Abbey bought for just under guide

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.

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