Auction success for Goffs Oak farm
PUBLISHED: 19:05 18 May 2010 | UPDATED: 17:12 20 February 2013
A 22-acre farm in Goffs Oak, Hertfordshire, has been successfuly snapped up at an auction by Savills Bishop's Stortford.
The22-acre Calves Croft Farm, Darnicle Hill, inGoffs Oak, Hertfordshire, has been successfuly snapped up at an auction by Savills Bishop's Stortford. The public auction on behalf of Heritable Bank plc (in Administration), took place on May 13, 2010.
Calves Croft Farm is situated in an attractive area of Hertfordshire and comprises a detached three bedroom house, outbuildings and glasshouses as well as grassland and woodland in total comprising 22.68 acres. However the property suffers from a number of problems which has meant many buyers were not is a position to buy.
Hugo Richardson, Auctioneer of Savills, explains, 'The list of issues affecting Calves Croft Farm was unusually long the house was subject to an agricultural occupancy condition, there was a substantial extension and a two bedroom flat, both built without planning permission, a pylon around 10m from the house, a boundary issue with a barn, a restrictive covenant restricting development on part of the site other than development for agricultural purposes and a potential access issue.
'As you can imagine many purchasers would either fail to meet the occupational requirements or were put off by the potential risks each of these properties represented.'
Savills were acting on behalf of Heritable Bank Plc (in Administration) who had taken possession of the property when the previous owners defaulted on their mortgage.
'The extent of the issues affecting the property meant a sale by private treaty, the normal process of selling property, was likely to be fraught with problems, so we advised a sale by auction' says Hugo. 'Selling by auction meant that contracts exchanged on the day of the sale and purchasers are required to complete the sale normally within 28 days this gives the seller some certainty and can be a very effective means of selling property.'
Calves Croft Farm was offered to the market in April at a guide price of 550,000 and was sold for 700,000.