Residential rise in value while land goes down
Residential rise in value while land goes down
By Louise Rose
LAST changing hands three years ago an arable unit on the Cotwolds now as a whole is guided at a similar level to then at £1.3m but the values for the core parts have altered slightly.
"There is a greater emphasis on the residential value now," said William Naylor, FPDSavills, "Its value has increased by about 10% with the land down by the same amount".
Also Tansley Farm, near Burford, Oxon is split three ways with the modern four-bedroom farmhouse, subject to an agricultural occupancy condition, lotted with 146 acres of mainly arable land, a two bedroom cottage and more than 1000t of grain storage. It is guided at £880,000.
"Most people interested in lot one have taken the view that with 146 acres the agricultural occupancy restriction will be satisfied," said Mr Naylor.
On the other side of a road the remaining acreage which is a typical grade 3 Cotwold Brash is divided into 108 and 77-acre blocks with £250,000 and £170,000 guide prices respectively.
Also there is an option agreement on most of lot three regarding mineral working which if exercised entitles the current landowner to compensation of the greater of twice the market value of the property or £5000/acre.
Mr Naylor has received interest for lot one from the home counties and local residential buyers and said if the vendor is satisified by a bid for this unit he would happily retain the remainder. However he maintains there is interest from local farmers and landowners for the lots of bare land.
He also is selling two blocks of bare land in the county. On behalf of New College, Oxford, 105 acres of grade 3 pasture at Stow-on-the-Wold is guided at £235,000 acres for the whole.
For sale due to the surrender of a tenancy the land which includes 66 acres eligible for arable area aid has road frontage and a water supply and is split into three lots ranging from 18-66 acres.
Also 70 acres of grade 3 pasture and arable land at Wyck Rissington, Glos is for sale as a whole guided at £180,000 by FPDSavills.