Land At Bishop Norton - Lot 3

Bishop Norton, Lincolnshire, LN8 2BJ
£525,000   Guide price (£525,000 )

Description

Part of small rural portfolio. Lot 3 - 71.60 acres of arable land.

Further Information

For sale by direction of The Lincoln Diocesan Trust and Board of Finance Limited.

An Important Small Rural Portfolio For Sale By Informal Tender. All offers should be submitted no later than 12 noon on Thursday 30th November 2017. Please request a Form of Tender from Savills.

• 5 Lots totalling about 235 acres
• All let on 2 year Farm Business Tenancies with 3 month break
• Flexibility of purchase - portfolio or single properties

Lot 3

71.60 acres (28.98 hectares) Land at Bishop Norton, Lincolnshire, LN8 2BJ (nearest post code) – Guide Price £510,000

Description
A block of arable land fronting the A15 and Atterby Lane, outside Bishop Norton. The land is split into three large arable fields.

The Land
Classified as Grade 2 land, the Soil Survey of England and Wales describes the land as Elmton 1 which is Jurassic limestone, which is shallow well drained brashy calcareous fine loamy soils, suitable for sugar beet, potatoes and winter cereals.

Basic Payment Scheme
At the termination of the tenancy, the tenant is required to transfer the entitlements to the purchaser or the purchaser's designated nominee in return for a consideration of £1.

Restrictive Covenants
The property is sold subject to a reservation of 50% of any future development value (clawback) for a period of 80 years and to a covenant limiting the land to agricultural and equestrian use only. Please see the Tender Form for further information on restrictive covenants.

Ingoing Valuation
In addition to compensation under the Agricultural Tenancies Act 1995, the landlord shall pay to the tenant as compensation for disturbance:

• In respect of a determination taking effect between 1 January and 6 April, a sum calculated in the same manner as enhancement under the Agriculture (Calculation of Value for Compensation) Regulations 1978 to 1983

• In respect of a determination taking effect after 6 April but before the current crop on the land taken has been harvested a sum calculated as the tenant's loss of profit on that crop subject to deduction of the compensation under the 1995 Act relating to that crop

Tenure and Possession
The land is subject to a Farm Business Tenancy which terminates on 10 October 2019. Vacant possession can be gained on three months notice, subject to the payment of the ingoing valuation (detailed below) by the purchaser.

Viewings
Strictly by appointment through the selling agents.

Availability

Energy Performance

*Currency rates are updated daily at approximately 01:00 GMT | Property Reference Number: GBLNRULIR170019

Contact Property Agent

Charles Alexander

Savills Lincoln

Olympic House

Doddington Road

Doddington Road

LN6 3SE

+44 (0) 1522 508 900