€3.25M for Kearney's Field

21st July 2017

Ger Scully

A PRIME site zoned for residential development in Tullamore made a whopping €3.25 million at public auction last week.

The 25 acre site, known locally as Kearney's Field, had a guide sale price in the region of €1.1 to €1.2 million before auction, said estate agent, Richard Cleary.

Bidding started at €900,000 and increased in lots of €100,00 to reach the sale price.

"In total we had 44 separate bids," Mr Cleary told the Tribune.

He added: "This result really is a vote of confidence in Tullamore".

"This is a prime site right in the centre of town which garnered a fantastic price,"added the William St based auctioneer.

But, he cautioned that the final price was a far cry from the €20 million sought for the site at the height of the Celtic Tiger property boom in 2007.

Mr Cleary said the property market in Tullamore was in a buoyant shape with two to three bedroom semi-detcahced homes recording a ten to 15 per cent jump in prices so far this year.

He said there was considerable interest in a two acre development site, with three unfinished houses, which his firm had on the market at Church Hill.

'We had hoped to sell the site for €330,000 but at present there is a bid of €500,000 and bidding is still open."