Estate Agents Draw on Forestry, Mapping and Planning Expertise to Achieve a Record Price for Farming Client
The sale of Bandominie Farm was one of the most memorable property transactions of 2021 for Carl Warden, Partner and Head of Estate Agency.
Bell Ingram’s Agency team drew on the expertise of colleagues from the company’s Forestry, Mapping and Planning departments to achieve a record result for their client, all the time navigating the challenges of ever-changing Covid restrictions as the market eased out of lockdown.
Located on the edge of the very buoyant Glasgow market, the 380-acre Bandominie Farm consisted of a farmhouse with outbuildings, a modern bungalow and a large area of forestry land.
The owner, who had lived there all his life, occupied the modern bungalow with his own family, while his elderly parents remained in the original farmhouse, which was in need of considerable modernisation and renovation.
To achieve the best possible price for our client, we advised that breaking the farm into separate parts would be the most lucrative way forward.
The first step in this process was to map the property thoroughly and our in-house GIS Mapping Department was tasked with providing three mapped areas of land – 275 acres for forestry planting, 19 acres to go with the old farmhouse and its considerable outbuildings, and a further 2.5 acres of paddock to be sold with the modern bungalow.
Bell Ingram’s Planning Department then made an application to have the Section 75 removed from the farm which allowed us to sell the residential properties separately.
The two residential properties were listed at £200k for the farmhouse, outbuildings and 19 acres, while the modern bungalow was put to the market at £250k with the paddocks and two small stables.
The attractive sales price, coupled with the lack of available stock in the Glasgow area, generated just short of 200 enquiries which resulted in 121 viewings being arranged in only six working days. A closing date saw both properties sold to the same buyer, achieving almost 25% above their asking price.
However, it was the Forestry element of the sale which ultimately generated the best outcome. Bell Ingram’s Forestry Department approached their private clients offering the 275 acres for an asking price in the region of £450,000 to £650,000, and our client was rather overwhelmed when a closing date achieved significantly above the asking price!
Carl Warden said: “Bandominie is a great example of why it can make sense to break complex properties down into separate components if you want to achieve the best possible price. It also underlines why it’s important to employ an agent with rural land and business experience who can draw on a range of expertise to add value to the sale.”
If you are considering selling your farm, our dedicated team is on hand to provide the expert advice you need to help achieve the best possible result. Contact Carl Warden on 01738 621 121 or email firstname.lastname@example.org