Closure to Ferns 237-acre saga

By Shirley Busteed

It's understood the saga surrounding the sale of 237 acres of farmland situated outside Ferns, Co Wexford, has finally reached a successful conclusion. The property generated a lot of speculation and local conversation over the past nine months since going under the hammer last summer. And after reappearing on the market three months ago, this added further to speculation.

Going back to July last year, a 237-acre tillage and grassland farm situated at Coolbaun & Lodgewood, Ferns, was offered for sale by public auction through selling agent McGuinness Lambert, Enniscorthy.

On the day, the property created quite a stir after it sold under the hammer in three lots for a combined total of €7.8 million, which was one of the more exceptional prices received for land in Co Wexford last year.

Two lots, totalling 152 acres, were bought by a neighbouring farmer, for a combined total of €5.9 million (one of the lots, extending to 78.5 acres, made over €55,000/acre while the remaining 73.7 acres fetched €21,000/acre). Meanwhile, the third lot of 84.4 acres was secured by an auctioneer, believed to be acting on behalf of Wexford County Board, for €1.9M.

However, nine months later, having failed to close the deal, the 152 acres re-entered the marketplace and went to auction the beginning of April this year, as directed by the original vendors. In contrast to last year, things were a lot different this time round - the 152 acres were withdrawn on the day at €2.4 million. Private negotiations over the last few weeks generated intense bidding from four active customers, all of whom were believed to be local. Fortunately, a successful conclusion has now been reached, putting closure to the whole episode.

It's believed that Wexford Co Board secured the 152 acres in recent weeks for an undisclosed figure, thought to be in excess of €4.5 million or around €30,000/acre. Reports suggest that the County Board will retain the 78.5 acres at Coolbaun (this section has extensive frontage to the N11) and has since sold the excess land, comprising 73.7 acres, as well as the 84.4 acres at Lodgewood (bought by the County Board last year for €1.9 million) in a private deal.

In essence, it's believed Wexford County Board has resold a total of 158 acres to some local farmers. The County Board recently declared that it had spent €2.85 million net in securing the 78.5 acres.

Once the N11 gets downgraded to a secondary road in a number of years, the County Board will have extensive access from the 78.5 acres to the N11, giving potential for development. It's understood this land will eventually become the county training grounds for all county panels.

The 237-acre farm at Coolbaun and Lodgewood was one of two sizeable properties that came on the market in the Ferns area in 2007. The other was a 300-acre holding at Tincurry. Hence, at one stage, there were almost 550 acres for sale near Ferns last year, something which hasn't happened in a very long time!

143 acres in north Dublin fetches €4.55M

Despite the packed room at the Radisson Hotel near Dublin airport, it really boiled down to just two keen bidders at last week's auction of a 58-hectare (143-acre) non-residential farm situated at Grange, Balbriggan, Co Dublin. Given its location and size, it was expected the property would generate widespread interest and it certainly did, including some overseas inquiries.

On the day, it's thought the brisk nature of the auction saw a number of potential buyers take a back seat and refrain from bidding. Although offered in three separate lots, it became clear that the entire was going to generate the most money.

Selling agent JP & M Doyle, Terenure, opened the bidding at €2.5 million which briskly moved up in €100,000 bids to €4.1 million. At this stage, bidding dropped to €50,000 increments and the sale price shot up to €4.55 million.

With no further delay, the property was declared on the market and knocked down at €31,750/acre to a Co Dublin farmer. The underbidder was a solicitor believed to be acting for another farmer. Both bidders were not thought to be local.

Situated in the heart of north Co Dublin, the land is currently in grass and stubble and has been leased out for a long number of years. Although having extensive frontage to both the M1 motorway and a country road, the property is a 'farmer's farm' with no development potential other than a house site.

Set out in one 143-acre block, the property came with some stone outhouses and a few cattle sheds.

Louth lands make excess €1.25M after auction

After opening at €950,000, it took three active bidders to drive the sale price of a 29-hectare (71.8-acre) non-residential block of land situated at Dunany, Togher, Co Louth, into €1.25 million at last week's public auction. But, after all that it wasn't enough and with no further movement, selling agent Knight Frank, Dublin, withdrew the property.

However, negotiations after auction saw a deal been struck for an undisclosed higher figure to a Co Louth businessman. Described as "the best of land", the property comes with expansive sea views and was guided at €1.5 million prior to auction.

Beef farmer pays €26,000/acre for 25 acres in Co Laois

A beef farmer fought off competitive bidding from a local businessman and an auctioneer acting in trust at last week's auction of a 10.1-hectare (25-acre) parcel of land situated at Lea, Portarlington, Co Laois.

Described as "top quality", the land was guided at €25,000/acre but went one better and was knocked down on the day at €650,000 or €26,000/acre. The property was bought by adjoining beef farmer, Dessie Conroy, while the underbidder was an auctioneer acting on behalf of a jockey from the Curragh. Selling agent Matt Dunne, Portarlington, handled the sale.

97 acres fetches almost €1.5 million

Meanwhile, the same agent sold a 97.5-acre farm situated at Ballykeane, Geashill, Co Offaly, in five lots for a combined total of just under €1.5 million. In the Carter for three generations, the farm, which was described as "a nice block of land", came to the market with a three-bedroom single-storey residence and a range of outbuildings.

On the day, the first lot comprising 13 acres made €257,000; a five-acre field fetched €137,500; 44 acres was knocked down at €495,000; the residence and yard on 20 acres made €485,000, while the remaining 16 acres of marginal land sold for €112,000. This gave a combined total of €1,486,500.