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HomeBeefAuction report: €25,357/ac for 28ac undivided land parcel in Westmeath
Catherina Cunnane
Catherina Cunnanehttps://www.thatsfarming.com/
Catherina Cunnane hails from a sixth-generation drystock and specialised pedigree suckler enterprise in Co. Mayo. She currently holds the positions of editor and general manager at That's Farming, having joined the firm during its start-up phase in 2015.
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Auction report: €25,357/ac for 28ac undivided land parcel in Westmeath

A circa 28ac undivided parcel of “excellent quality” land, in the midlands, has sold for just over €25,350 per acre in an online sale handled by Murtagh Bros, writes farming journalist, Catherina Cunnane.

Ahead of the sale, on Thursday, June 15th, 2023, Dillon Murtagh of Murtagh Bros explained that all lands in Charlestown, Mullingar, Co Westmeath, are in permanent pasture with “excellent” road frontage on two sides.

He described the property, during the auction, as “being in an excellent location, just on the outskirts of Mullingar town” before requesting an opening bid of €600,000.

He was met with an opening bid of €400,000 and eventually secured a further bid of €410,000 and another €10,000 increment, which brought the property to €420,000.

At this point, he declared: “You are making me work; it is not going to sell at that price, I can assure me; you did not come here to watch me”.

With this encouragement, he secured a further €10,000 bid, which brought the property to €430,000.

He then declared at this point that he would have “no option but to withdraw the property”, and a bidder with a further €10,000 stepped in, and they were eventually outbid by another party.

Bidding then picked up at an improved tempo and rose to €470,000, at which point the auctioneer said, “We need to do better; it is not going to sell; you are not going to see the likes of it anywhere”.

Hammer coming down

€480,000 came in when he was beginning to close the sale, and a further €10,000 bid then followed, which was met with a hive of bidding activity.

A final bid of €520,000 brought the property to a pause to enable the auctioneer to consult with the vendors.

He returned to the room, saying, “I am afraid we are going to have to do better; the bid is €520,000”, before he reminded viewers of the property’s particulars and bidding re-commenced at a slow but progressive pace to a final call of €710,000 or €25,357/ac.

Murtagh placed an AMV (advised minimum value) of €500,000 on the property ahead of the online auction, and it had a hammer price of €210,000 over this.

All bidders had to register with Murtagh Bros on or before Friday, June 9th, 2023, with a deposit of €50,000.

LSL Auctions comments

Speaking following the auction, a spokesperson for LSL Auctions said:

“The online auction witnessed an exhilarating display of bidding prowess, culminating in a winning bid of an impressive €710,000.”

“Spanning an expansive 28-acres, this enchanting property captures the essence of rural tranquillity while offering a wealth of opportunities to its fortunate new owners.”

“Our esteemed viewers were captivated by the live transmission of this exciting event, which unfolded seamlessly on our esteemed Facebook page and through the convenience of the LSL Auctions’ App.”

“We express our deepest gratitude to the enthusiastic participants whose active engagement contributed to the resounding success of this auction,” the spokesperson concluded.

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