Business

Notts Council to sell off three farms

Tuesday 16 August 2011 15:03

Three of Nottinghamshire County Council's farms are to be auctioned next month, two with vacant possession.


Both of these will be sold as a whole to give would-be buyers the chance to secure a house, buildings and a proper farming base, said Savills' Antony Oliphant.

"New owners may choose to add value through planning consents and/or split the farms, but in the current market we believe there is marriage value in selling farms as a whole," he added. Both land and houses could also be re-let to generate a steady yield.

Glebe Farm, East Bridgford, is a 68ha (168-acre) farm with modern and traditional buildings and a three-bedroom farmhouse. Subject to planning consent the farm buildings could be suited to business and residential use.

The land is level, grade 2 arable soil in good-sized fields. Being close to Newark, sugar beet could be grown. The farmstead is towards the centre of the farm and includes a grain store and general purpose buildings.

"We are expecting strong demand for what is a useful satellite unit for larger farmers or a standalone unit," said Mr Oliphant. The farm is guided at £1.2m.

Whatton Lodge Farm, Whatton, is a 46ha (114-acre) grassland farm with extensive modern livestock buildings, grain storage and a four-bedroom farmhouse. The land is level grade 3, currently all pasture but cropped in the past. Again, the buildings provide development potential. The farm is guided at £950,000.

The let farm is 56ha (138 acres) of bare grade 2 and 3 land at Swillow Lane, Rolleston, Nottinghamshire, let under a long-term Agricultural Holdings Act tenancy.

"The land provides investors with a bite-sized agricultural property with a guide price of £440,000 and scope to increase the rent from April 2013 with a review notice served," said Mr Oliphant.

The trio of farms are the first owned by Nottinghamshire County Council to come to auction as officials makes the most of buoyant land values in the East Midlands to help fund capital projects, including a three-year £100m school refurbishment plan.

"We are currently reviewing all our property," a spokesman said. "We decided to sell these three as they were in green belt areas and had no development opportunity."

A decision on whether to market any more of the council's remaining 22 farms will be taken later in the year.

The auction takes place at Nottinghamshire Racecourse on 1 September. (Savills 0115 934 8020)

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