Bidding frenzy pushes 75 acre Tipperary farm to €1.56 million

Niamh Dillon

Reporter:

Niamh Dillon

Email:

niamh.dillon@tipperarystar.ie

Bidding frenzy pushes 75 acre Tipperary farm to €1.56m

A 75 acre farm in Thurlesbeg near Cashel recently sold for €1.56m

A 75 acre residential farm in Cashel was sold for a record €1.56 million at a public auction last month, making nearly twice it's original guide price of €850,000.

The tillage and grassland farm, located in the townland of Thurlesbeg and Ballypadeen just 3km from Cashel, was divided into two blocks containing a 50 acre parcel of land, house and outbuildings, and the remaining 25 acre parcel 500 meters away.

The two holdings were originally offered as two separate lots with the 25 acre block receiving a bid high of €355,000 and the 50 acre block receiving a top bid of €640,000.

Pictured: The 50 acre parcel of land included in the recent sale 

However when the farm was offered as one collective lot, it's prime location to the M8 and the quality of the land saw the price shoot up after two bidders pushed the 75 acre farm to €1.56m or €20,800 per acre. The public auction took place at the Horse and Jockey Hotel on September 13.

The identity of the winning bidder remains unknown to date as the land was purchased through a solicitor however the under bidder was local to the area.

Cashel Marts selling agent Alison de Vere Hunt told the Tipperary Star that the market interest in land around Cashel and Cahir has increased significantly since September 2017.

“There are farms up the country going for €10,000 an acre now but the market for land in the Golden Vale is quite strong right now. We noticed a definite jump around September last year. And it’s not all the same people buying either,” she added.

Earlier this summer a 92 acre grassland farm outside Cahir made €23,000 per acre.