Much interest in tenanted acres
TENANTED land continues to attract interest on the rare occasions it becomes available and the sale of a block of bare land on the Northants/Leics border proved to be no exception.
According to joint selling agents FPDSavills and Richard Stanley, 155 sets of particulars for the 401-acre parcel of land at Theddingworth and Marston Trussel, a mix of IACS-registered arable soil, pasture and woodland, were sent out and 12 offers received from individuals, charities and investment trusts.
The purchaser was an overseas investment fund, although Mr Stanley said the actual owner was probably UK-based. The exact selling price has not been revealed, but the sale was guided at £645,000 and the sum achieved is reported to be in excess of that.
"I was very pleased with the result," said Mr Stanley, who has been managing the land for the previous owner.
Much of the interest was because the Agricultural Holdings Act 86 tenancy covering the land (currently yielding almost £20,000/year) had no right of succession, so reversion to vacant possession – and subsequent uplift in value – was guaranteed in the medium term. *