The sale of a 140-acre residential farm on the outskirts of Midleton town at Park South and Cahermone generated widespread interest over the past six weeks, particularly from those who viewed the property as a potential long-term investment project.

Such interest was evident at last week’s auction, with a plethora of bidders vying to acquire a piece of this superbly located farm which came with a range of amenity, residential, industrial and open-space zonings.

However, despite their best efforts, it was the entire that gained the most momentum for auctioneer Eamonn O’Brien from CCM Property Network, Mitchelstown, who, after a marathon round of bidding, dropped the hammer at €2.29m for 135 acres sold (five acres were sold in a private deal before auction).

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Over 120 people packed into the Midleton Park Hotel for last week’s auction where Eamonn initially offered the property in a number of lots.

These included a 36-acre parcel which was bid to €360,000; a derelict two-storey farmhouse with outbuildings on 2.28 acres went to €215,000; an 80-acre block peaked at €880,000 while a further 16 acres was bid to €180,000. This gave a combined total of €1.635m for the lots, but in the meantime the entire had jumped to €2,050,000.

With the lots falling short by €415,000, it became an easy decision to declare the property on the market in its entirety at €2,050,000, which attracted just two main players. Moving in a range of €50,000 and €10,000 increments, the hammer later fell at €2.29m to Irish Distillers. The underbidder was believed to be a local farmer. This works out at €17,000/acre for the 135 acres that were sold at auction.

Following the auction, it’s understood that a number of private deals were concluded between Irish Distillers and other parties/individuals for some of the smaller lots. It’s believed that Midleton GAA secured the 36-acre lot.

The farm is accessed from a slip road off the main Cork/Wexford N25 road. Around 71 acres are in grass, circa 56.7 acres in stubble, while the remaining circa 12 acres located closest to the town would benefit from some attention. The farm bounds the famous Midleton Distillery.

39 acres near Kilworth

Elsewhere, Eamonn will auction a 39-acre parcel of land at Ballynalacken, Kilworth, Co Cork, on 6 October next in Corrin Mart, Fermoy.

It’s seldom that land arrives on the market in the area which should bode well for the property which overlooks the River Blackwater. Described as “top class land”, the property is currently in grass and comes to the market with a slatted shed and haybarn. The property is guided in the region of €10,000/acre.

Galtee package

Meanwhile, a unique sort of package containing 14 acres of lowland, 144 acres of owned commonage and farm payments amounting to €30,800 (for 2017) on the Galtee Mountains is scheduled to be auctioned on 10 November next.

A short distance off the Cork/Dublin M8 motorway, the property is accessed from what is locally known as the Black road (also used as the access to the Galtee mountain climb) and comes with 61 high-value entitlements.

It’s suggested the property would make an ideal investment package, given the opportunity to join GLAS, which would attract further payments, and the potential to lease the land with the entitlements tax free. The auction takes place in Corrin mart, Fermoy, and the property is guided in the region of €240,000.