Local farming family win the day in €2m Limerick land auction

THE AUCTION of 121 acres in Kilmallock started slowly but ended with a bang when GVM’s Richard Ryan brought his gavel down for €1,920,000.

GVM Auctioneers’ auction room in Kilmallock Mart was in full swing for the sale of a farm at Graiganster, Kilmallock on Friday,  November 

Mr Ryan said it was an “outstanding residential roadside farm situated in the heart of the Golden Vale”. 

“The lands are excellent quality, all in permanent pasture and laid out in easily managed well sheltered fields,” he said.

The farm contains a considerable amount of road frontage. The lands are serviced with mains electricity and mains water supply together with haybarn, old milking parlour, cattle pen and crush. 

The residence is a two storey farmhouse which is habitable but would benefit from modernisation.  

Mr Ryan said the property was offered for sale in no less than five lots. Lot 1, 43 acres with residence and farm buildings; lot 2, 37 acres; lot 3, 41 acres situated directly across the public road; lot 4, 80 acre residential farm (lot 1 and 2 combined) and lot 5, the entire farm.

Lots 1 and 2 proved to be challenging with no offer on either lot, while lots 3 and 4 received only one opening bid each of €500,000 and €800,000 respectively. 

However, lot 5 (the entire farm) is where the bidders really got down to business. 

Following the combined bid of €1,300,000, Mr Ryan invited bids in excess of that figure.. He wasn’t left waiting long with a rapid exchange of bids from an in-house bidder and an online bidder. The bidding quickly reached €1,910,000 at which stage there was a brief recess. 

On returning, Mr Ryan stated that he had received instructions from the vendors to withdraw lots 1, 2, 3 and 4 and put lot 5 (entire farm) on the market.

His gavel came down a short time later at €1,920,000 in favour of a local farming family who were present in the auction room. The underbidder was online.

READ MORE: Dublin businessman's winning bid of €700,000 secures farm at Limerick auction 

Commenting after the auction, Mr Ryan said that it is a smashing farm situated just outside the town of Kilmallock. 

“We had a guide price of €15,000 per acre and we were very happy with the price achieved of approximately €15,800 per acre, which shows that land values continue to remain solid,” said Mr Ryan.

The vendors were represented by Fiona Hurley, of Maurice Power Solicitors in Kilmallock.