152-acre residential farm achieves record price at public auction
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Primrose Park Farm, near Kilsallaghan in County Meath, was launched to the market in May of this year.
Savills Country carried out around 30 viewings over a six-week period.
Interested parties included those running established farming enterprises who are looking to expand, as well as investors attracted to owning a large single block of prime farmland.
The auction, which was held this week in Roganstown Hotel and County Club, was very well attended.
The property comprised a modern two-storey farmhouse, with an adjoining farm building surrounded by 152 acres of top-quality tillage ground.
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.
There was a super attendance on the day with interest from the farming and business world making up the 40-person crowd.
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.
The overall sale price of €4,100,000 equates to about €24,000/acre for the land (excluding the house on 2.5 acres).
The successful sale was handled by Pat O’Hagan and Cianan Duff of Savills Country.