‘Late, late’ offer of €800k secures East Galway farm

THERE was avid interest when a 62-acre residential farm came up for auction in Ballinasloe – and while it wasn’t sold on the day, a deal has since been done.

Around 60 people turned up for the auction of the farm and buildings at Redmounthill, Laurencetown which is situated around two miles from the village.

And while it attracted considerable interest at the auction in Gullane’s Hotel, Ballinasloe, on Friday,  the property sold subsequently for €800,000 – excluding the value for the old farmhouse and outbuildings, this represents approximately a price of €12,000 an acre.

The land is laid out in two neighbouring divisions and has plenty of road frontage. Part of the property is elevated and has panoramic views of surrounding counties

The property was being sold by Paddy Keane Auctioneer in Ballinasloe in three lots and he told the Farming Tribune that such was the interest in the lands that intense negotiations continued subsequent to the auction.

The first lot on offer was the two-storey farmhouse in need of extensive renovation, and the outbuildings, along with just over 44-acres of land.

Bidding for this lot opened at €400,000, then went to €425,000 and finished with a bid of €450,000.

The second lot was a field of 18.5 acres with significant road frontage. It is a short distance from the farmhouse and in permanent pasture. This received a single bid of €150,000.

Then the auctioneer put the entire property to the auction room and there was an opening bid of €625,000 from an interested party from South Galway.

It then went up in increments of €25,000 until it stalled at €725,000 at which point the auctioneer consulted with the vendors who were holding out for the €750,000 mark. The property was then withdrawn from auction.

However, in the intervening period, this same interested party approached auctioneer Mr Keane and agreed to come up with the €750,000 being sought by the vendor, but unfortunately for him, another interested party, believed to be from Co. Tipperary, then joined the frame. This individual then placed a bid of €800,000 on the entire property which could not be bettered by the rival Killimor bidder.

“Had the original bidder went the extra distance on the day of the auction, we would be tying up the finer details at the moment – but everything changed in the meantime. It’s a typical case of he who hesitates is lost and it is unfortunate for him that he did not go the extra mile on the day. I feel sorry for him,” said auctioneeer Paddy Keane.

Pictured: Johnny Morkham and Patrick O’Brien (both Eyrecourt) at the Laurencetown farm auction in Gullane’s Hotel, Ballinasloe.

For more, read this week’s Connacht Tribune:

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite HERE.

Get the Connacht Tribune Live app

The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

More like this:

Sign Up To get Weekly Sports UPDATES

Go Up