121-acre farm sells for almost €2m

The farm – 2km south of Kilmallock at Graiganster – consists of lands of excellent quality in easily-managed divisions and was presented in five lots.

Lot 1 is a 43-acre parcel with a residence (in need of modernisation) and farmyard.

Lot 2 consisted of 37 acres, and Lot 3 was 41 acres. Lot 4 was a combination of Lots 1 and 2 – an 80-acre holding with residence and outbuildings.

Lot 5 was the entire farm.

In advance of the sale, expectations were justifiably high. A farm across the road from this one had made €19,000/ac the previous year and the expectation was that this one would achieve €15,000/ac.

Lots 1 and 2 didn’t receive any offer initially, while Lot 3 received an opening bid of €500,000 (€12,200/ac). The combination of the first two lots proved more tempting and Lot 4 opened at €800,000 (€10,000/ac), but it was clearly the entire farm that was what the market was really after, and Lot 5 received an opening bid of €1.3m that eclipsed the previous offers.

There then followed a rapid exchange of bids between an online bidder and an in-house bidder. The value of the farm quickly reached €1.91m (€15,800/ac).

Having surpassed expectations, there was a brief recess after which Richard Ryan announced that he had received instructions from the vendors to withdraw Lots 1, 2, 3 and 4 and that the entire property was on the market.

The gavel came down shortly afterwards on a figure of €1.92m (€15,900/ac) – sold to a local farming family who were present in the auction room. The underbidder was online.

Commenting afterwards, Richard Ryan said that he was “very happy with the price achieved… it shows that land values continue to remain solid.”