Case Study - Sale of an Equestrian Facility

Published on Wednesday, February 1, 2006

In early 2008 Kirkby and Diamond were instructed to dispose of a distinctive equestrian facility in central Bedfordshire. The property comprised a 4 bedroom detached dwelling set in 18 acres of paddocks with two sand schools, a hay barn, a sizeable workshop and stabling for up to 18 horses including tack room and feed stores.

The property was initially offered to the market with a guide price of £1.1 million and this rarely available opportunity generated significant levels of interest from both potential owner occupiers as well as local developers. The property was marketed as an informal tender with offers due for submission in the early summer of 2008.

In August the Vendors accepted an offer of £1,050,000 for the freehold interest of the property despite the deepening recession and failing property market. Surveys carried out by the Purchaser revealed some structural and infrastructure problems which had to be overcome, however, Kirkby and Diamond still succeeded in negotiating an agreed sale value of £825,000.

The sale completed in early 2009.