Cork farms sell at €14,000 to €17,000/acre

Although the auction of 55 acres at Gurtacrue, near Midleton, Co Cork, was cancelled at the last minute by the selling agents CCM (the property featured on these pages on January 18), there has been no shortage of action behind the scenes, writes Conor Power.

The Gurtacrue property is a residential grass and tillage farm located ten minutes from the lively market town, which was bringing in a Basic Payment of €9,500.

There had been no shortage of keen interest in this farm, and long before the auction date of January 25 in the Midleton Park Hotel, there had been three different proposals for individual sections of the property.

Some of the land on the 55-acre holding near Midleton that sold for circa €14,000 per acre.

The farm had been attracting plenty of interest from various sources, including those who had an eye on the investment possibilities that it presented.

In the end, according to selling agent Éamonn O’Brien, the planned public sale was scuppered by a phone call from an American resident who made a successful bid for the entire holding.

The undisclosed figure is believed to have ended up somewhere in the region of €14,000 per acre, well in excess of the advertised price guide of €650,000-700,000.

It wasn’t quite as strong as the price of €17,000 per acre achieved the last time this auctioneer sold land on the outskirts of Midleton, but the bird in the hand proved to be tempting enough, and immediate enough for the public auction to be rendered null and void.

“We felt that it would have been foolish not to take the offer that was made,” says Éamonn. “It was an Irishman living in America who possibly has dreams of returning to the Old Sod.”

- Two exceptional Co Cork sales by private treaty recently saw the per-acre price climb as high as €17,000. Both were in the Castletownroche area between Mallow and Fermoy, and consisted of good quality farmland in parcels of 158 acres and 10 acres.

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