WATCH: Gavel drops on third major Limerick land sale in Adare this year

Donal O'Regan

Reporter:

Donal O'Regan

Email:

donal.oregan@limerickleader.ie

COUNTY Limerick farmers with Adare in their address are sitting pretty.

For the third time this year, land in the locality has been sold for well over the going rate.  The average price of an acre of good quality land in the county is around €10,000 an acre.

In January, Tom Crosse, group property director of GVM Auctioneers, handled a record sale in the county. He sold 27 acres at Curraghbeg, Adare for €1 million – almost €38,000 an acre. The Limerick Leader believes a Dublin-based business man purchased it.

In April, 42 acres of prime land in Rowerbeg, Adare was up for grabs. Mr Crosse sold it at auction for €970,000 – €23,000 an acre. Again a businessman, this time from Adare, is understood to be the new owner.

Mr Crosse was back with his gavel in his hand on Friday afternoon in GVM’s Limerick city auction rooms. This time it was 34 acres at Shanaclough, Kilfinny, Adare.

Around 40 attended – a mixture of farmers and businessmen. 

Bidding opened at €250,000 and with four active participants the price quickly went to €460,000. Interestingly, the four were all farmers. A brief recess was called and further bids were sought from the audience.

Two nods later the holding was formally placed “on the market” at €470,000. Things were getting hot. Increments of €5,000 came quickly before Mr Crosse’s gavel fell at €530,000 to applause from the audience.

This equates to approximately €15,500 per acre. It went over and above the reserve of €450,000 by close to 20%. 

The auctioneer described the land as “classy and in a wonderful location” just seven kms south of Adare village. This holding does contain a farmhouse, some ancillary sheds and has excellent road frontage with possible site potential.

While Mr Crosse remained tight-lipped, the Leader understands the new owner comes from a nearby parish and has a strong agricultural background.

Mr Crosse reflected on the hat-trick of very successful sales in Adare in 2019.

“Maybe they are buying up land for car-parks to have them ready on time for the Ryder Cup in 2026,” he joked.

On a serious note, Mr Crosse said that they were “three nice properties” and good land is continuing to sell well despite all the “so called doom and gloom among the farming community”.

“I don’t see any evidence to suggest that Brexit or the beef crisis is affecting matters, particularly for well located holdings like this,” he concluded.