RuMours of a fall in land prices proved to be greatly exaggerated when an 18ac holding located at Barnakyle, Patrickswell, sold under the hammer last week for €372,000 or more than €20,000/ac.
The location of the land -- beside the village of Patrickswell and Limerick Racecourse and close to the M20 -- no doubt contributed to the selling price.
The property was offered for sale in two lots. Lot one comprised a 10ac parcel with an old derelict residence and lot two, an 8ac piece beside the entrance to the racecourse.
Bidding on lot one opened at €150,000, and with four bidders in the mix it went on the market at €210,000 and after numerous late bids the gavel finally fell at €240,000.
A couple from Limerick city who intend to refurbish the derelict residence fought off stiff competition from local farmers to buy the holding.
Lot two opened at €50,000 and climbed until it went on the market at €120,000. It eventually sold for €132,000 to an adjoining property owner.
While GVM's Tom Crosse described the sale as exceptional he said the auction proved that quality land would always sell.
- Jim O'Brien
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