29 October 1999

Abbey bought for just under guide

ABBEY farms, Swineshead, marketed in June (Land and Farms, June 4) has sold for just under the £8m guide price.

A private individual picked up most of the holding – 2300 acres of grade 1 and 2 land, a farmhouse, four cottages and several ranges of modern farm buildings – for about £7.45m. Currently the land is let on two farm business tenancies and Justin Marking, FPDSavills said "The sale showed an initial yield before costs of just over 5% and an average price per acre of more than £3250/acre."

The remainder of the holdings 96 acres sold previously bringing the total sale price to near £7.9m.

Tom Fawcett, Carter Jonas, acted for the purchaser who is already a landowner and has considerable business interests.

Lands Improvement Holdings have adopted a strategy of reducing its pure commercial farmland holding and investing in urban fringe and brownfield sites.