Dublin businessman's winning bid of €700,000 secures farm at Limerick auction
The 58.25 acre farm at Killeenagalive, Emly sell for over €12,000 an acre
A LARGE crowd assembled at GVM Auctioneers auction room in Kilmallock Mart for the auction of a 58.25 acre farm at Killeenagalive, Emly.
Richard Ryan, GVM, described it as “a good quality roadside farm situated in the heart of the Golden Vale”.
“The lands are all in permanent pasture and laid out in easily managed well sheltered fields and paddocks. The majority of the lands are good quality Golden Vale grazing lands and the remainder would benefit from drainage,” he said. There were no farm buildings.
Despite the large crowd and registered online bidders, the auction boiled down to just two bidders on the day.
A modest opening bid of €400,000 was followed by a number of €10,000 bids to reach €570,000. At this stage there was a recess to consult with the vendors.
On returning, Mr Ryan stated that he had received instructions from the vendors to put the farm on the market. Within minutes his gavel came down at €700,000.
It is understood a Dublin-based businessman, believed to have strong local links to the area, won the day. The underbidder is believed to be a local farmer. The auction was also streamed online but there were no bids from the internet.
Commenting after the auction, Mr Ryan said that he was very happy with the price achieved as the farm had been rented for several years and was in need of some improvement works.
“Land values remain strong with great confidence in land with both farmers and investors alike,” said Mr Ryan, who added that he has a number of clients who are looking for similar type farms.
The vendors were represented by Brendan Gill, of Maurice Power Solicitors in Kilmallock.