Norfolk opportunity with 1000t of grain storage
Few arable farms are sold during the combining season, but Brown & Co has just launched a Norfolk opportunity that might interest those with a good harvest in the barn.
Kempstone Lodge Farm at Litcham, near Swaffham, is being sold by David Rawkins, who has farmed in the area for many years, according to selling agent Jim Major.
The farm has been contract-farmed, but Mr Rawkins decided to sell when the agreement came to an end, said Mr Major.
“We looked at all the options, but given the strength of the land market in Norfolk it seemed a good time to sell.”
Mr Rawkins, however, is keeping the farm’s main house and 40 acres, which means that Kempstone’s 400 acres of Grade 2/3 soil and 1000t of grain storage are likely to appeal to local farmers or investors.
A new contracting agreement would probably earn the buyer about £100/acre, which coupled with the £17,000 annual rental income from four let cottages, would mean a reasonable return on the £2m asking price, said Mr Major.
The market in Norfolk was buoyant due to the general lack of supply and also to a certain extent a greater degree of optimism among farmers, he reckoned.
“Some people still think land here is worth £2500/acre, but that’s not true anymore.
I’ve just sold 75 acres near Burnham Market to a farmer for nicely over its £3000/acre guide.”