Limerick farm sells for double guide price at auction
Two parcels of land and house in Rathkeale sell for over €1.2m
TWO FARMS of land and a house in Rathkeale were sold under the hammer last week for a combined total of €1,255,000.
There must have been nobody left in Rathkeale last Friday as GVM’s Limerick City Auction Room on Glentworth Street was full to capacity.
The first farm for sale was 32.5 acres of mainly good quality land at Riddlestown, Rathkeale.
The roadside farm is laid out in easily managed divisions and is well watered and fenced. There is a two column barn, crush and some ancillary sheds.
Bidding opened at €300,000. Four bidders participated in the process, all from the farming community. The property went on the market at €400,000 and several bids later Tom Crosse, of GVM, dropped his gavel at €580,000 or €19,300 per acre.
It is located on the main N21 road and just two kilometres from Rathkeale. Interestingly, there is a rear passageway linking on to Upper Main Street (R523).
The land is described as “moderate quality in need of some attention but in a very strong location”.
Prior to the auction, Mr Crosse was guiding at €150,000. This lot exceeded expectations by 100% with the sale price concluding at €300,000 or €20,900 per acre. It is understood the new owner is from the locality.
The compact three-bedroom two-storey townhouse was guided at €150,000.
“Again, a wonderful sale with seven registered bidders pushing the eventual sale price to €345,000,” said Mr Crosse.
There were shouts of delight when the gavel hit the table and a loud round of applause for the new buyer from Rathkeale.