East Midlands land prices ‘remaining strong’
Lutterworth-based chartered surveyors and property consultant, Wells McFarlane is reporting that land sales in the East Midlands throughout 2016 remained strong.
In many cases, deals have been secured at the upper end of the market, with some even exceeding expectations, says Trevor Wells, chartered surveyor and specialist land agent with the firm.
He said: “In late autumn we managed to secure the sale of Hill Top Farm near Appleby Magna, a 370 acre farm, comprising two Lots of highly productive land extending to 171 acres and 131 acres and one Lot comprising a farmhouse, extensive outbuildings and a further 68 acres. This well-accessed working farm, close to Junction 11 of the M42, is one of very few equipped land holdings to go to market in the area in recent times and provided not only Grade II arable and fully irrigated farmland but also a substantial range of buildings and outhouses, together with a traditional Georgian farmhouse, courtyard and stable yard.
“Once marketing commenced there was a great deal of interest – in excess of 50 calls and viewings ─ with Lots 1&2 finally going to a non-farming purchaser and Lot 3 to a local farmer. The completion represented a very high per acre land price ─ £19,000 per acre ─ showing that farmland values are still strong despite a lot of negativity around commodity prices.
“We identified the land’s potential, being on a motorway Junction in the Midlands, and targeted interest from not only traditional purchaser groups such as farmers and investors, but also strategically minded organisations looking for land with “an angle”. I am pleased to say our strategy worked and we hope to see the land’s potential get realised by the new owners to capture the agreed overage monies.”
