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Farms and Farmland market update

Thu 20 June 2019

Stags Farm Agent Andrew Ranson MRICS FAAV discusses land sales achieving high returns.

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Perhaps surprisingly to some, the farmland market is quite active at the moment. Stags Farm Agent and Auctioneer Andrew Ranson reports, “I have been busy with numerous transactions,including the recent sale of two​​​​​​​​​​​​​​
​​​​​​​​​​​​​farms, various blocks of land, (by private treaty and by auction) and a flurry of activity with several parcels of woodland. ​​​​​​​I have also just launched various new properties, including Dunsdon Farm, Pancrasweek and several
land opportunities across Cornwall and along the Devon borders.”

In spite of various new instructions across Stags’ most western region, the stock of farmland property on the shelves is less, at the moment, than would usually be expected at this time of the year. Mr Ranson feels this is a result of two factors: firstly, vendors being reluctant to put property on the market (perhaps due to concerns that Brexit uncertainty will be putting buyers off) andsecondly, the reality that hungry, active buyers, are actually snapping up the limited stock of properties available.

Some of the recent highlights include:
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Auctions: 
Last week Stags held two collective auctions for a total of 9 properties; one at Hayle, near St Ives and other at Launceston. Of the 9 properties offered, only one residential property in Launceston remained unsold. Three of the sales were dwellings in need of various degrees of work, each with some land and the remaining 5 lots that sold were land opportunities.

Two amenity sized pasture lots at Walkhampton and Horrabridge, near Tavistock, both sold for approximately 20% above the top end of their guide prices, with 3.95 acres at Horrabridge making £70,000! 

A small riverside, woodland parcel at Mill Hill, near Tavistock sold for £48,000 per acre! 

Further west a 0.95 acre paddock with a negative Pre-App, on the edge of a village, with no overage condition, smashed its guide of £20,000 to £40,000, surprising nearly everyone by achieving £111,000!

Farm Sales:
Lower Keigwin Farm, an attractive 66 acre dairy farm (a few miles east of Lands End) finally exchanged contracts a week ago in excess of its guide price. The farm had gone under offer last October, highlighting that all too often; delays at the legal stage can frustrate parties on both sides. Regularly farm agents point out to vendors that handling enquiries and finding a buyer for a farm, is only half their job! 

Bradford Manor Farm, near Shebbear, is a productive 144 acre grassland farm with a 22 acre cider orchard. The farm was sold as a whole and completed last week after two previous sales and a separate sale of the cider orchard had all previously fallen through. It still, however, exceeded its guide price. 

Land Sales:
Over the last few weeks bare land sales include: an agreed sale of 7.46 acres at Lesnewth, two completed land sales at Highampton, with a third parcel of land just going under offer and a private land sale near Carland Cross, which has just completed. 

Woodland:
In the last 10 days Stags have launched 30 acres of oak and mature larch woodland onto the market, near St Giles on the Heath at a guide price of £250,000. Sales have been agreed on 9.36 acres of pasture and woodland at Halwill Junction (guided at £8,500/acre), 14.52 acres of mainly young woodland at Boyton (guided at £4,800/acre) and 11.43 acres of woodland near St Austell (guided at £4,000/acre). The small woodland at Mill Hill (mentioned above) also sold well at auction. 

New onto the Market:
Dunsdon Farm, Pancrasweek has just been launched to the market and is generating more interest than had been expected. The farm is situated in a peaceful, tucked away part of Devon, near the Cornwall border. This 53 acre property is available as a whole or in 3 lots, with a guide price of £1,385,000. It comprises a generously proportioned 4 bedroom farmhouse offered with a courtyard of traditional stone buildings, incorporating a five star rated 3 bedroom holiday cottage, home office, stables and stores. There is a substantial stone barn for residential conversion, offered with 5 camping pods. Both these lots have paddocks and their own private young woodland, criss-crossed with private paths providing a delightful area to enjoy a private walk. On the opposite side of the quiet lane is an impressive equestrian facility. This includes a large barn with 9 American stables, a sand turnout area, a 60' x 30' manege and about 13 acres of pasture and an acre of woodland. (Image shown).

In the Boscastle area, two separate pairs of land lots with sea views have just been launched onto the market for different vendors. Priced around £40,000 to £50,000, these four opportunities are likely to appeal to amenity buyers. 

On the northern edge of Liskeard, a 33 acre “farmer’s size” block of pasture is new to the market and is available for just over £7,500/acre. 

If you would like any advice on land and farm values, or if you perhaps wish to discuss any of the above new properties available, please feel free to contact Andrew Ranson (01566 774999).
 

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