International real estate providers Savills reports a rising demand for farm land which is surplus to the owners’ requirements. Despite the turbulent property market and against strong odds, its development land and valuation team in Oxford has notched up four notable deals since the beginning of the year
Edward Keeling of Savills says: "Farmland is a particular niche area of the market and is extremely resilient in terms of holding its value."
Hall Farm Yard, Begbroke, Oxfordshire, proved to be a complex land disposal. The site, with consent for two barn conversions and three new build properties, exchanged for the guide price in March 2009 even though the original offer was submitted last September. "Maintaining the buyer’s offer at the same level for six months in a faltering market illustrates what can be achieved. We were determined to meet our client’s expectations," says Edward Keeling.
Another example was a 2.42 acre Green Belt site in Eaton, west of Oxford, with the potential to convert redundant farm buildings (subject to obtaining the necessary consents), which exchanged and completed simultaneously in February.
A site of 0.91 acres in Nether Winchendon, with detailed planning permission to convert the existing farm buildings to form three residential dwellings, exchanged in March for close to the guide price and completed in April.
Finally, a site in East Hanney of 1.3 acres, with no consent in place, exchanged and completed simultaneously for the asking price. The vendor of Kings Farm Cottages needed a swift transaction and set the completion deadline for the end of March; this was achieved with one day to spare, once again meeting the client’s expectations.
Edward Keeling adds, "These disposals and acquisitions show that, in a resilient area such as Oxfordshire, there is still significant demand for land in desirable locations. Rapidly changing market conditions mean it’s of paramount importance that land owners act sooner, rather than later, so they can capitalize on the current trend. Savills would welcome the opportunity to help maximise the potential of similar farm sites."
