Bidding frenzy for Somerset solar farm site
BUYERS from across the country tussled to invest in a Somerset solar farm, which was being sold via an online auction.
The original guide price of £250,000 was quickly exceeded as a number of eager buyers fought for ownership of the site at Landmoor Lane in Long Sutton, near Langport, with the hammer finally coming down at £315,000.
Auctioned by Greenslade Taylor Hunt, which has offices in Devon, Dorset and Somerset, the solar farm attracted interest mainly from people at or near retirement age looking for an investment.
Auctioneer Justin Lowe from Greenslade Taylor Hunt, which also runs Sedgemoor Livestock Centre near Bridgwater, said: “All of the interest was from income seekers particularly those in or approaching retirement as the initial yield was (based on the guide price) in excess of 10 per cent before costs.
“We also had a lot of interest from people wishing to create an ‘eco’ home, producing their own energy and those looking at a battery storage site to complement the solar site.”
The auctioneers hosted three separate viewing days, which attracted buyers from all over the South West, South and East of the country.
Mr Lowe added: “The property sold via our online auction system which worked really well as the bidding is transparent. Both client and buyer are very happy!”
The site was established by the present owners in 2006 and there is a 13 and 14-year unexpired Feed in Tariff contract with EDF currently generating income of between £26,000 and £28,000 per annum (paid quarterly in arrears and index linked). The entire site extends to around 6.03 acres (2.44 hectares) with scope for further development, subject to the necessary consents.