Evidence that values for agricultural land are heading towards £10,000/acre seems to be growing after midlands agent Howkins & Harrison sold just under 150 acres at Appleby Magna in Warwickshire for a whopping £8168/acre.
Part of a farming estate, the block of bare land was fought over at auction by several farmers before selling for £1.2m. The firm’s Tim Howard said the guide of £575,000-£625,000 was quickly outstripped.
“All the bidders were farmers. Land has been a scarce commodity in this area for the last 10 years and I’ve never had so many interested parties in anything we’ve auctioned – farmland, paddocks or cottages.”
Also in the market recently, Four modern, low-profile poultry houses supplying the Grampian Country Food Group with 900,000 chickens a year are among diversified businesses on a family-run farm in Shropshire.
Perry Farm, with 185.23 acres at Whittington, near Oswestry, is being offered by Berrys with a guide of £2.7m. Level grade 2 and 3 farmland is served by a reservoir with abstraction licence.
The vendors have set up a leisure business in a former farm building adjacent to the farmhouse, with reception area, gym, swimming pool, treatment room and changing facilities.
Last year’s income was £67,000, with running costs of £10,000 (excluding family labour and VAT). There is also planning permission to convert a range of traditional buildings into three dwellings, possibly for holiday accommodation or longer lets.
And Cyffin Estate, with 504 acres of pasture, a 5-bedroom farmhouse, cottage and farm buildings at Llangadfan, east of Welshpool, Powys, has been sold in excess of its £2m guide.