Watling Real Estate has been appointed on one of the UK’s largest ever receiverships.
The Dissington Estate is a 2,500-acre agricultural estate, including three large farms, three farm smallholdings, neighbouring woodland, a fishing pond and a number of residential properties in Northumberland, around nine miles north-west of Newcastle.
Andrew Foster, joint receiver and managing director at Watling Real Estate’s Leeds office, said: “We will now be taking control of the land and undertaking a detailed fact-finding operation, assessing all disposal options and implementing the optimum strategy to realise best value. This could be an outright sale of the whole property, or we may well end up splitting the estate into various lots to maximise its value.”
The Dissington Estate, situated between Ponteland to the east and Stamfordham to the west, includes more than 1,884 acres of arable land and 469 acres of pasture. The majority of the land is currently let as working farms on 1986 Agricultural Holdings Act tenancies, with a smaller amount let on farm business tenancies.
The estate also contains a fishing pond let to a local angling club, various let residential properties and some 151 acres of in-hand woodland dispersed around the estate.
The residential dwellings have a total area of 27,233 sq ft and come with a wide assortment of neighbouring barns, stables, workshops, storage rooms and other outbuildings totalling a further 115,000 sq ft across the estate.
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