Limerick farm breaks €2m barrier at hotly-contested auction
Residential holding in Drombanna exceeds guide price
IT HAS been an unusually busy year in County Limerick for land transactions with another multi-million property changing hands this month.
GVM’s Tom Crosse was the man with the gavel at the auction of a 112 acre residential farm - Ardmore House, Coolyhenan, Drombanna.
There was a big crowd in the Kilmurry Lodge Hotel, Castletroy and online for the public sale on Wednesday, September 9. Mr Crosse describes it as a top class farm extending to 112 acres (45.46 hectares).
“It enjoys extensive road frontage. It is located just 7km south of Limerick city and just off the R512 road which links on to Bruff and Kilmallock. The land quality is generally excellent in quality, laid out in easily managed divisions and well watered and fenced,” said Mr Crosse.
The auctioneer says the holding is ideal for all types of farming use including beef, dairying, equestrian or hobby farming.
“The location is very strong which underpins this holding as an excellent investment opportunity. There is frontage to various roads with very easy access to Ballyneety, Ballysimon and the motorway. Proximity to the city does create opportunity for sites - subject to planning,” said Mr Crosse.
Lot 1 is 47.2 acres together with a farmhouse, sheds and out offices.
“The farmhouse, while requiring work, is bright and spacious and enjoys extensive living and bedroom accommodation,” said Mr Crosse.
Lot 2 is 47.41 acres, lot 3 is 17.72 while lot 4 is the “entire” which Mr Crosse guided at €2m.
Speaking after the auction, Mr Crosse said the holding was offered in three lots and also in its entirety.
“Following various rounds of bidding with the entire outbidding the lots on no fewer than three occasions, eventually the farm was sold in three lots. Lot 1 made €1,000,000, lot 2 achieved €770,000 while lot 3 sold for €390,000.
“The overall sale price was €2,160,000 representing approximately €19,300 per acre,” said Mr Crosse, who described it as a “cracking sale which continues a hugely successful run of land auctions”.
It is understood that lot 1 and 2 were bought by business people with land interests with lot 3 purchased by a farmer.