The newly established business, Pat Burke Property, clinched what could “possibly be a new record for agricultural land in Galway” at its inaugural auction of Lohan Estate, a holding in Cloughanover, Headford, Galway last Friday (March 3rd, 2023) afternoon.
Burke, a renowned livestock and property auctioneer, who previously featured on That’s Farming, put a 3-bedroom bungalow with a garage, 39-acres of what he described as “top quality” land, a 3-bay slatted shed and outbuildings under the hammer at Anglers’ Rest Hotel at 3 pm in a hybrid auctioneer in conjunction with LSL Auctions.
Burke, who has 25 years of auctioneering experience, secured a total of €716,000 for the property, which came to the market and sold in a number of separate lots.
- 1 was what Burke described as a “spacious” 3-bed bungalow house with a kitchen, a dining room, a sitting room, and a bathroom. The garage adjoining the house has a toilet, shower facility, and utility room that could “easily be transformed” into a self-contained flat, Burke explained. Although the property was constructed in 1958 and needs modernisation, it has always been kept in “good repair”. The property has oil-fired central heating and radiators throughout, as well as a solid-fuel stove in the kitchen. Ahead of the auction, he commented that the house offers “spacious rooms that would be a bonus for anyone looking to renovate”. The house sits on 0.5-acres of land with a garden to the front and a rear garden with mature trees.
- 2: Circa 9-acres of “top-quality” land with a 3-bay slatted shed and silage slab in “good repair”, a 2-bay hay shed with a lean-to, and a 3-bay dry, multi-purpose shed. Entitlements of €210/acre with land;
- 3– Adjacent to lot 2, comprises approximately 8.2-acres of agricultural land renowned for its fattening qualities for livestock, according to Burke. Has a right of way from front of school to the back (if required) and comes with entitlements of €210/acre of land;
- 4– A small plot of ground adjacent to Cloughanover N.S.
- 5 – lots 2, 3 and 4 combined
- 6 – Approximately 21.5-acres of “excellent” quality agricultural land, would be a “major” asset to adjoining farmers or to someone looking to purchase “prime quality” land. Entitlements also with land at the same value as above.
Burke requested an opening bid of €190,000 for lot 1, which was met with an opening bid of €150,000, which was followed by €5,000 increments to €180,000. At this point, Burke consulted with the vendors and withdrew the property from the market, having failed to meet its reserve.
Then Burke began auctioning lot 2, for which he requested €180,000 for, which was met with an opening bit of €100,000 and €5,000 increments led to a final offer of €185,000, at which point, he withdrew conditionally.
He then requested €75,000 for lot 3, which was immediately met with a €60,000 opening bid and quickly shot to €135,000 in €5,000 increments following an in-house bidding war, which he withdrew conditionally, as per the above lot.
Describing lot 4 as “potentially suitable for farmers”, he requested €20,000, which saw an opening bid of €10,000, and in €2,000 increments led to €14,000, which then met with €1,000 increases to €26,000, at which point, Burke withdrew the lot conditionally.
Lot 5 & 6
Burke then totted up lots 2, 3 and 4 combined, which generated a total of €346,000, at which point, he requested €350,000 for lot 5 (three lots together), but having met with no interest, withdrew the property from sale.
Lot 6 then came to the market, for which Burke requested €200,000 and received an opening offer of €140,000.
With €5,000 increments, the property reached €190,000, at which point Burke declared, as per the vendor’s instructions, the lot on the market, having reached the reserve and eventually dropped the gavel to an in-house bidder.
The auctioneer consulted with the bidders of the highest priced lots and the total auction price (for the sold lots) stood at €716,000, respectively.
- 1: €180,000;
- 2: €185,000;
- 3: €135,000;
- 4: €26,000;
- 6: €190,000.
Pat Burke, commented the following after the auction drew to a close:
“What a day – well done, and the best of luck to the purchasers. We exceeded all expectations with the standout lots being 2,3,4 combined 17.5-acres fetching a whopping €346,000 or €19,771 per acre.”
“Surely, that could be a new record for agricultural land in Galway. Days do not get any better than this,” he concluded.