A 152ac residential farm between Ashbourne and Swords been sold by Savills for €4.1m, or €24,000/ac, at public auction.

Savills sold Primrose Park Farm, Greenogue, Kilsallaghan, Co Meath, at the auction in Roganstown Hotel and Country Club on Monday.

Thirty viewings took place for the property over a six-week period.

Parties interested in the land included those running established farming enterprises who are looking to expand and investors attracted to owning a large, single block of prime farmland.

The property comprised a modern two-storey farmhouse with an adjoining farm building surrounded by 152ac of top-quality tillage ground.

Local family

When the entire farm was offered to the room, the bidding quickly opened at €3,000,000 and within a few seconds rose to €3,800,000 in increments of €100,000.

At this stage, the property was confirmed to be on the market and after three further bids, the hammer was dropped at €4,100,000.

The buyer is believed to be a local family with equestrian interests.

“The sale of Primrose Park Farm demonstrates that commercial farmland continues to generate strong interest from cash buyers who are looking to invest in farmland as a tangible asset, which acts as an inflationary hedge and offers conservation opportunities over and above food production,” a Savills spokesperson said.

The overall sale price of €4,100,000 equates to about €24,000/acre for the land, excluding the house on 2.5ac.

The successful sale was handled by Pat O’Hagan and Cianan Duff of Savills Country.