Watling Real Estate has sold a 2,500 agricultural estate in Northumberland to the Crown Estate for £19.1 million.
Joint managing director Andrew Foster and director Chris Walker of Watling Real Estate were appointed joint LPA receivers over the Dissington Estate in July 2023.
The 2,552 acre estate, which lies some nine miles north west of Newcastle, includes five tenanted farms featuring a number of residential and agricultural buildings.
Andrew Foster said: “Our initial task was to take control of the land and undertake a detailed fact-finding operation.
“We assessed all the disposal options and sought to structure a marketing strategy to release best value.
“We are delighted to have secured a sale to the Crown Estate.”
The Crown Estate is an independent commercial business, created by an Act of Parliament, with a diverse portfolio of UK buildings, shoreline, seabed, forestry, agriculture and common land. Over the past ten years, it has contributed circa £2.6 billion to the country’s coffers.
Mr Foster added: “The Crown Estate exists to generate valuable revenue for the government and so the acquisition of the Dissington Estate is seen very much as a long term investment with potential asset managing opportunities that may arise.”
The Dissington Estate is one of the largest properties of its kind to come to market in the UK in recent years.
It is situated between the settlements of 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 is currently let out 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, plus 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 another 115,000 sq ft across the estate.
Savills Rural acted for Watling Real Estate in the sale.
The Crown Estate was advised by law firm Burges Salmon and Gateley Legal acted for the receivers.