One of the bigger land banks to arrive on the market to date this year was withdrawn at last week’s public auction.

The 1,787 acres of drained bog at Ballycroy, Bangor Erris, Co Mayo, was bid to €900,000 at auction, driven by two main interest parties.

It’s understood that one of these parties was acting on behalf of a European-based investment group, while the other was an Irish-based person.

On the build-up to last week’s auction, selling agent Stephen Barry from Raymond Potterton Auctioneers, Navan, received a steady line of inquiries, most of whom were interested in either pursuing a forestry portfolio or a renewable energy project on the land.

The property is under active negotiation but no deal had been concluded at the time of going to press. This extensive land base had been guided in the region of €1.3m prior to auction.

The Irish farmers Journal understands that a Norwegian-based company drained the bog about 35 years ago by installing a range of deep channels.

At the time, the company was endeavouring to create a peat and coal fuel product while also growing a special type of grass for biomass. This project, however, was relatively short-lived and the entire portfolio, which included a factory premises at the time, was bought by a private investor a number of years later.

Set out in one massive block, the bog contains the same drainage channels that were installed over 35 years ago, which are reported to be in good, sound order.

The bog fronts the main N59 Galway/Sligo road while also having access along a gravelled lane. Surrounded by a large forestry plantation, one of the most obvious uses for the land would be for forestry, provided it is suitable for trees and meets the relevant planting approval.