Spott Home Farm, East Lothian, comprises a mix of residential properties, potential development sites, mixed arable, grassland and woodland, comprising about 898 acres in all.
Our strategic approach to this high-profile, high-value sale removed the barriers that had been stalling it for five years. The property and land were divided into multiple lots, to attract strong interest from a variety of buyers. This led to a series of rapid private and public sales, generating a result that delighted our client.
The Sale
Spott Estate included a fully restored baronial mansion house with 25 acres of policies; a further six residential properties and three potential development sites; about 506 acres of farmland and woodland; traditional and modern farm buildings; and the 367-acre Brunt Glen, which formed the heart of the estate shoot.
In the five years prior to Rettie’s involvement, two other national agents had marketed the estate both publicly and privately, selling off parcels of land; however, the core properties and much of the land remained unsold, despite the sale making headlines thanks to its record asking price.
Approach
Our market knowledge indicated that finding a buyer for the principal house was the key to moving the sale forward and that dividing the rest of the assets into a selection of relatively affordable lots was the best way to maximise the overall sale price. To implement this strategy, we started with the private sales of the Brunt Glen and then Spott House and surrounding policies. Both were promoted privately to a number of high-net-worth buyers who were given the option to buy additional land and properties as they required.
The remaining farmland, woodland, cottages, buildings and development sites were packaged into seven affordable lots and marketed publicly as Spott Home Farm. These lots were carefully thought through to offer something for everyone in the market. For example, properties with development potential were packaged separately to attract a premium.
Results and Benefits
The private sales of Spott House and the Brunt Glen were completed in early 2016 before the public marketing of Spott Home Farm, which began in May of the same year. All seven Spott Home Farm lots were sold within an agreed timescale to a variety of institutional, residential and farming buyers.
As shown by the success of the individual sales, our strategic approach generated interest in all of the different farm and estate elements. Our knowledge of the private buyers in the market unlocked the sale of the main assets and our targeted public marketing delivered maximum returns from the farmland and properties. Careful negotiations meant that tenancy issues were handled sympathetically and to the satisfaction of all involved.