One of the first big farms of 2021 has just come on the market - and it goes for online auction next month. There will be great interest around the country to see how it sells.
The farm is 147.8ac at Raheenduff, Co Offaly, and it is being sold by GVM Tullamore. This is a grassland farm, with a derelict house and old stone outbuildings.
It lies in two divisions and there is significant road frontage. There are no entitlements. It will be offered in five lots and these are guided from €5,300/ac to €9,000/ac.
It would benefit now from some reseeding, shaping of hedges and some general maintenance
The farm is being sold by the estate of the late owner, in what is termed an administration sale. The land was rented out for the past five years or thereabouts. It would benefit now from some reseeding, shaping of hedges and some general maintenance.
Raheenduff is located between Geashil (about 5km away) and Killeigh (about 5km away). That leaves the farm about 7km from Tullamore and a fairly short drive to the M6 and M7 motorways.
The online auction will take place on 23 April at 3pm and the farm will be offered in lots as follows:
Lot 1 will be 20.48ac located at Raheenduff. This block of land is described as top quality and it has extensive road frontage. It is being guided at €170,000 to €190,000.
Lot 2 will be 59.20ac, also at Raheenduff. It adjoins lot 1 and it also has extensive road frontage. This land contains a small valley with scrub and a stream flowing through it. There’s a centrally located livestock pen on the land. It is being guided at €380,000 to €400,000.
Lot 3 is the entire of lots 1 and 2 and therefore is 79.68ac. It is guided at €550,000 to €600,000.
Lots 4 and 5 are about 800m away at Newtown, Killeigh. The two lots are side by side but separated by a railway line.
Lot 4 is 33.85ac. It’s described by the auctioneers as good quality grazing land with tillage land beside it. It has no road frontage. Instead, this land is accessed by a short laneway over which there is a right of way. The auctioneers state that this land has potential for meadow or zero grazing. It is being guided at €190,000 to €200,000.
Lot 5 is 34.34ac and includes the derelict house, old stone outbuildings and a three-bay lean-to shed and livestock pen. This lot has extensive road frontage. The auctioneers point out that this land is located near the well-known Glenisk Dairies which might be a relevant point for some farmers. This lot is being guided at €170,000 to €180,000.
The old residence is truly derelict – there are walls and floors but no roof. The old outbuildings have no commercial value.
Auctioneer Gordon Cobbe, who is handling the sale, said that some farmers who always rented land are now looking instead to buy. “It’s because the rental market is so strong. Rather than paying €300/ac or more to rent land, they’re saying that buying might be the better option. They are now interested if land price is in the range of €6,000/ac to €9,000/ac. This farm might suit them.”
He also notes that some farmers prefer to buy land that has not been closely minded, as long as it comes that bit cheaper. “They can do it up their own way. Not everyone wants a turnkey property.”
He is pleased to be selling this farm by auction as against private treaty. “Auctions work well and get a good response from the market. The buyer knows on the day that they have bought the property. The seller knows on the day that they have sold. Once the hammer falls, it’s job done.”