Limerick farms sell above guide price at hotly-contested auctions

TWO FARMS of land in the county and on the city's outskirts both exceeded the guide prices at public auction.

James Lee, of REA John Lee, was the man with the gavel in his hand at the two auctions in the space of five days.

First up on Friday, April 26 in the South Court Hotel was the sale of 84 acres at Ballycahane Upper, Manister.

“A highly fertile, productive farm with enormous potential,” is how Mr Lee describes it. There are also a range of farm buildings.

Mr Lee told Farm Leader they were guiding at €10,000 an acre and it made well above that.

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“There was a big crowd. We had three bidders - one online and two in the room. It came down to the two in the room fighting it out,” said Mr Lee, who dropped the gavel at €945,000, which is just over €11,000 an acre.

Both the vendor and auctioneer were very satisfied at the price achieved. It is understood a man with farming interests not from the locality won the day.

Next up for Mr Lee was the auction of a prime roadside holding extending to 33 acres of top quality land with extensive road frontage at Killonan, Castletroy (pictured below). It took place in their Newport office on Wednesday, May 1.

The lands are situated in an exceptional location just a short distance from the suburb of Monaleen / Castletroy, University of Limerick and Plassey Technological Park.

“This holding, while ideal currently for agricultural use, must have long term potential for numerous uses given its proximity to the expanding Castletroy / Monaleen / Annacotty areas. It is on the doorstep of the city,” said Mr Lee.

The guide price of €20,000 an acre reflected its potential, as did the high level of interest from farmers and businessmen.
“We had one bidder online and three bidders in the room.

“It came down to an online bidder and a person in the room,” said Mr Lee.

The bidder in the room is the new owner after paying three quarters of a million euro. The price of €750,000 equates to over €22,000 an acre.

Again, the auctioneer and vendor were very satisfied with the price achieved. It is understood the new owner is a business person with strong farming interests.