30-acre farm on the market
Four large land holdings are set to be sold in the east Cavan - north Meath area over the coming weeks.
The first, which will be sold at public auction on May 31, is an almost 30-acre plot, near the village of Kilmainhamwood. Accompanied by an old two-storey farmhouse, auctioneer Donal Keenan of Keenan Auctioneers says it would make a great family home.
“It has good yard facilities on the land including a four-bay slatted shed and, while the house is in need of renovation, it will be a great home and setting when finished.”
The second property, also near Kilmainhamwood, comprises around 16 acres and is for sale by private treaty. Donal says the guide price is €269,000 and it is in a good location.
“It’s accompanied by an old stone house needing renovation as well as a hayshed and some out buildings. It’s on good land but it is the views that make it standout as the land slopes gently downwards from the house giving panoramic views of the surrounding countryside.”
Development potential
The third property on the market with Keenan Auctioneers is 1km from Kingscourt, which Donal says has good potential.
“There’s about 39 acres less than 1km away from Kingscourt town, on the Bailieborough road. It has a yard and sheds. Although not currently zoned, its proximity to town cannot be ignored and it could well be turned into development land further down the line. It’s on the market a week or two—we’ve already received a lot of inquires so it should do well.”
That property is guiding at €799,000.
The fourth is the largest of all is just under 47 acres and is also for sale by private treaty with a price tag of €425,000. Located in Pottle Upper, Bailieborough on the Kingscourt/Bailieborough road, it is split into two divisions of 36 acres and 10.5 acres, with a main road separating them.
“It has a lot of untapped potential, and could be a very productive farm with the right investment.”
Donal says the land is typical of what is being offered on the market in the current climate.
“All are decent sized holdings and we anticipate good demand for them all. Many are being sold by family members who inherited land but are not active farmers, which is perhaps indicative of less people being involved in farming these days.”
The area has a vibrant agricultural community and Donal’s expecting plenty of interest from farmers in the land.
“We expect them to buy, especially dairy farmers who tend to be well financed these days. The government’s ‘Nitrates Action Programme’ - compliance with which means either reducing stock numbers or increasing land holdings - is contributing to a rise in land prices. Those interested in forestry are also expect to show interest.”
More recently buying land to lease has become very attractive because of tax incentives. The income on land leased to a farmer for more than five years is tax free up to a ceiling of €48,000 a year.
But Donal still expects the properties will go to farmers.
“We haven’t yet seen a lot of investment from business people, these sales will show what impact these changes have had.”
The auctioneer says a lot of different factors go into determining the price of land.
“Things like road frontage and accessibility make a difference. There are lots of micro factors feeding into land prices. For example, if it’s very far down a narrow winding lane that can’t be easily accessed by machinery, that will have an impact. Also if it’s bordering a dairy farmer, or if two neighbours get locked into a bidding war, that can cause the price of land to rise.”