North Cork farm fetches around €13k/acre at auction
The Golden Vale farms specialists had a 38-acre Cork farm up for sale on Thursday, July 17, at the Springfort Hall Hotel in Mallow, with online bids also coming via the LSL platform.
The farm was at Mount Nagle, approximately 7km from Mallow and 6km from New Twopothouse, with auctioneer (and Tipperary man) Tom Crosse describing it as a superb holding with medium quality land and an old derelict house.
There were four bidders participating in a lively auction. The bidding opened at €350,000, and after a quick series of bids, the property was placed on the market once it reached a figure of €475,000.
A final bid of €480,000 won the day. The buyers were described as local professionals who intend on redeveloping the house. The underbidders were local farmers.
The previous day, a 33-acre farm at Moig West, Pallaskenry, went under the hammer at GVM's Limerick City auction rooms. The farm consisted of rough grazing, so it was a strong result that saw it sell for a combined figure of €350,000.
It was sold in two lots, with Lot 1 consisting of a residence on 0.5 acres with two sheds – something which helped push up its overall value.
At €10,600/acre, auctioneer John O'Connell was delighted with the result, stating that he had disappointed underbidders seeking good quality holding all over Co Limerick.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
an hour ago
- Irish Times
Barne Estate ‘war' became ‘head-wrecking' amid legal threats from both sides, auctioneer tells High Court
An estate agent giving evidence in a 'war' between bloodstock billionaire John Magnier and construction magnate Maurice Regan over the prized Barne Estate has told the High Court that the stalled deal became 'head-wrecking' amid threats of legal action from both sides before the case eventually came to court. Mr Magnier wants the court to enforce a deal he claims he sealed with Richard Thomson-Moore with a €15 million handshake agreement for the 751-acre Tipperary estate on August 22nd, 2023, at Mr Magnier's Coolmore home. Mr Magnier is suing Mr Thomson-Moore and Barne Estate Ltd over the collapse of the purchase. The estate has been owned by the Thomson-Moore family for generations and is held in a trust. Auctioneer John Stokes, who handled the deal locally for Barne, denies a claim by the Magnier side that he said on the night he had said to Mr Magnier that they had a 'deal' after allegedly being in phone contact with the trustees for their approval after the €15 million offer. READ MORE Mr Stokes told Paul Gallagher SC, for the Magnier side, on Friday that he would have needed to have been 'psychic' to contact the trustees on the night for approval, as he did not have the phone number for any of the estate's trustees and did not suggest calling them as claimed. Mr Stokes told the court that when he and the Thomson-Moores returned to the negotiations after a conversation, he said the 'deal' was regarding the price only and that any deal was subject to 'contract or contract denial'. 'As I went to [Mr Magnier], I said the deal was subject to the trustees' approval,' he claimed. Mr Stokes said that Mr Magnier told the meeting that the €15 million was solely for the land and that he had no interest in the company. As part of the alleged deal, an exclusivity agreement was entered into for the month of September 2023, during which Mr Stokes said he received an 'unsolicited', higher offer from Mr Regan about which he was obliged to inform the trustees and the Thomson-Moores. Mr Stokes said he did not breach the exclusivity agreement regarding the offer and did not know how Mr Regan knew of the accepted Magnier offer being €15 million. Mr Stokes said Mr Regan quoted the price to him over the phone, but the information did not come from him. Mr Stokes told Martin Hayden SC, for Barne, he was given €50,000 in two brown envelopes on September 7th, 2023, which was intended for chief beneficiaries Mr Thomson-Moore and his sister, Alexandra, which he delivered. However, the money was returned a few days later. In evidence, Mr Magnier said it was not directly returned to him but Mr Stokes claimed it was because Mr Magnier told him that the €50,000 was apart from the deal, was for access to the land and that the Thomson-Moores were still welcome to it. Alexandra Thomson-Moore has described the row over the estate as 'full-on war' between Mr Magnier and Mr Regan and in her evidence today, likened it to a 'Sunday night TV drama' with 'everyone accusing everyone of everything'. Mr Stokes told the court on Friday that the deal was 'head-wrecking'. Mr Stokes said that he received letters from solicitors from Mr Regan's legal team complaining about the auctioneer's handling of the deal and threatening to report him to the regulator. This was rejected by Mr Stokes, who said he would always do his best by his clients and that the Thomson-Moores were his friends. Mr Magnier, in his evidence, has said that in early October 2023, he asked what was happening with any deal and was told by Mr Stokes: 'One word, John: Greed.' 'I did not say the word 'greed',' said Mr Stokes. Mr Stokes did not deny that after a phone call from crime journalist Paul Williams who allegedly said Mr Regan was considering injuncting the sale, he wrote a note saying 'the general consensus is that Regan is behaving like an absolute pig'. When Coolmore threatened legal action against Barne, Mr Stokes said that Mr Magnier said it was 'not where anyone wants to be' and that it would give him no pleasure to litigate the matter. Mr Stokes said that Mr Magnier told him he was 'at war, sorry' with Mr Regan and that the Thomson-Moores were 'caught up in it'. 'I suppose he [Mr Magnier] doesn't like getting gazumped,' said Mr Stokes. By the end of September, the decision had been made to let the exclusivity expire because of an increased offer of €20 million from Mr Regan. Mr Stokes said the offer was of 'life-changing money'. Mr Regan finally offered €22.25 million and was made the preferred bidder. Mr Regan is not a party to the case. The case continues before Mr Justice Max Barrett.
Irish Times
2 hours ago
- Irish Times
Plans for residential scheme on Terenure College lands gets approval
An Coimisiún Pleanála (ACP) has granted planning permission for a 284 residential-unit scheme on lands at Terenure College . In granting planning permission to Lioncor subsidiary, 1 Cellbridge West Land Ltd, for the large scale residential development (LRD), the planning commission has overturned decision to refuse permission by Dublin City Council issued earlier this year. The scheme for Fortfield Rd, Terenure, D6 comprises 265 apartments and 19 four-bed houses with the apartments located across four blocks with one block rising to six storeys. In the one reason for refusal linked to transport issues, the council found that the proposed car parking provision was considered inadequate to serve the needs of future residents of the development. READ MORE the Lioncor subsidiary appealed and the planning commission inspector in the case recommended a refusal on two other grounds including flood risk. In granting planning permission, ACP did not accept the inspector's recommendation to refuse and has concluded that the scheme 'would constitute an acceptable scale and density of development at this location and would not seriously injure the residential or visual amenities of the area or of property in the vicinity'. The planning commission also concluded that the scheme 'would be acceptable in terms of urban design, height, and quantum of development, as well as in terms of traffic and pedestrian safety and convenience, and would not have any significant adverse effects on biodiversity or water quality'. The 4.6-hectare (11.5-acre_ proposed development site is located on the northwest corner of the grounds of Terenure College Senior school and the main part of the site is an open field that was formerly used as playing pitches associated with the now closed junior school. The current scheme is 'build to sell' compared to the 'build to rent' 364-unit scheme and 21 houses that were refused planning permission two years ago by An Bord Pleanála. The council received 86 third-party submissions with the bulk of submissions from local residents opposed to the scheme. However, in a letter lodged with the application, the provincial of the Irish Province of Carmelites, Fr Simon Nolan, said that 'the college board of management and the Carmelite Order recognises the enormous benefit that this proposed development has for the school and the order'. 'It will allow for a capital injection into Terenure College and secure the College's future viability as a secondary school as well as benefit the ongoing work and ministry of the Carmelite Order in Ireland, Zimbabwe, and other parts of the world,' he said.
Irish Times
2 hours ago
- Irish Times
‘I believe he should be given a second chance': Eoin Hayes readmitted to Social Democrats party
The Social Democrats has lifted the suspension of Eoin Hayes, saying the TD deserves a 'second chance' The Dublin Bay South TD was suspended by the party last December after it emerged that he did not sell his shares in Palantir – a company that has supplied software and technology to the Israel Defense Forces – until a month after he was elected as a Dublin city councillor last June. This contradicted information he had previously given that he had sold the shares in the company, where he worked from 2015 to 2017, before he entered politics. 'Eoin has been suspended from the parliamentary party for nearly eight months and I believe he should be given a second chance,' Cian O'Callaghan, the acting Social Democrats party leader, said. READ MORE 'Eoin has a lot to offer as a Social Democrats TD and I look forward to working with him.' Mr Hayes has once again apologised for giving incorrect information about when he divested his shares in Palantir, and for keeping shares in the controversial company linked with the Israel Defense Forces for as long as he did. Mr Hayes said that he has now donated $51,000 to three organisations working in Gaza – which represents an uplift in the share price between the outbreak of the war and when he finally sold his shares in July 2024. Commenting on his return to the party, Mr Hayes said 'at the outset' that he wants to give 'a full and unequivocal apology for giving the incorrect information to the media about when I divested from Palantir.' 'I also want to be clear that I should not have held the shares for as long as I did,' he said. 'For that reason, I have donated $51,000 to three humanitarian organisations active in Gaza – split between, Unrwa, Unicef and Doctors without Borders. This figure represents the uplift in share price, less applicable taxes, from October 7 2023 to July 26 2024, when I sold the shares. 'I know I have let people down and I am determined to work hard and earn back people's trust.' Mr Hayes was one of 11 Social Democrats TDs who won a seat in last November's General Election. By December, before the Dáil had even sat, Mr Hayes was suspended from the party with 'immediate effect' after providing incorrect information about when he sold the shares to the media. In February, the Social Democrats decided to extend Mr Hayes suspension following a review by the party's national executive. The review had decided to endorse the decision of the parliamentary party to indefinitely suspend Mr Hayes.
