112a Golden Vale farm sells at auction for €19,300/acre

Marked aerial photo of the 112-acre farm sold at auction, Drombanna, Co. Limerick.

Last featured on these pages in the edition of the 13th of August last, a 112-acre farm in Limerick fetched a superb price last week, when sold at auction by GVM Auctioneers.

The sale took place at the Kilmurry Lodge Hotel on Wednesday, 9th of September, with a simultaneous online auction via the LSL platform.

The large holding was described beforehand by auctioneer Tom Crosse as “truly top class”. Located at Drombanna, 7km south of Limerick City, its proximity to the city, long road frontage and potential commercial hope value made it a strong prospect in an expectant market.

With an excellent level of road frontage, the farm lent itself to being offered in lots. Split into 3, the 4th lot was the entire holding. As it turned out, the appetite for the individual lots was stronger than that for the entire. After various rounds of bidding on the day (and with the entire outbidding the lots on three occasions), the farm was eventually sold in three lots.

Lot 1 consists of 47 acres of land, including a farmhouse (in good condition but in need of refurbishment) and out-offices. It fetched €1,000,000 (€21,300/acre); Lot 2 contains 47 acres, split by the Commons Road, which connects to the Old Ballysimon Road (R512). It sold for €770,000 (€16,400/acre); Lot 3 contains 18 acres and fetched €390,000 (€21,700/acre).

“This is a continuation of a hugely successful run of land auctions,” said Tom afterwards. “The overall sale price of €2,160,000 represented approximately €19,300/acre.