21 August 2008 - FARM AND LAND SALES
A BRISK TRADE AT AUCTION OF FARM AND ACCOMODATION LAND
BIRK BANK FARM (130.72 ACRES) AND 20.29 ACRES OF ACCOMODATION LAND AT DOVENBY
Near Cockermouth, Cumbria
A room full of prospective bidders and interested parties greeted PFK Land Agency’s auctioneer William Bashall when he offered for sale both Birk Bank Farm, Mosser and some accommodation land at Dovenby on Thursday 21st August 2008 at the Trout Hotel, Cockermouth.
Offered first was the land at Dovenby extending to 20.29 acres, this land had attracted a lot of interest from local parties and bidding got underway with the price rising towards £90,000 quickly. Eventually the land was knocked down for £96,000, equating to £4731 per acre.
Next up was Birk Bank Farm at Mosser, which was on offer either in 3 lots or as a whole. The auctioneer initially offered it for sale in lots, for which there was a limited interest in all 3 lots. He then put it to the market as a whole and there was considerably more interest around the room. After some rapid bidding the farm was sold as a whole for £920,000.
Specialising in the sale of agricultural land, farms and other rural property, as well as a wide array of other rural specialisms, PFK Land Agency have seen a healthy market for agricultural land over the last 12 months. The large amount of interest and high prices made were a reflection of the continued interest and demand for agricultural property despite other sectors within the property market slowing down.”
PFK Land Agency
27th August 2008
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15 July 2008 - SHARE SALE
At the sale of 2,418 Shares in Penrith Farmers' & Kidd's Plc on Tuesday, 15 July 2008 the shares were withdrawn unsold.
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1 May 2008 - SPIRITED BIDDING FOR LAND WITH LAKE FRONTAGE
4.68 ACRES OF LAND WITH 110m OF LAKE FRONTAGE TO ULLSWATER
Watermillock, Cumbria
Competitive bidding ensured that the hammer fell on land at Watermillock for over 40% more than the guide price. William Bashall of PFK Land Agency conducted the sale on behalf of The Howard Family at Parkin Memorial Hall, Pooley Bridge, on Thursday 1st May 2008, with the land being sold for £86,000.
The land extended to 4.68 acres or thereabouts of pasture land with 110 metres of lake frontage onto Ullswater. The realisation price of £86,000 equating to £18,376 per acre.
Specialising in the sale of agricultural land, country estates and property, PFK Land Agency have seen a strong demand for agricultural land over the last 12 months. Peter Bascombe, the Agent dealing with the sale stated “we are delighted for the family that this was a successful sale and the fact the land realised over £18,000 per acre. It is comforting many people are being confident and positive about purchasing land in the locality despite some uncertainty nationally in the residential market.”
PFK Land Agency
1st May 2008
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26 March 2008 - FARM & LAND SALES - SPS ISSUES
After a busier than usual spring due to the increased activity to try to beat the change in CGT regulations there are ever more things to consider when planning a sale of land and farms. With the arrival of the 2008 Single Payment Scheme (SPS) application forms at the end of February it was a reminder of the changes to this year’s scheme which will affect land transfers both before and after 5th April 2008.
In particular, the abolition of the 10 month occupation rule means that after 15th May land sold will remain the responsibility of the SPS claimant up until 31st December 2008. From 1st April this applies even if the applicant is not in occupation of the land for the entire year. Land used to activate entitlements under the SPS must be at your disposal on 15th May 2008 & must be eligible for the SPS for the entire scheme year. This requirement is for SPS only and not Hill Farm Allowance 2009 etc.
As the applicant is responsible for making sure that cross compliance requirements are met for the whole calendar year it will be important to Seller(s) to ensure the new owner / occupier adheres to the terms agreed to. Similarly Buyer(s) will be required to comply with the terms of the Seller(s) SPS application 2008. The terms of any contractual agreement between Seller(s) and Buyer(s) will need to be carefully considered and interests protected in case of cross compliance breaches. This may include Buyer(s) indemnifying Seller(s) in respect of any subsequent breaches. Depending on the timing and terms of a sale the 2008 payment could be reserved to the Seller(s), this is something else to watch out for if you are the Buyer(s).
In future scheme years there will be a liability for cross compliance throughout the whole calendar year. For this year if there is a change in occupation before 15th May 2008 the new occupier will only be held responsible for breaches after the 1st April 2008.
Similarly if an applicant claimed on some land which they then transferred out after 15th May 2008 they would remain responsible for ensuring that the cross compliance requirements relating to the land are met until the end of the year.
With regard to actual transfers you have until midnight on 2nd April to notify RPA of entitlement transfer for it to take effect by 15th May 2008. Remember there is VAT on all transfers now!
There are other significant changes to the SPS regime for this year.
• A zero rate of compulsory set-aside for the 2008 scheme year. Sufficient set-aside eligible land will still be needed however to meet set-aside entitlements. Set-aside eligible land does not have to be taken out of production or managed as set-aside in 2008 in order to activate set-aside entitlements. Set-aside entitlements will still activated before all others. Any land that you voluntarily choose to keep out of production must be managed in accordance with the requirements of GAEC 12. No decisions have been made yet for 2009 scheme year.
• The abandonment of the Fruit, Vegetable and Potato (FVP) authorisation system. These crops are now eligible to be claimed against Normal & National Reserve entitlements without the need for FVP authorisations.
There are a few reminders too:
• Don’t forget if you want your entitlements to be activated in a different order, i.e. different values or use by dates you need to request an ‘Order of Entitlements Activation’ form from the RPA.
• If you haven’t given your bank account details to the RPA no payments will be made by cheque after 15th October 2008.
• Watch out for fields first declared as grass on 15th May 2003, if they remain in grass they have become permanent pasture for the purposes of this scheme, unless used to support set-aside entitlements during that time.
Katie Milbourn MSc MRICS FAAV
T: 01768 866611
F: 01768 895532
E: katiemilbourn@penrithfarmers.co.uk
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25 March 2008 - SHARE SALE
Penrith Farmers' & Kidd's Plc offered for sale by Public Auction in the Skirsgill Saleroom, Penrith 1,451 Ordinary Shares in the Company. The shares were sold in four lots to average £23.90 per share.
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7 September 2007 - PUB LEASE SALES
GEORGE HOTEL KESWICK
The lease of the George Hotel in the popular Lake District town of Keswick has been sold through local leisure and commercial business specialists PF&K Commercial. The hotel is Keswick’s oldest coaching inn offering a traditional atmosphere with a beamed bar and restaurant plus 13 good quality en-suite letting bedrooms. The impression of the 300 year history of the inn is indisputable in its heavily beamed rooms full of antique objects and furniture. The lease of the hotel was sold by Cumberland Taverns, a Keswick based pub company, and has been acquired by local hoteliers, Howard & Caroline Speck. Mr & Mrs Speck also own the Highfield Hotel in Keswick. The lease was on the market for £297,500 although the price agreed is not disclosed.
THE GALLOPING HORSE, HIGH HARRINGTON
The Galloping Horse, a popular neighbourhood food pub, situated in the High Harrington area of Workington in west Cumbria has changed hands through local leisure and business agents PF&K Commercial of Penrith.The pub, which has a large interlinking bar and restaurant area seating over 120, had been run for 4 years by Craig Lowery and Allan Watson who have sold their Marston’s lease to local businessman Paul Farrell. The lease was on the market at an asking price of £139,000 but the agreed price has not been disclosed.
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2 August 2007 - INDUSTRIAL UNIT LET AT FLUSCO
A new industrial unit at North Lakes Business Park has been let to a local company through PF&K Commercial.
The unit, which is known as Latrigg, extends to 2,900 sqft has been constructed with dark green cladding and stone faced walls in accordance with planning requirements and to fit in with its rural surrounding.
The unit has been let to Country Puddings Limited of Dacre who are expanding their business.
Duncan Young of PF&K said “although the unit has been on the market for over 12 months we had talked to a number of potential tenants but our client is very happy to be helping a local company expand. The development at Flusco will accelerate as more companies locate on the park.”
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