STAGS have completed the letting of 105 acres at Upexe, on the outskirts of Thorverton, Devon.
The land, extending to approximately 105 acres and split into seven level enclosures, had previously been in arable cropping and was offered on a five-year Farm Business Tenancy from September 29, 2013.
The landlord wished for a change in farming practice and it was stipulated the new tenant must establish a long-term grass ley at the start of the lease and maintain it throughout the tenancy.
There was strong interest from the outset.
By the close of submissions 15 tenders had been received from local farmers.
James Selby of Stags Farm Agency said: "A high level of interest was always anticipated but our initial expectations were surpassed both in terms of the number of tenders and the prices people were willing to pay to secure the land.
"Clearly there are numerous farmers in the area on the lookout for quality land."
The Persey family have been selected as the new tenant of the land.
Currently occupying a 350-acre Duchy Estate farm at Bradninch for their dairy herd, the Perseys intend to utilise the additional forage provided by the land at Upexe while also undertaking to convert the land to organic pasture.
