Land in Coolcullen, Coon, North Kilkenny makes €8,400 an acre

Land in Coolcullen, Coon, North Kilkenny makes €8,400 an acre

A 39 acre holding in north Kilkenny, almost half of which is under forestry, made €330,000 at auction last week.

It reflects the buoyancy of the agricultural land market at present.

Auctioneer, Joe Coogan feels that the price of farm land could climb to €13,000 an acre before the summer is out following the bidding war in his auction rooms, outside Castlecomer last week.

The land d at Revanagh Coolcullen is just three miles from Coon village and next to the border with Carlow.

It is seven miles from Castlecomer.

The auction took over an hour to conduct because on several occasions the five individual lots were making the same as the entire holding of 33 acres.

. There were a good number of individual bidders for each lot and only one bidder for the entirety and in the end he won out.

He is from the area and will continue to be used for farming purposes.

the first lot of 19.8 Acres with two acres planted received a highest offer of €200,000.

The second lot comprised of four acres and €60,000 was bid for it.

The third lot, just 2.3 acre, with a portion planted attracted a bid of €10,000

The fourth parcel of land, 12 acres planted received a highest bid of €50,000 while the final piece of land, just one acre received a bid of €5,000, making a total of €325,000 for the lots.

However, one single bidder went €5,000 higher and secured the entire holding for €330,000 which worked out at €8,461 per acre.

“This was a very good price taking into consideration there is approximately 16 acres of it planted,” Mr Coogan said. He pointed out their was an annual premium of €173 per acre for the land under forestry.

“The huge interest generated by this auction reflects the hugely optimistic mood of farmers at the present time despite all the doom and gloom being spitted out by national commentators about the future of farming.

“This sale bodes well for the immediate future,” Mr Coogan said.