€2.65m for Waterford farm

The spate of large residential farms in the southeast of Ireland coming to the market continues.

This time, it was the turn of a super 220-acre farm in Faha, Kilmacthomas, Co Waterford to go before the auction room.

In similar fashion to the 250-acre Clonogan House in Clonegal, near Enniscorthy in Co Wexford and the 212-acre farm at Kilcotty in Wexford, it sold under the hammer.

The final price also highlighted how in-demand the farm was.

When all was said and done, the farm came to an impressive €2.65m or just over €12,000/ac, with the house contributing handsomely to the final figure.

While the property was offered in four individual lots, it was lot five, or the entire, that sold.

A number of the individual lots did not receive bids, with the auction focused on the package in full.

The final buyer was a solicitor, who was acting for a number of local farmers. The highest underbidder was also a solicitor.

The sale was completed with a number of stipulations, most notably that 178 acres of the land is leased up to 31 December 2024, while 23 acres is leased until 31 December 2019.

Given the conditions associated with the farm, the sale was a big success. The quality and potential of the farm, however, was second to none.

The auction

The lots were the first to hit the auction floor. The agent handling the sale, Margaret Harty of Harty Auctioneers in Dungarvan, took bids up to €700,000 or €9,700/ac, for the first lot before it was held. The first lot was 72 acres of prime land.

The second lot, consisting of the house, farmyard, and 103 acres, did not receive any bid and was withdrawn.

Lot three, 29 acres of land was making €245,000 or €8,500/ac. This was held and attention was turned to the final individual holding. This fourth lot consisting of 15 acres, received no bids.

From here it was clear that it would be the entire that would more than likely receive bids in excess of the lots. That proved to be the case.

An opening bid of €2.1m was taken and it went up in €100,000 bids until €2.4m – at which point a break was taken.

When the auction reignited, bidding briskly increased until €2.65m or just over €12,000/ac was reached, at which point Harty dropped the gavel.

The two bidders were both solicitors. It is believed that the successful bidder was acting on behalf of a number of local farmers.

Interest in the farm was certainly high and there was some noted from outside the county.

Harty reported that individuals from Wicklow and Cork were present at the auction. In total, over 70 people were present at the Park Hotel in Dungarvan.

The farm itself

This farm is described by the agent as excellent-quality pasture.

It is laid out in one block, with the residence and the farmyard located in close proximity to each other on the edge of the farm.

Whilst the land has been leased for the last number of years, it has been farmed to a high standard by a variety of tenants.

Three different farmers have been leasing the land and it has been used for grazing. It was formerly a sheep and beef farm.

The residence is a traditional farmhouse and is in need of restoration. It is located beside the farmyard.

The yard area itself includes a slatted house, a purpose-built sheep shed, a six-span hayshed and two walled silage pits.

There are also a range of cut-stone slate-roofed out-buildings that are currently used as lambing pens but could also be used as stables.

The slatted shed has the capability to house 60 head of stock, while the sheep shed can house up to 350-400 ewes.

This sheep shed was constructed circa 18 years ago and is in very good condition.