A block of 35ac of grassland at Rathorgan, Dungourney, Co. Cork, will go for auction at Corrin mart centre, Fermoy, on Wednesday, November 28 at 3:00pm.
“Just once in a while a nice parcel of farmland with a modest guide price comes along that stirs the curiosity and the mathematical skills of the most of us who have an interest, either in farming or as an investment or indeed both,” said selling agent, Eamonn O’Brien, general manager of CCM Property – a division of Cork Co-Operative Marts Ltd.
“Such a parcel is currently on the market in east Cork, between Castlelyons and Dungourney, as you head for the prosperous town of Midleton,” he said.
Permanent Pasture
A key selling point of the probate sale, the agent said, is that it is good quality farmland. “The lands are of a clay nature and of good quality. They are currently under permanent pasture and farmed well,” Eamonn remarked.
“The lands have been used for grain production in the past and some of the adjoining lands are currently under grain,” he commented.
“The area is an intensive dairying area, with some large herds evident as you drive along the road. This particular parcel of land has little or no waste and is ready for grazing, come the spring time.”
Road Frontage
Another draw is the extensive road frontage. “The lands offer extensive road frontage which in a different time meant sites, sites, sites. Today, with tighter planning laws, all you might expect is a site for yourself as the land owner or for a neighbour’s child.
“A site of, say half an acre, for a local may fetch €70,000, subject to planning permission. There are locals in residence along this road,” Eamonn said.
Location is, he said, normally at the top of the pile when you talk about property. “But, when it comes to land: affordability; land quality; accessibility; and proximity are key,” the agent concluded.
This parcel is all in one block. It lends itself to establishing an outside block of farmland for the purpose of winter fodder, breeding stock or a beef farm on the side of the road, in close proximity to Corrin livestock mart.
“It may be that dream farm where someone might build their own residence and have a hobby farm.
“The property is located between Castlelyons and Dungourney. The towns of Midleton and Fermoy are the next towns one meets,” said Eamonn.
‘Land is our gold’
Investment may be on the minds of potential purchasers, he said. “In a time of crisis or uncertainty, people turn to the purchase of gold as a place of safety for their investment.
“God knows, have we ever seen more uncertain times? Brexit; global warming; political unease across Europe and further afield, to mention a few? What does this have to do with the sale of farmland in east Cork?
“For us Irish, land is our gold. Land is asset-backed; it will always be there. They’re not making any more off it. As an investment, land holds up well. You can farm it or you can lease it, with a potential tax-free income if you lease for a minimum of five years.
Tax-efficient
“You can do a transfer of assets in a tax-efficient way to next generation. You can avail of agricultural relief where up to €3,200,000 may transfer under certain circumstances.
“CAP Reform 2019 may afford an opportunity for the farmer working this land to establish a new set of BPS payments,” Eamonn remarked.
The guide price is €9,000-10,000/ac. “The lands have letting potential of €250/ac/annum,” the agent said.
Further information is available from: Eamonn O’Brien at the Mitchelstown office on: 025-41129; or on: www.ccmproperty.com.