Arable land in south Norfolk makes £13,000 acre or £2.3m
A block of arable land in south Norfolk has been bought by a farmer for about £2.3m.
The predominantly arable land made more than £13,000 an acre for the 174.74 acres at Low Common, Bunwell.
Offered for sale in July by the Norwich office of agents, Savills, it had a guide price of about £8,400 an acre.
There was strong competition from farmers and investors as it sold for 'in excess of the guide, representing more than £13,000 per acre.'
Christopher Miles, head of the firm's regional rural agency, said: 'This is a good example where full marketing in a market lacking in supply has driven up the price beyond the current average.
You may also want to watch:
'For ambitious farmers wanting to expand there are few opportunities out there and so they are willing to pay to get the right thing. Farmers have to take a long-term view and it's usually the underbidders who regret not paying enough to acquire what is an increasingly scarce commodity.'
- 1 Body found in search for missing 87-year-old Margaret Smith
- 2 'I can't carry it' - Shock as plant starts growing eight inches a day
- 3 WATCH: 'Selfish' drug-driver ploughs into police detective's vehicle
- 4 Norfolk man who had sexual relationship with teen jailed
- 5 Two Norfolk businesses star in TV show
- 6 Fly-tipper travelled from Welsh border to dump in Norfolk
- 7 Aldi planning four new stores in Norfolk
- 8 The Range confirms new store at former Outfit on retail park
- 9 Funeral held for much loved windsurfer after body found in Sweden
- 10 Man charged with attempted murder after serious Norwich assault