45.5ac of top quality agricultural land in Co. Kerry has been sold for €1,175,000 at an auction today (Wednesday, December 15).
The non-residential holding in a single block is located at Kilcow, Castleisland.
It is set out in six fields which have been used for grazing and the production of hay and silage over the years.
The holding, which has extensive road frontage and a water connection, is in a prime location, close to the main Castleisland to Killarney road and 2.5km from Castleisland town.
Land
The land was offered for sale by public auction at lunchtime today (Wednesday, December 15) at the River Island Hotel in Castleisland.
Tom Stuart of Stuart and Company Auctioneers and Valuers in Castleisland handled the sale.
Bidding began at €550,000 and this increased in bids of €50,000 until €900,000 was reached.
Following this, bids of €25,000 were placed until the hammer came down at €1,175,000.
There were five active bidders involved and in total 17 bids were indicated.
It is understood that around 40 people were present in the room for the public auction.
The final result saw the holding achieve just under €26,000/ac.
Auctioneer, Tom Stuart told Agriland that he was “more than satisfied with the outcome and it surpassed his expectations”.
However, Tom Stuart said “it shows the demand for good quality land in the Castleisland area”.
The auctioneer said he was unable to confirm the identity of the purchaser of the land.
National average farmland prices ranged from €5,900/ac for poor quality to €9,381/ac for good land in 2020, according to a report published in April.
The Society of Chartered Surveyors Ireland/Teagasc Agricultural Land Market Review and Outlook Report 2021 showed that the average price tag on good quality ground in Kerry was €9,594/ac.
Poorer quality land in the Kingdom fetched an average of €5,500/ac, according to the study.