Port land makes €7,800 an acre

A 22-ACRE non-residential farm which made €15,600 an acre five years ago, sold last week at auction for €7,800 an acre.

A 22-ACRE non-residential farm which made €15,600 an acre five years ago, sold last week at auction for €7,800 an acre.

The land at Ullard, Portarlington was sold at public auction in the East End Hotel by auctioneer Matt Dunne.

Eleven people attended the auction, where the opening bid was €100,000. A few minutes later the farm was declared on the market at €165,000 and two local farmers battled it out until the hammer fell at €171,000.

Set out in a 22-acre field, the land was reseeded two years. Prior to that it grew fodder beet and cereals.

The same property was sold in 2005 for €13,500 an acre and again in 2007 for €15,600 an acre.

On those previous occasions the buyers were business people, while last week a neighbouring farmer secured the sale.