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Record £5.386M Property Auction

July 2011

Not only was Friday 24 June Mid Summers Day, but also the day on which one of the largest and most successful Auctions of Agricultural property in the South West was held. The Auction - possibly one of the largest to be held within Devon for many years unusually included two large Farms, together with other Agricultural property. With a one hundred percent success rate, the sale totalled £5,386,000. Held at the Padbrook Park Hotel, Cullompton; Auctioneer Tony Overhill FRICS and Partner in GREENSLADE TAYLOR HUNT's Tiverton office offered the mixed portfolio to a capacity audience of over three hundred interested parties.

First to be offered was East Mere Farm at Chevithorne, Tiverton; a residential stock/arable holding extending to about 312.77 Acres. Purchased at Auction by the Grabham family some eighty years ago, it was fitting that the property should be re-offered by this method of sale. In need of general improvement and modernisation throughout, the property comprised of a substantial Victorian residence (6 beds) together with two semi detached Farm cottages and an extensive and adaptable range of further Traditional and more modern Farm buildings. The land varied from level and productive red soil to more poorly drained Culm Valley grassland. Not surprisingly for a holding of this size and location, the property generated substantial local and national interest, as well as attracting viewings from Ireland, America and Northern Europe. With a pre Auction guide of £2,250,000, the property was offered for sale as a whole with the hammer eventually falling after spirited bidding at £2,820,000. An off lying field of 3.79 Acres similarly owned by the Grabham family and subject to a protected Agricultural Tenancy, realised £20,000.

The second property to be offered was Fair Oak Farm at Up Ottery; a Traditional live stock holding set within the seclusion of its surrounding land and occupying a unique setting within the Blackdown Hills. Extending to about 246.63 Acres, the property similarly comprised of a substantial Farmhouse in need of complete modernisation and improvement, together with an extensive range of Traditional and more modern buildings with the homestead occupying a private position within the property's surrounding arable, pasture and amenity land. With a pre Auction guide of £1,525,000 the property was offered for sale as a whole and after competitive bidding realised £1,920,000.

The penultimate Lot of the day was Busland at Cadeleigh, Tiverton a Traditional Devon farmstead that had remained within the same family's ownership for over forty years. Occupying a similarly unique location within its surrounding land, the house required substantial improvement and modernisation but with an attached range of Traditional buildings, and the potential for further enlargement. The surrounding pasture and woodland extended to just over 20 Acres. With a pre Auction guide of £450,000, the property had attracted substantial interest. In the Auction room, the hammer fell at £610,000 to a purchaser from Worcestershire.

Finally, 2.60 Acres of woodland at Monkton, Honiton concluded the Auction with a sale price of £16,000.

The success of this sale highlights the popularity of the Auction system for Vendors and Purchasers alike. For the right property coupled with correct marketing and presentation, the Auction continues to prove a highly effective and transparent method of sale. In comparison to the general residential market, the Agricultural and land market has shown no signs of easing in recent months and we currently have many Agricultural and non Agricultural buyers looking to acquire Farms and land within the South West.

The sale on the 24 June was but one of a series of collective property Auctions held by the firm throughout the region. For further information please contact your local GTH office.

 

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