Auctioneer secures ‘magical figure’ of £1m for prime farmland

March 31, 2014

With demand strong for good farmland, Newtownhamilton auctioneer Kieran Cumiskey enjoyed recent success at a local public auction taking bids on a 77 acre farm near Banbridge to £1 million.

The farm was the property of the family of the late Trevor Gibney who had been renowned in past years for his pedigree Holstein cattle herd.  Despite the land being deemed as of high quality and with large fields, it failed to sell in lots. The entire farm was subsequently offered at auction and quickly attracted a number of bidders, pushing the price up from £500,000 to £900,000.

In an exciting round of bid and counterbid, auctioneer Kieran Cumiskey took further bids in quick succession, managing to push the bids up to £985,000 and finally dropping the hammer at £1 million, selling to a buyer with interests in a specialised engineering business in the area.

The phenomenal selling price meant the land sold over and above the average price per acre usually fetched for farmland in the area, working out at £13,000 per acre, compared with average land prices in county Down of almost £9,000, and in mid-Down of £11,000 per acre.

Commenting on the successful auction, Mr Cumiskey said initially he felt that the property would be sold in lots, due to numerous pre-auction enquiries, but on the day, there was more interest in selling the entire farm in one lot. Kieran went on to say that the final price of £1 million was a “magical figure, especially in today’s economic climate”.