AUCTION RESULT

William Conlon

wconlon@farmersjournal.ie

Murtagh Bros Auctioneers, Mullingar, last week brought a substantial 367-acre residential farm to auction. The farm, located at Kilnahinch and Kilcurley, just outside of Moate, Co Westmeath, was available in the entire, in four separate lots or a combination of lots.

The land is divided between two locations with a derelict residence on circa 204 acres at Kilnahinch making up lot one and lot two. The remaining circa 163 acres – 5km away at Kilcurley – made up lots three and four. Lot four, a circa 28-acre parcel, was withdrawn prior to the auction and remains unsold.

pACKED AUCTION

The auction was packed to capacity according to Dillon Murtagh of Murtagh Bros. There was no interest in the entire with the lots capturing the attention. After a round of bidding on each individual lot, lot one and two were combined. Together they totalled circa 204 acres, and also came with a derelict residence which would not be habitable. However, it would be a fabulous setting for a potential replacement home. Bidding on the combined lot one and two opened at €800,000 and continued up to €900,000, at which point the property was placed on the market. The hammer eventually fell at €925,000, or circa €4,500/acre. The interest came predominantly from two strong bidders and the land is believed to have been purchased by a southern farmer.

The circa 135 acres included in lot three opened at €500,000 and bids from five interest parties quickly drove the price to €640,000. It was placed on the market at this point. Five became three, and after a further €40,000 of bidding, three became two. A head-to-head shootout between the two remaining parties saw the hammer finally dropping at €755,000, or slightly under €5,600/acre. Even though this circa 135-acre block contained circa 32 acres of forestry, the remaining circa 103 acres was probably the best parcel of the property.

The fourth lot of circa 28 acres was not put forward for auction and remains unsold.

The 339 acres sold for a combined €1.68m, or an average price of €4,955/acre. The guide was between €4,500 to €5,000/acre.