Agricultural land sale breaks all UK records

Land in Old Leake has just been sold at a UK record price by Pygott & Crone. NA
Land in Old Leake has just been sold at a UK record price by Pygott & Crone. NA

THE UK record for a price achieved for prime arable agricultural land has just been smashed by a Boston company – being sold for a total of more than £2 million.

Agricultural land and property specialists Pygott & Crone has successfully sold land in the borough at £18,055 per acre.

Richard Start, land agent in the company’s agricultural department, put 167.711 acres of prime agricultural land and a farm building in Old Leake under the hammer at its auction on Wednesday. The land, sold on behalf of eight beneficiaries, went to six different local buyers for a total of £2,088,000.

“We believe this is the UK record for a price achieved per acre,” Richard said.

“Pygott & Crone already holds the record for tenanted land at over £11,000 per acre. We have now broken the record for vacant possession – which we believe stands at around £14,000 per acre for land also in the Boston area.”

There were 10 lots all together. Ninety-five acres at Leake Hurn’s End were bought by a local farmer for £1.52 million. This was in three lots – two 19-acre lots, and a lot of 58 acres which achieved the record-breaking price of £18,055 per acre. The remaining 72 acres and a farm building sold for £568,000.

Partner Will Barker, who heads the agricultural department, added: “This is a major achievement for Pygott & Crone – especially in the current economic downturn. This sale was really positive news for the agricultural market, despite the economic doom and gloom.”

The company expects agricultural land prices in Britain to continue rising following ‘the surge in global food prices’.

“What this sale also shows is that in Lincolnshire we have some of the best land available in the country,” said Will.

He added: “Lincolnshire is, without doubt, the food basket of the nation.”