An 86ac roadside farm located in Tonagimsy, Drum, Co. Monaghan, made €1.15 million when it was sold at an auction last Thursday (April 4).
The 86ac farm was described by auctioneer Eamonn Gaffney as “a piece of Meath in Drum” and attracted significant interest when it was sold at the Errigal Country House Hotel near Cootehill, Co. Cavan.
The sale featured both in-person and online bidding via the LSL app and it was a bid placed online by a solicitor that won the lot.
According to LSL auctions, the sale was the highest-viewed auction to date on LSL.
Agriland understands the farm was purchased by the solicitor on behalf of a local farmer.
There were a total of five active bidders, three of which were present at the auction and two of which were bidding online.
The farm made €120,000 when it was placed on the market and according to the auctioneer “is one of the finest farms to come on the market in the region for some time”.
The land is laid out in one block “with ample road frontage” and has “large sized fields in permanent pasture with water supply, ESB, access of the public road and a farm roadway.”
Land rental
Commenting on the land rental market at present, auctioner Eamonn Gaffney said: “Land is making anywhere from €250 to €300/ac/year to rent and more for some choice pieces.”
He said that the land rental is “probably not as hot as this time last year” and said “the poor weather conditions are probably taking the heat out of it a little bit but prices are still good”.
Commenting on who is driving the prices for land rental, he said: “Everyone is blaming the dairy farmer, but from what I have seen, the beef and sheep farmer is equally as strong as anyone, they’re active and they’re keen as well.”
He explained that some parcels of ground which are more suitable to dairy farmers “where it is close to the dairy unit with access for cows or silage” are of particular interest to dairy farmers while he said that “a beef farmer can drive 10 mile over the road and let off cattle”.