Search

Farming family buys 1,000 acres of Norfolk arable for £8m

12:31 16 October 2012

An East Anglian farming family has bought 1,000 acres of land on the Marquess of Townshend’s Raynham estate for about £8m.

The largest block of grade III commercial arable land to be offered on the open market for some years in Norfolk sold for close to the £7.9m guide price.

The land, extending to 999.84 acres, which has previously grown wheat, barley, oilseed rape, peas and sugar beet, lies between Oxwick and Hempton, near Fakenham, on both sides of the Tittleshall Road.

Although most had been owned by the estate for centuries, part was subject to a sale and leaseback in the 1970s. It was later re-acquired by the estate, which is still in the family of “Turnip” Townshend, the second viscount, who helped to launch the agricultural revolution by pioneering the four-course rotation.

Christopher Miles, from Savills in Norwich, said: “This sale demonstrates the strength in the market and the need to have access to the widest possible number of buyers. After the first buyer pulled out for personal reasons, we then withdrew the contract from the second when he tried to renegotiate.

“However, we were able to generate further offers and quickly place it with a third buyer, an East Anglian family with existing farming and property interests.”

“Is this a sign of a market at the top? For the right thing like Raynham, no. But there are increasing signs of the widening of the gap between what the hot money wants and the rest, in a market short of supply,” he added.

The Townshend family has owned land in West Norfolk for 600 years, since the reign of Edward IV.

Search hundreds of local jobs at Jobs24

0 comments

Management Jobs

Show Job Lists

Insight

Steve Beber, left, chief executive,, and Mike Pettitt, chief technical officer, of TRACKIT Solutions. Picture: DENISE BRADLEY

Future50 member TRACKIT Solutions has big plans which could transform the business in 2017, as SHAUN LOWTHORPE reports.

The installation vessel Giant 7 being used to install turbine jackets at Wikinger.

The East Anglian coastline is becoming a world leader for the offshore wind industry – but the lessons are being imported from abroad. Business editor MARK SHIELDS visited Germany’s Wikinger wind farm to find out more.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Mustard TV

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented

Newsletter Sign Up