51-acre Cork farm fetches €23,000/acre in lively auction

The farm was presented in its two lots (separated by roughly 500m) of 27 acres and 24 acres

The 51-acre farm at Ballinagrath sold at auction.

There was a very successful auction last week of a 51-acre farm at Ballinagrath, Ballyhea, close to Charleville and Buttevant (8km), 1km west of the main Cork-Limerick road.

The property was featured here on January 20, and the auction took place at the Charleville Park Hotel on Thursday, February 26. The man wielding the gavel on the day was Michael Barry of Fermoy-based Dick Barry & Son.

The farm was presented in its two lots (separated by roughly 500m) of 27 acres (Lot 1) and 24 acres (Lot 2). It was a package to tempt a variety of potential purchasers and Lot 1 included a three-bedroom single-storey farmhouse and farmyard.

“The auction was well attended,” says Michael, “and there were plenty of interested parties on the day.”

When Lot 1 was presented, bidding began at €500,000 (€18,500/acre) and finished at €740,000 (€27,400/acre). With the inclusion of the house (which is habitable but in need of modernisation), it was always likely to fetch a stronger price.

Lot 2 saw bidding start at €250,000 (€10,400/acre) and went as far as €350,000 (€14,600/acre).

However, when the whole farm was then offered, the combined offers on the separate lots (€1,090,000) was ultimately trumped, with the hammer falling on a figure of €1.16m.

“This was an attractive residential holding, and there was strong interest,” said Michael afterwards. “There were three active bidders for the entire holding, and the selling price of €1.16m equals €23,000 per acre.”