Peterborough City Council to sell Newborough farm for undisclosed sum

A farm owned by Peterborough City Council (PCC) will be sold for an undisclosed sum as the authority tries to reduce its level of borrowing.

PCC says that selling Turves Farm, part of its rural estate in Newborough, will bring about “significant financial and operational benefits to the council”.

The farm, on Crowland Road, has been vacant for a year after its previous occupants left in October 2022.

The council owns its freehold – i.e. the land the farm is situated on – which is spread over around 80 hectares.

On this land is a two bedroom bungalow and several farm buildings.

Real estate agents Savills, tasked with marketing the farm, described it as a “productive Fenland farm”.

It has previously been run as a “traditional fen arable farm”, Savills says in its brochure, and offers “an attractive agricultural opportunity to farmers and investors alike”.

A PCC report says that “the capital receipt from the disposal will enable the council to reduce borrowing”.

A capital receipt is the money councils receive from asset sales.

Asset disposal is one of the ways PCC is trying to secure its finances as it faces a budget gap of £5m next year, rising to £10m the year after.

It is also currently reviewing a list of nearly 80 public buildings including community centres, children’s centres, libraries and leisure facilities which could be sold or repurposed to save cash.

The list is not yet public, but PCC insists that no decisions have yet been made – so it would be inappropriate to share it at this stage.

The sale of Turves Farm will be finalised on Saturday, 4th November if it isn’t challenged (‘called in’) by councillors.