Realistic guide sells the Pentre
SETTING a realistic guide price to generate interest in the Pentre, near Usk, paid off for Glos-based agent Matthew Peters of Bruton Knowles.
With none of the land eligible for arable area aid, offers over £300,000 for the whole was the pre-auction guide for the 160.62-acre stock farm in Gwent – putting the grade 3 land at about £1500/acre. But at last weeks auction (Oct 4), amidst competition from dairy and stock farmers, the farm sold to a local businessman/ farmer for £380,000.
"With a lack of land available in the area the interest was there and a realistic guide price ensured the market found its own level," said Mr Peters.
With the farmhouse requiring at least £50,000 spending on it, this sale price did not include a premium for the accommodation.
"The bare land value was about £1750/acre and would probably have been nearer £2000/acre if it was IACS eligible," he said.
In case the farm had not sold as a whole it was also split into three, with the house, farm buildings and 10.34 acres as one lot – which had generated some interest from developers. There were 100,000 litres of milk quota which did not sell. *