A circa 87ac farm at Glenakeel North, Rockchapel, Mallow, Co. Cork, is due for auction in the Longcourt House Hotel, Newcastle West, on June 1, at 3:00p.m.
It is a a good-quality farm, enjoying road frontage and situated in a strong agricultural hinterland, according to Tom Cross, group property director, GVM Auctioneers.
“This land is laid out in easily managed divisions and is ideal for all types of farming use including beef, dairying, equestrian or hobby farming,” he said.
“There is possible site potential and the land is in a great location and is easily accessible.”
The house, adjoining fields and out-offices are excluded from the probate sale.
“This is a substantial elevated holding all in one block and well worthy of inspection for those seeking a good investment opportunity,” the agent added.
The guide price for the property is €700,000.
Meanwhile, a 46.5ac holding with two-storey farmhouse and outbuildings at Macoyle Lower, Inch, Gorey, Co. Wexford, attracted intense interest at online auction on April 25.
The auction had been hotly anticipated, according to Jack Quinn of selling agent Quinn Property.
“The prime location of the property, close to Gorey, the M11 and the coast ticked plenty of boxes for prospective purchasers,” he said.
Auctioneer David Quinn described the land as being laid out in four divisions, of excellent quality with over 1km of dual road frontage.
The holding was offered in the following lots: Lot 1: circa 4.2ac with two-storey farmhouse and outbuildings; lot 2; circa 18.7ac; lot 3; circa 23.7ac; and lot 4: the entire.
Lot 1 was guided between €120,000 to €150,000 while the remaining lots were guided between €12,000 to €15,000/ac. There were almost 20 registered bidders for the auction.
Jack Quinn described the interest being chiefly a mix of local farmers and businesspeople. However, several parties from across the country and overseas also registered.
On the day of the auction, lot 1 opened at €100,000 and set off at a frantic pace before settling at €260,000. Lot 2 commenced at €200,000 and reached €280,000 after the first round of bidding.
Lot 3 received an opening bid of €250,000 and with swift bidding burst past €300,000 and then €400,000, before reaching €420,000 at the end of first round bidding.
Lot 4 (the entire) was then offered to the room, requiring a bid in excess of the combined total of lots 1-3 ,which equated to €960,000. A bid of €980,000 was promptly made and with strong bidding, the entire settled at €1.16 million.
With a substantial gap between the individual lots and the entire, the prospective purchasers were given an opportunity to bridge that gap. There was rapid bidding on lot 1 which peaked at €350,000, and three additional bids on lot 2 which peaked at €310,000, but with no further bids on lot 3, the separate lots still fell short of the entire.
After taking client instructions, auctioneer David Quinn resumed the auction by withdrawing lots 1-3 and placing lot 4 (the entire) on the market at €1.16 million. Two further bids were enough to seal the deal as the hammer fell at €1.2 million (€25,806/ac).
David Quinn said he was thrilled to have achieved such a strong result
“The price achieved is more than €10,000/ac above the guide price and highlights the demand for similar properties,” he said.