7 days ago
North Cork farm fetches around €13k/acre at auction
In the week leading up to the All-Ireland hurling final, GVM Auctioneers were delighted to announce the successful auction of farms in Cork and Limerick.
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.
