Land close to Borris-in-Ossory is believed to have sold for in the region of €1 million.
The 95 acres of land at Ballaghmore was withdrawn from auction at €720,000.
“It was sold aftewards for a substantially higher figure,” auctioneer Paddy Jordan said.
The entire was earlier withdrawn at €965,0000 which included a second lot of 24 acres.
This lot of 24 acres of land had no bids on it.
Jordan Town and Country Estate agents offered the two portions of land for sale by public auction in the Abbeyleix Manor Hotel earlier this week.
There were between 40 and 50 people at the auction with 5 bidders vying to purchase the land.
In one lot, there is 24.192 acres of top quality land at Kilmartin. It was described as currently in stubble, situated on the old N7 Borris-in-Ossory to Roscrea Road.
Beside this is the second lot, a 95.480 holding at Ballaghmore, the majority of which is in tillage.
It also has a concrete holding yard with cattle crush.
Located around two miles from Borris-in-Ossory, on the Roscrea Rod, they are about four miles from Roscrea.
They have extensive road frontage on the N7 and within a few miles of the M7 interchange at Borris-in-Ossory.
Deposits of sand, gravel and rock are believed to be contained in the land.
There is also an internal road servicing all paddocks.
A guide-price of €10,000 per acre was issued for the 24.192 acres and €600,000 for the 95.480 acres, by Jordan Auctioneers.
Interest
“There is always interest in agricultural land,” Mr Jordan said.
However, he added that there still isn’t much credit from banks.
“It is not as rosy as the media says,” he said.
He said the increase of stamp duty to 6% in the recent budget is proving to be a deterrent.
For example, he said this increase from 4-6% results in a cost of €60,000 for a land sale of €1 million.
“That is not insignificant. It is the straw that breaks the camel’s back,” he said.
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