Two adjoining farmsteads in Cleveland near the North East coast have gone on the market, through Carter Jonas in Harrogate. The two blocks of predominantly arable land offer the potential to be combined into a single ring-fenced productive unit of over 550 acres.
Situated between Guisborough and Middlesbrough, the land at Dunsdale & New Buildings Farms is currently let on a Farm Business Tenancy, expiring in September 2009.
There are also two traditional stone farmsteads with attractive principal houses requiring refurbishment, a cottage let under a protected tenancy and further development potential in the form of redundant buildings.
The rental income from both farms currently totals over £57,000 per annum, including £6,000 per annum generated under a 25-year effluent outfall pipe lease which commenced in May 2009.
"Historically, land and property values in this part of the North have been lower than the more popular areas of adjoining Yorkshire,” commented Tom Whitehead, an Associate of Carter Jonas’ Harrogate office, who is handling the sale.
“Both the layout and the soil quality of these farms are good. We consider the sale will have wide appeal to institutional and private investors as well as owner-occupiers."