the auction, Tom said that the price “reflects the continuing and excellent demand for land".
Unsurprisingly, the bidders on the day were a mixture of farmers and business people.
