Seller’s market as big and small parcels of land sold

AUCTIONEER Tom Crosse will have to purchase a new gavel after racking up €4m in land sales in County Limerick and his native Tipperary in the space of a week.

The hundreds of acres sold by GVM’s Mr Crosse and John O’Connell were located in Ballybricken, Fedamore, Pallasgreen, Doon, Rathkeale, as well as Bansha and Cappawhite in County Tipperary.

The headline auction was a 136 acre farm located at Barnlough, Bansha. The room in Ballykisteen Hotel was full for the auction conducted by Mr Crosse. The holding contained 110 acres of good quality land with 26 acres needing drainage. It also boasted a two-storey farmhouse and some out-offices thereon.

“Bidding opened at €1m and several bids later the farm was placed ‘on the market’. The gavel fell 20 bids later at €2.1m representing approximately €15,500 per acre,” said Mr Crosse. See video above from LSL Auctions.

It is believed it was bought in trust for a businessman.

An executor auction of three lots in Ballybricken was a flier with a record price of €31,355 paid per acre for a 5.9 acre field (lot 2).

GVM also presented to the market 28 acres of good quality agricultural land laid out in two divisions and with independent road access at Enaghroe, Fedamore.

This holding is very centrally located adjacent to Fedamore village and is ideal for all types of farming use including beef, equestrian or hobby farming.

“It is also a tremendous investment opportunity given the central location,” said Mr Crosse.

The gavel dropped at €345,000. A local dairy farmer is believed to be the new owner.

Moving further east, there were prime lands in Coolbaun, Doon extending to 41.55 acres situated in the very strong and affluent agricultural hinterland for sale.

This was sold immediately after the auction for an undisclosed sum.

The next sale was in west Limerick, 40 acres situated in the very strong and affluent agricultural hinterland of Dromard, Rathkeale.

“This holding is laid out in easily managed divisions and is well watered, fenced and ideal for all types of farming including beef, dairying, equestrian or hobby farming. A wonderful location approximately four kilometres from Rathkeale and Ballingarry,” said Mr Crosse.

Again this was sold after the auction for an undisclosed amount to a farmer.

A 5.3 acre roadside field in Rahyvira, Cappawhite made €93,000. Last but not least was a 7.5 acre roadside field in Drombane, Pallasgreen for around €15,000 an acre.

All told, it adds up to the €4m mark.

The prices paid reflect the strength of the land and housing markets with Mr Crosse noting the popularity of fields with road frontage.

“Smaller lots are affordable for people. In the current climate, particularly with demand so hot, if people have a small bit of land with road frontage on it, buyers are prepared to take a chance and buy it to hopefully get planning on it in time,” said Mr Crosse.