Splitting up farm offer leads to bidding war

<b>Conor Power </b>assesses the level of demand for agricultural land.

The year ended with a flurry of activity in farm sales and much of what didn’t sell at auction has been negotiated outside of the auction rooms.

A case in point was the executor sale of 145 acres at Rahalisk, Macroom, by Killian Lynch Auctioneers.

The property was sold at auction last month at the Castle Hotel in the charming West Cork market town.

The property was offered initially as one lot of 147 acres, including a dwelling house on 1.9 acres.

Offers weren’t forthcoming and it was soon realised that the real demand lay in the land only.

After consultation with the owners, the lot of 145 acres was put to an assembled crowd of about 45 people.

This proved to be what the local market was looking for: Offers began at €500,000 and went up in increments of €10,000 and then €5,000 before the hammer came down on the final offer of €630,000. This price exceeded the per-acre guide price.

The agent was happy with the result as “the entire holding was guided around the €700,000-€750,000 mark. With the main bulk of the land sold at auction, we’re now up at €90,000 for the house on 1.9 acres.”


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