A 50ac block of grassland in Co Laois was last week leased out for the next 10 years for the spectacular price of €570/ac per year. The price was bid at an auction held by Co Kilkenny auctioneer Joe Coogan.

The land at Ballymaddock, about 1.6km from Abbeyleix on the Carlow road, is in permanent pasture. No farm buildings or entitlements to EU payments are included in the lease.

Ten farmers bid to lease the land, most of them dairy farmers, but it was a tillage farmer from the locality who was the winner. Under the lease agreement the land can be used for cereals and other combinable crops, but not root crops.

The auction was held at Joe Coogan’s sales room at Ballycomey House, Castlecomer.