3:54pm Friday 25th April 2014
By Mike Bridgen
AN unusual investment opportunity has arisen on the outskirts of Durham.
A mobile phone mast and 6.22 acres of land are on the market and offer any purchaser a regular rental income.
The sale is being handled by H&H Land and Property’s Durham office who say the sale is very unusual.
Offers are invited for the whole with a guide price of £130,000 or as two lots with a guide price of £90,000 for the mast and £40,000 for the land.
The mast is leased to O2 for a period of ten years from May 2006.
The base rent for this is £5,000 a year and there is potential for the lease to be extended.
The site is shared with Orange Personal Communications and the owners of the site received 50pc of any payment made by Orange to O2, which currently amounts to £5,750 for the owners. The total rental income therefore amounts to £10,750 per annum.
The 6.22 acres are Grade 3 cropping land, edged by hedgerows, and the land is currently down to an arable rotation.
The tenure of the arable land is Freehold with vacant possession being granted upon completion.
The sale includes sporting rights, and the Single Payment Scheme Entitlements for the land.
Selling agent Tim Sedgewick said: “The mast will provide a steady income for the purchaser, and as one has not come onto the market in the Durham area for a considerable number of years we are expecting there to be a considerable amount of interest.
“This arable land is a productive block of ground which has proved to give good yields, and would be a valuable asset to any nearby farming enterprise.”
The land is well suited to mixed farming operations and lies just to the south of the village of West Rainton.
In 2012 winter oats cropped at 3.1 tonnes per acre, in 2013 beans cropped at 1.75 tonnes per acre, and this year winter wheat is expected to crop four tonnes per acre.
If applicable, in addition to the purchase price, the buyer of the land will take over and pay for all growing crops at valuation.
The sellers would be prepared to act as contractor and to re-sow the land to grass if required.
To view the various lots, contact Mr Sedgewick on 0191-370-8530 or alternatively e-mail info@hhland.
The closing date for offers is 5pm on Wednesday, June 4.
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