Successful Sale of Significant North Kent Farming Portfolio
We were approached by our client, The Colyer-Fergusson Charitable Trust, to market for sale their agricultural property portfolio in North Kent. This comprised productive arable land, pasture and farm buildings totalling nearly 800 acres.
I would not hesitate recommending Hobbs Parker to other landowners thinking about selling their farms or land on the market. Matthew provided extremely well researched and considered strategic advice to the Trustees in terms of our property and agricultural holdings and after that he followed through with clear reasoned advice and outstanding support throughout the whole sale process. We were delighted with the end result in achieving more than we anticipated which has had the positive impact that we can enhance our grant-making capacity for beneficiaries.
How did the opportunity arise?
Hobbs Parker were already involved in the day-to-day management of the agricultural portfolio on behalf of the trust following a re-letting of the farm in 2018.
The trust instructed us to provide a market appraisal in connection with a proposed disposal of their agricultural portfolio to enable them to focus on increasing charitable grants throughout Kent.
What did the property comprise?
Approximately 800 acres of mostly productive arable farmland in numerous blocks including farm buildings as follows:
Queens Farm & Kings Farm, Shorne
- A collection of modern farm buildings comprising 2,000 tonne grain store, workshop and open fronted livestock building
- Collection of traditional (dilapidated) farm buildings
- 512 acres of mostly Grade I and III productive arable farmland
- 5,000 gallon above ground reservoir and abstraction licence
- Subject to unexpired Farm Business Tenancy (FBT) agreements with income of about £110,000 per annum
- You can view the sales brochure here>>>
Land at Ifield Place, Shorne
- Grade I & II arable land in one block, totalling 230 acres
- Subject to an existing Farm Business Tenancy (FBT) until Autumn 2024
- You can view the sales brochure here>>>
Hazels, Durndale and Wingfield Bank Farms, Northfleet
- 160 acres of strategic farmland close to Gravesend and the M2
- Grade II & III arable land and permanent grassland
- 53 acres subject to an Agricultural Holdings Act 1986 tenancy
- You can view the sales brochure here>>>
Kings and Queens Farm
Totalling 750 acres of productive farmland
It was a pleasure to work with Matthew on these sales and draw on his expertise and knowledge of the farms during the legal process
What was the sale strategy?
The strategy for the disposal was to maximise its sale value. This was particularly important due to the charitable status of the client.
The initial marketing appraisal considered a number of factors including:
- Lotting
- Planning potential and overage recommendations
- Marketing Strategy and timescales
- Guide Pricing
The client agreed to proceed on the basis of our advice and subsequently instructed us to commence marketing.
The combined guide prices recommended were as follows:
- Kings and Queens Farm – £5,200,000
- Land at Ifield Place – Offers in excess of £2,000,000
- Land at Hazels, Durndale & Wingfield Bank Farms – £1,275,000 – £1,375,000
Lotting
Our lotting recommendations for Queens Farm and Kings Farm
How were the farms marketed?
The farms were initially marketed by the normal private treaty method of sale.
A sales brochure with professional photographs was prepared highlighting the key property features.
Based on the size of the portfolio and to cause minimal disruption to the tenants in situ, specific viewing days were arranged. Significant interest was received from prospective buyers throughout the UK.
The farms were advertised on our own website, online property portals (Rightmove and OntheMarket) and advertisements were placed in the South East Farmer and national Farmers Weekly publication. The sale details were also distributed to local and national agents, other professionals, and registered farming buyers on our “Early Bird” farms and land register.
How was the sale concluded?
Following the respective viewing days, a date was set for receipt of offers. Numerous bids were received for individual lots, a combination of lots and for the whole of each individual farm.
Due to the number of competing offers which were received for all lots and the whole, a “best and final offer” process was recommended, and a deadline set for receipt of best and final offers.
After consideration of the best and final offers received, a buyer was secured for the whole and solicitors were instructed.
The final sale prices were well in excess of the quoted guide prices totalling £8,500,000 and the client’s objectives were achieved and demonstrated.
We were delighted to have been instructed on behalf of the Trust to market their agricultural portfolio. This was one of the most significant sales of farmland to hit the market in Kent in recent years. Please contact a member of our agency team for confidential, expert advice if you are a considering a disposal of your farm or land now or in the future.
Land at Ifield Place
230 acres of productive arable land in a strategic location
