Fisher German magazine issue 12 Summer 2014

fisher german Summer 2014 | Issue 12

www.fishergerman.co.uk

Fracking: exploring the facts As exploration begins in earnest, find out what landowners need to know

Feeling the heat

The role of incentives in renewable technology

Running on empty Tackling unoccupied commercial properties

Looking ahead

The prospects for farming in a time of uncertainty

Welcome Britain’s rural economy is changing. From new sources of energy and revenue, to changing asset prices and transformations in government policy, the next few years could see a metamorphosis of our countryside.

Perhaps the most controversial development is the drive to harness the power of shale gas, Andrew Jackson, which has been revolutionary in the US. Here, managing partner however, mineral rights differ significantly, although landowners and communities still stand to gain, provided they can get the right advice.

This holds true in many other emerging and evolving areas: expertise can help deliver projects ranging from single dwellings on greenfield land, to much larger multi-million-pound constructions. In the more established areas of estate diversification and asset planning – including everything from woodlands to commercial property – a rounded team of experienced specialists can add value and cut costs in almost any endeavour.

As the impact of uncertainty over the UK’s future in Europe and changing agricultural and energy policy is increasingly felt, such advice will only become more important. Those not staying abreast of the changing environment risk being swallowed by the tides of change.

However, with the right support, there is also opportunity to ride the wave, bringing long-term benefits.

Fisher German sits at the leading edge of all these developments and more and we stand ready to aid our clients in this new reality.

Feeling the heat

The Renewable Heat Incentive (RHI) can boost take-up of renewable heat technologies

12 Land as an asset

Taxing woodlands

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As agricultural land prices gallop ahead of other assets, implications for owners are varied

Building the future of education

A team of complementary specialists helps in building cutting edge education projects

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A range of tax reliefs are available for woodlands but some legislation can be unclear

The future of farming

The next election will likely shape the future of the rural economy with significant consequences

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The Fisher German Magazine is intended to be an informative guide. It should not be relied on as giving all the advice needed to make decisions.

Fisher German LLP has tried to ensure accuracy and cannot accept liability for any errors, fact or opinion. If you no longer wish to receive the Fisher German magazine or any other Fisher German marketing material, please call 0800 1075522 or email marketing@fishergerman.co.uk.

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News & views

Fracking: exploring the facts

Agri-facts, Agency facts, Ednaston Estate, the Henry Sale Graduate Bursary, the Forest Way opens

Landowners need to be aware of the fracking exploration process and its implications

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06 Getting the best deal

The T-pylon takes off

Dealing direct or using a solicitor is a false economy – surveyors can both add value and cut costs

08 Exceptional eco-homes

The new T-pylon will be offered

by National Grid as an alternative to the steel lattice pylons

10 Running on empty

With the right assistance, stunning new homes can be built on greenfield land

Empty properties are costing landlords dearly, although there are ways to tackle the problem

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16 Planning ahead

A balanced estate

Landowners need to prepare themselves for new complexity in the financial mix

A balanced estate and openness to diversification are the secrets to the longevity of Barnston

22 Stephen Rutledge

Growing up on a farm, for Stephen rural surveying was the only sensible choice

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24 Sector directory

Contact details for Fisher German’s 15 national offices

34 Please remove cover before recycling this magazine

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news&views

Agencyfacts The latest property-related statistical info and market facts from Fisher German

The Ednaston Estate An enchanting country estate in rural Derbyshire, Ednaston offers a rarely seen range of residential, farming and sporting assets.

26

%

more respondents reporting increasing sales volumes in Q12014 compared to the same period a year earlier. Growth in demand is being supported by more favourable credit conditions that have increased the supply of mortgage finance, benefiting all buyer types.

19 109,500 % 11 %

increase in sales agreed in the period, primarily due to persistent low interest rates and more advantageous credit conditions.

new homes were built in England in 2013 – 38% below 2007.

increase in the average value of all farmland in the UK in 2013 to £6,975 per acre and prime arable land increased to an average of about £8,200 per acre. There are, however, large regional variations and marked differences per transaction based on land type, quality and location.

240

%

4

growth in average farmland values over the last 10 years.

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A rare opportunity

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he Ednaston Estate also boasts historical pedigree. The Estate, with its two farmhouses and numerous cottages, has been home to generations of the Player family, who established the world famous John Player & Sons in 1877 in Nottingham. The Estate is being sold by a Family Trust.

Planning permission allows for a replacement dwelling to create a substantial principal estate house. The two beautifully situated farmhouses boast fine views and excellent ranges of traditional outbuildings. There are also six cottages with vacant possession available and an additional farmhouse, subject to tenancy.

Captivating water features run through the Estate’s productive arable land and pasture, including historic lakes, hatcheries and lengthy brooks with weirs offering outstanding trout fishing. Mature mixed woodland and game cover includes a high quality commercial shoot.

Totalling about 645 acres, the Estate is for sale by private treaty as a whole or in various lots.

For more information please contact Fisher German’s Ashby-de-la-Zouch office on 01530 412821 or ashby@fishergerman.co.uk

The Henry Sale Graduate Bursary

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he inaugural Henry Sale Graduate Bursary for the 2013–14 academic year has been awarded to Tom Vacher, who is studying at the Royal Agricultural University.

The Bursary, named in memory of one of Fisher German’s joint managing partners Henry Sale who sadly passed away last year, is awarded annually to a student studying a rurally focused RICS-recognised degree or course.

Tom was presented with his bursary by Andrew Jackson for best describing the steps he has taken towards becoming a chartered surveyor and his passion for the career. A twoweek work placement with Fisher German is also offered alongside the £1,000 cheque.

The latest farming-related statistical info and market facts from Fisher German Register for monthly agri-facts bulletins at tinyurl.com/agrifacts

1 April 2015 The bursary will be awarded annually.

Those wishing to apply for the Henry Sale Graduate Bursary should visit the website at: www.fishergerman.co.uk/careers

Launch of the National Forest Way

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he National Forest Way was launched on 17 May at the beginning of The National Forest Walking Festival 2014.

As sponsor, Fisher German played an important role in realising this unique amenity, as explained in issue 10, and the firm is extremely proud to see the Forest Way opening to the public.

After taking on sections of the Forest

Way, around 100 guests arrived back for the informal launch party at Conkers Waterside near Ashby-de-la-Zouch.

The party saw Fisher German staff, key members of the National Forest Company and other partners such as County Councils, MPs and dedicated champions of the walk celebrate with a few short speeches and cutting of a celebration cake.

Andrew Bridge, Fisher German partner at the event

The launch was a chance to celebrate a job well done

Agri facts

will see the end of support under the Renewables Obligation (RO) for solar developments over 5MW, under plans proposed by the Department for Energy and Climate Change (DECC). DECC is also proposing to offer grace periods for solar farms which were already in the pipeline and qualified on or before 13 May 2014, which will allow some projects to access the RO after 1 April 2015.

CAP

reform

has been agreed by the EU. However, DEFRA had yet to agree the final regulations to be imposed on UK farms at time of press – landowners should stay appraised of developments.

11 % 50 %

increase in UK yields on last year, with a 4% above average yield predicted across the EU. This news has been compounded by the below …

increase in large UK maize imports on this time last year. The predicted bumper EU harvest and weather issues in the US point towards the EU becoming the world’s top wheat exporter for the first time.

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Fracking:

exploring the facts Exploration for shale gas has been met with apprehension, but so too has the threat to some European gas supplies caused by the unrest in Ukraine. Could unconventional gas offer the UK an unexpected degree of energy security and provide benefits for the economy as a whole?

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fracking

Finding the truth about fracking

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xtraction is still a long way away and the initial investigative stages are just beginning. It must be noted that no gas has yet been produced from hydraulic fracturing (‘fracking’ as it is colloquially known) in the UK, nor have any reserves been proven.

Exploration for oil and gas is only permitted by the grant of licences from DECC (Department of Energy and Climate Change) and a new round of these is expected this summer. These are to be offered over the majority of England, much wider than previously and away from the current exploration heartlands of Lancashire, North Nottinghamshire and North-west Lincolnshire and the southern counties of Surrey, Sussex and Hampshire.

The process has a long lead-in time, which can be up to a decade, but landowners are already being approached by energy firms interested in finding out what lies beneath their property.

Permissions for 3D seismic surveys are currently being sought in several areas, including Nottinghamshire. This usually involves requests for access, which a landowner can choose to grant or not.

As exploration for unconventional gas, which has come to mean all gas not produced from the North Sea, moves forward in the UK, some have chosen to protest. Tim Shuldham stresses that concerns over an unfamiliar industry are both understandable and appropriate. But he says that many of the scare stories are exaggerated and the perceived problems magnified as the furore crossed over from the US. Research and investigation will help anyone who is interested clarify the real situation, he adds.

Protests have received much media coverage (although the Balcombe protests last summer were carried out at a site that was neither fracking, nor extracting gas). Most have been a mixture of local concern over noise and lorry movements on rural roads and larger environmental groups with extremely effective PR machines. Up to now the oil and gas companies have been completely outplayed in the PR battle and only time will tell whether the influx of larger, global players (Centrica, GDF), who have bought licences from smaller

councils have been realistic so surveys have been progressing.”

Minimal long-term disturbance and fair access payments mean that farmers and other landowners might be understandably interested if approached. Fisher Geman’s client Alan Bellamy positively welcomed the surveyors and would do the same for an exploratory or permanent well site. Short-term issues – potential damage to crops, drainage and heavy machinery – makes taking professional advice prudent, William cautions.

The initial investigation of shale gas reserves is low key and not intrusive or disruptive” Whilst the licences do, technically, give compulsory powers to access surface sites, the companies that hold them they been very reluctant to use these powers and it is hard to see that doing so would benefit them in the long run.

“The initial investigation of shale gas reserves is low key and not intrusive or disruptive,” says William Gagie, partner at Fisher German.

The non-permanent nature of exploration means there has generally been few problems, says Tim Shuldham, partner at Fisher German, whose own home is within a survey area. “In North Nottinghamshire the survey process has been very relaxed, although some landowners close to villages have been more cautious, gauging local reactions before going ahead with any exploration agreement,” he adds. “However, parish

Drilling deep The second stage sees seismic results analysed to identify potential sites for drilling the investigation wells. Whilst geology is key, other factors such as proximity to residential dwellings, road access and visual impact mean that a licence area may contain only a few suitable sites.

A successful exploration site could develop into an extraction site, which could be used for up to 25 years. This is a longterm commitment and should be entered into with careful thought, says William.

It is essential the right terms are agreed to make sure landowners are properly

exploration companies in order to enter the industry, will change this situation.

William Gagie points out that there is already a very strict regulatory regime in place in the UK, far more so than in the US. The industry will be subject to extensive checks and regulation by DECC, the Environment Agency, the Health and Safety Executive, and through the planning process where it is regulated by minerals planning authorities.

Indeed, despite worries about ‘earthquakes’, tremors must not exceed 0.25 on the Richter scale, unnoticeable to anyone without sensitive seismic equipment. The recent tremors in Oakham measured 3.5 on the same scale and caused no damage.

Over the long term, fracking is likely to be far less disruptive than coal mining: activity is on a much smaller scale and more distributed, and risks like subsidence are not relevant. It also offers the potential for up to 75,000 new, mostly skilled, jobs, a recent report claimed.

recompensed.

Under the Petroleum Act 1998 the gas belongs to the Crown, but that shouldn’t stop a site being a useful source of income for the landowner. The drilling process can create noise issues and large numbers of HGV movements, but once extraction is under way most sites have low impact on the neighbourhood.

The site will be used to drill vertical boreholes down to the shale beds (which may be up to 3km deep) and horizontal bores for a distance of up to 3km from the main well. New legislation confirmed in the Queen’s Speech on 4 June means such horizontal bore techniques will no longer be classed as trespassing under neighbouring landowners, a change brought in to try and speed up the development of the industry.

With onshore gas extraction being largely unknown in the UK, it is critical to seek advice from someone with experience, underlines Tim. “We are given access to developments so can offer a fair and realistic perspective. Our long history of working for landowners and our experience with energy firms and utilities providers means we can be an honest broker and offer impartial, informed advice.”

For more information contact William Gagie on 01530 410859 or william.gagie@fishergerman.co.uk

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Getting the best deal

As rural enterprises rush to diversify earnings, taking out the middle man, the surveyor, can appear to be a good option. However, dealing direct or using a solicitor is a false economy – surveyors can both add value and cut costs.

How a surveyor can help Negotiating rent – Chartered surveyors specialise in rent negotiations. They will have comparable evidence and be aware of incentives and trends within the marketplace to ensure the advice they provide secures you the best possible terms.

Full repairing and insuring (FRI) – Most standard leases use FRI lease terms. Chartered surveyors understand the liability to the landlord of such terms and, together with the technical knowledge of buildings, they will be able to identify opportunities to reduce exposure to significant repair and maintenance costs once the tenant takes occupation or on termination of the lease.

Lease structure – Chartered surveyors know the current trends in the market and can manage expectations on length of lease and lease flexibility, rent reviews, penalty clauses and options to extend. This knowledge will allow the surveyor to agree the most appropriate structure to ensure security for the landlord and meet the needs of the business tenant.

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role of the surveyor

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t is always tempting to try to cut costs by taking key estate management tasks inhand – rent negotiations, leasing of converted farm buildings, phone mast agreements, for example. Simply handing over the job to a solicitor at an early stage can also seem an attractive option.

Both approaches are likely to create more problems than they solve. The DIY approach risks failure to get the best deal; the legal route often brings high and unnecessary costs from the outset.

William Lewis of Fisher German says that in these circumstances the first question the landowner should ask is: ‘Do I require a surveyor or a lawyer?’

As a surveyor, William says he sees too many landowners quickly agree and sign to terms for a telephone mast, land transaction, renewable energy project or the letting of their converted farm buildings. By the time this has been passed to a solicitor to prepare the necessary lease, it is too late to improve the deal for the landowner.

This is where the help of a surveyor can pay dividends.

Employing the services of a chartered surveyor to work for the landowner in negotiating ‘heads of terms’ (HOTs) will at best secure more money for the landowner or at worst save some legal costs, William says, both now and in the future.

The prudent option Surveyors’ broad experience of complex negotiations, technical knowledge and professional expertise can be invaluable. Close familiarity means that they understand specific requirements,

Where a surveyor can help Landowners are strongly advised to seek professional advice for: Phone masts and renewable energy projects – Involve a good surveyor from the start. A landowner leaving it too late may have already signed up to an option that is below the market rate and is too late to withdraw from. A surveyor can create the competitive edge and improve the deal.

Land transactions – While shaking hands on a transaction over the gate seems quite pleasant and easy. Market knowledge is essential to ensure the best value is agreed.

Rents – There is always pressure to resist rent increases and this year is no different. An experienced surveyor can help make a compelling case and avoid pitfalls.

a surveyor, I can negotiate the terms right at the start so that they are in the best interests of the farmer or landowner, and ensure I am maximising income and capital returns, whilst considering other implications to the client such as tax liability and so on. I have a database of comparables to ensure the right deal is being agreed up front.”

“You often see those going the DIY route display a sign at the end of the road, which suggests they are thinking only of the very basics such as price per square foot. Rural surveyors let many buildings and know the market rate is currently around £10 per sq ft for good rural office accommodation around Chester. Unfortunately, I am aware of deals for closer to £5 per sq ft. Knowing that the property owner is not being fair to themselves by looking for a below market rate is frustrating for me particulary in times of economic difficulty. Further, we are able to advertise the property fully on the most important internet portals, reaching a much wider audience that the simple sign on the end of the road.”

A surveyor will also, if necessary, get involved in decision making about the type of tenant that might be taken on and can also take a view on whether to look at short- or long-term leases. They can check the business and financial background of potential tenants and check out references. It is unlikely that an individual farmer or landowner will have the time to make these checks and they can also sometimes be too close to the project. An impartial professional helping to secure the right tenant in the property for the right reasons and ensuring all the correct paperwork is in place can be invaluable, especially if something goes wrong or a dispute arises.

I would advise land and property owners to avoid the temptation of doing their own deals” the marketplace and how best to add value to a business or asset. Negotiating lease terms is a key part of their day-to-day role, as opposed to many landlords or occupiers, for whom this process is time-consuming, distracting and challenging.

Even those with the inclination to take on such responsibilities often lack the time.

“I would advise land and property owners to avoid the temptation of doing their own deals, not without seeking professional advice first,” William says. “While an individual landowner might do the occasional deal, an experienced surveyor will have been in these situations many times and will have much broader experience.”

“For example, a farmer or landowner who has converted farm buildings suitable for business use might negotiate the basic terms such as rent and duration of lease. Their solicitor then has to negotiate the rest of the terms of the lease. As

For further information please contact William Lewis on 01244 409 671 or william.lewis@fishergerman.co.uk

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The new T-pylons as they might appear when in widespread use

T-pylon

takes off

Earlier this year a structure that could become a familiar feature of the British landscape was erected for the first time. The new T-pylon will be offered by National Grid as an alternative to the tall, steel lattice structures that carry high voltage electricity cables.

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A

v

400,000

NATIONAL GRID/ GETTYIMAGES

The

lthough necessary to distribute power across the countryside, the existing towers – first developed in the 1920s – have drawn criticism for their appearance and bulk.

National Grid, in partnership with the Department of Energy & Climate Change and the Royal Institute of British Architects, launched an international competition in 2011 to create a new design. They were inundated with entries from architects and designers, who recognised that, in addition to a £5,000 prize, the winner’s design might endure for more than a century.

The hundreds of entries were whittled down to a shortlist of six, images of which were put on public display in London’s Victoria & Albert Museum. A judging panel of experts was unanimous in finding a winner – a T-shaped design by Danish company Bystrup, which is smaller and a third lower than existing towers.

carried by overhead wires

power towers

T is for Training Before the new-design T-pylons go into mainstream use, engineers will need to practice maintenance. In early 2012 National Grid began to hunt for a site to erect some sample pylons.

Fisher German’s existing relationship with National Grid saw the utilities team work with those in the rural sector to suggest an ideal solution. It turned out that the land National Grid needed was right on its doorstep.

“We suggested a client’s parcel of land next to the existing National Grid overhead training facility,” explains Robert Hurst, partner at Fisher German’s Newark office. National Grid had considered a number of sites elsewhere across the UK – they originally envisaged temporary use linked to physically demonstrating the new structures to local authorities in a real-life setting.

When it became clear that a permanent site was more desirable, the initial suggestion of a

“In the T-pylon we have a design that has the potential to be a real improvement on the steel lattice tower,” said Nick Winser, executive director of National Grid, when announcing the winner. “It’s shorter and the simplicity of the design means it would fit into the landscape more easily. In addition, the design of the electrical components is genuinely innovative and exciting.”

Standing small Unlike lattice towers, the T-pylon is designed as a single post (a monopole) which means that the footprint of the base will be considerably smaller than the four feet used to support existing lattice structures. Paint finishes are being examined and the final finish will probably be in shades of grey.

Those expecting to see existing lattice towers rapidly disappear from the landscape will be disappointed, however, as the new structures will initially only be available as an option on new grid connections. Last summer National Grid announced that the

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first lattice pylon in UK in Edinburgh

five-year lease was changed in favour of a freehold purchase of 60 acres of farmland, next to the Academy site at Eakring, Nottinghamshire that National Grid has occupied since 1992. Fisher German acted for the vendor, and Robert says that a good understanding of the purchaser’s requirements enabled the transaction to go ahead smoothly.

Planning consent for the new pylons was granted on the land at the edge of the village last year. “National Grid was very thorough in its public consultation and went to great lengths to explain to local people exactly what was planned and how the T-pylons would have minimal impact on the surrounding area,” says Robert.

National Grid expects six towers to be completed at Eakring before the end of the year, allowing engineers to get first-hand experience of the pylons of the future.

50m 35m: 30t 43t: Lattice pylon height:

T-pylon height

Lattice pylon weight:

standard height suspension T-pylon weight

T-pylon may be rolled out for the first time for the Hinckley Point Connection, linking Avonmouth with Bridgwater in Somerset. They won’t be the first in the UK though – the foundations for six training towers will be laid in Nottinghamshire this year with erection of the T-pylon commencing in February 2015 (see ‘T is for Training’ above).

Drill for victory The National Grid overhead training centre at Eakring, which will be home to the first T-pylons in the UK has a rich and – until now – relatively unknown history of pioneering spirit and endeavour in the energy sector. The site played a vital role in fuelling British forces during WWII. The UK’s first commercial oil well started production at Eakring in 1939: the country’s first commercial oil field there produced around 2.3 million barrels of high grade oil, a quality superior to North Sea or imported Middle Eastern oil. By 1964, before the first North Sea oil well had been sunk, Eakring had yielded over 47 million barrels.

The area’s influence extended far beyond the boundaries of the oil field itself, as oil engineers

88,000

pylons in UK

and other energy specialists who went on to work across the globe gained their expertise at Eakring. The first North Sea oil and gas discoveries were made by teams who came from Eakring. Many of the drilling techniques still in use today were developed there, including the world’s first jet powered drill, conceived by WWII pilot Sir Frank Whittle, who famously invented the turbojet engine.

Before eventual owner BP sold the former oil field at Eakring, it donated a parcel of land to the Nottinghamshire Wildlife Trust, which has combined a nature trail with a museum dedicated to the site’s oil heritage.

For more information, please visit: www.dukeswoodoilmuseum.co.uk

For further information contact Robert Hurst on 01636 642504 or robert.hurst@fishergerman.co.uk

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Feeling the heat L

ike the FiT, the RHI is currently offering an attractive payment for renewable energy generation.

Heating systems using renewable technologies can offer their owners ‘free’ heating and, in some instances, also provide an opportunity to charge local users for the heat consumed.

The array of RHI eligible heating technologies is diverse, from smaller scale biomass boiler systems at one end of the spectrum to large-scale multi-megawatt anaerobic digesters at the other.

Rebecca Seaman, a local partner specialising in renewable heat, says in most instances non-domestic RHI installation generates returns in excess of 10%. However, careful contemplation of the pros and cons is needed. “For renewable heat installations key considerations include the use and construction of the properties to be heated, the current heating system and the level

of investment necessary.

For biomass options, other questions include the availability of labour on-site to feed the boiler and the space available to store fuel. For example log systems are generally cheaper to install and fuel, but

availability of space to situate a boiler.

“The cost of running pre-insulated pipework is around £200 a metre including trenching, so this can often be one of the most expensive elements of a district heating system.”

Biomass heating is an excellent option for poultry farmers”

Heating up

are labour intensive. Wood pellet systems take up less space and don’t require constant vigilance, but cost more to install and to fuel.

The heat requirements of a property and the times heat is needed also affect the decision, Rebecca says, as does the

The unique characteristics of different renewable heat technologies make them more attractive for certain uses and agriculture is well placed to exploit the opportunities available.

“Biomass heating is an excellent option for poultry farmers who use liquefied petroleum gas (LPG) at the moment. Not only are the fuel costs lower, but biomass boilers generate a dry heat, unlike LPG which has a high moisture content – thus requiring less ventilation.”

The introduction of the FiT has also encouraged substantial growth in on-farm and food waste Anaerobic Digestion plants

AD facts • 65 farm-based energy crop government carbon efficiency • Biogas has been used in the UK plants are operating in the UK criteria. since 1895, when gas from with 42MW of capacity and • The UK produces over 100 sewage was used in street more than 200 are in million tonnes of organic material lamps in Exeter. development. suitable for treatment by AD. • Biomass includes anything that is • If all the UK’s domestic food • Five biomethane to grid (BtG) plant-derived, including waste was processed by AD, it plants are in operation with nine municipal solid waste, manure, would generate enough in development crop residues, compost, food electricity for 350,000 • One tonne of food waste can waste and paper. Crops can be households. generate about 300kWh of grown specifically for use in AD, • The methane produced during energy. though they have to meet

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AD is burned as fuel, and releases CO2 into the atmosphere. Because it comes from biomass, this does not contribute to climate change. If the same waste was left to degrade in a landfill site, the methane, which has a global warming potential 23 times larger than that of CO2, could escape into the atmosphere.

agriphoto

The Feed-in Tariff (FiT) Scheme was introduced in 2010 as a financial inducement to encourage investment in renewable electricity technologies. Now the Renewable Heat Incentive (RHI) Scheme offers a similar arrangement to boost take-up of renewable heat technologies.

renewable heat incentive Turning waste into energy is now a reality

The wood supply, resultant wood chips and biomass boiler installed at Jo Robinson’s estate near Brackley

(AD) where previously they were mainly used at sewage treatment plants. The RHI scheme complements this investment in AD technology by supporting the heat generated by biogas combustion boilers and the injection of biomethane into the grid. With effect from 28 May 2014 Ofgem announced further widening of support for renewable heat technologies, including the introduction of support for large biogas combustion boilers over 200kWth. The attractive RHI rates for biomethane injection and biogas combustion has meant that there is increasing interest in using the heat from an AD plant or upgrading biogas to biomethane, says David Kinnersley, AD expert at Fisher German. “An AD plant uses around 40% of the biogas energy potential to generate electricity. However, the remainder of the energy is lost as heat in the engine and exhaust gases. Therefore, if the heat from an AD plant can be used for heating greenhouses, drying woodchip, heating

poultry buildings or heating commercial and domestic properties, it makes environmental and economic sense. The RHI for using this heat helps to support the extra investment required to utilise it effectively.”

Where biogas from AD is upgraded to biomethane this is also supported under the RHI. “Biomethane injected into the grid is used in households and businesses as and when required in the same way that natural gas is,” David says. “With AD the biogas can be converted to biomethane and sold into the national grid to generate a healthy return and RHI, currently 7.5p per kWth for the RHI.” Upgrading biogas to biomethane for grid injection is currently only economically viable for larger AD plants because of the infrastructure and operational costs.

However, innovations in the sector, such as on site compression and transportation to central storage and injection sites, have the potential to widen the scope of biomethane production. Fisher German is working with a number of clients on assessing the options and sites for biomethane production across the UK.

For further information about the RHI and Renewable Heat technologies contact Rebecca Seaman on 01858 411219 or rebecca.seaman@fishergerman.co.uk, or for more information on anaerobic digestion and biomethane injection contact David Kinnersley on 01905 459427 or david.kinnersley@fishergerman.co.uk

Case study – 22% return for farmhouse owner Jo Robinson wanted to reduce the hefty costs involved in heating his farmhouse, swimming pool and barn by oil and electricity, as well as generating an income through selling heat to the tenants of 13 other properties on his land near Brackley, Northamptonshire.

Rebecca Seaman from Fisher German helped Jo find the best way to attain his goals, assess the feasibility of various renewable energy options and handle the nitty gritty such as RHI accreditation.

“Jo and I talked through his current heating system and considered the renewables options available,” says Fisher German’s Rebecca Seaman. “In consideration of the layout of the site and the use and construction of the buildings, I recommended a biomass heating system. We completed a due diligence report, which included commentary on the existing system, heating and hot water requirements, location of boiler house and fuel store, fuel requirement, financial analysis, RHI criteria and eligibility requirements. Once installed, we prepared Jo’s RHI application and obtained RHI accreditation for the system.”

Jo’s cost-effective renewable solution: • 160kW wood chip boiler • The boiler house and fuel store are located within a converted Dutch barn • Capital cost – £160,000 • RHI payments – £18,000 per annum • Heat sales – £5,800 per annum • Fuel – £7,500 per annum • IRR of 22%

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Exceptional eco-homes Building a dream property in the countryside can be daunting. But with the right assistance, the UK’s strict planning legislation can be overcome, allowing the construction of stunning new homes on greenfield land.

T

here are many valid reasons for people to want to build a home on land they own or have in trust, says Angela Cornell, associate planner at Fisher German. “Perhaps a family who has lived in the same area for generations needs extra space to accommodate new family members (see case study). Or those who have worked in the countryside wish to live there as well.

Perhaps an individual has inherited a parcel of land and wishes to build the home of their dreams.”

Unfortunately, such considerations are unlikely to sway local authorities, which have a statutory duty to protect the rural environment. Yet, obstacles in the planning process can usually be overcome with a modicum of determination and a good deal of specialist advice.

The boundaries of towns and villages are quite rigidly set out and, generally, government policy discourages building new homes outside of these areas.

Nevertheless, it is perfectly possible to do so as long as the local authority agrees that key criteria have been met (see panel).

“Previously we had to show that a proposed home met both of the key criteria,” explains Angela. “But the government amended national planning policy two years ago and since then we have only needed to prove one, though

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it is often the case that a building will demonstrate both features in any case.”

Interpretation However, there are no national standards to define what constitutes exceptional design and ecological innovation. Planning inspectors for the local authorities, who are charged with

demand a better example each time, which can make things harder. Fortunately not all local authorities are like this, but the decision making varies considerably across different parts of the UK.” Specialist companies like Leicestershirebased Home Revolution can provide the expertise that creates exceptional buildings. They start with a concept which

Ecological innovation can be tricky, as a local authority may say they have seen a feature before” is then refined to a specific design. Home deciding on whether or not to permit a Revolution’s managing director, Robin proposed development, consider each Hamilton, says that, although the end application on its own merit so it is product is a building, the firm takes a very important to understand how an whole site development approach. “This individual planning department works holistic view means not just thinking and the factors likely to be significant within the locality of the proposed home.

“There is no basic prescription for what is required,” confirms Angela.

To get permission outside of existing settlements “Ecological innovation can be properties must demonstrate: tricky, as a local authority may • exceptional design and build qualities say they have seen a certain • ecological innovation feature before. If so, they will

Getting the greenfield green light

eco homes

Dovecote Green House

Dovecote Green House includes several exceptional design features

Innovative shaping helps the buildings fit into the surrounding countryside with virtually no landscaping

about the building itself but about biodiversity and the surrounding landscape.”

Aesthetics, engagement The impact a development will have on the nearby area is local authorities’ main concern so designers like Robin pay a lot of attention to producing accurate images of the proposed building. Computergenerated images of the building itself are augmented by a photo montage showing the new building to scale set within the existing landscape. These montages, now common for commercial developments but much rarer for residential projects, are critical, believes Robin, as they can

be much more effective than a written or verbal description.

Demonstrating ecological innovation is similarly challenging. “It is not just a case of plonking solar panels on a roof,” says Robin. “We have to show that the way energy is captured or generated and then used efficiently is innovative for that particular area.”

While designs are being finalised, holding consultations with local residents and others who may perceive themselves to be affected by the new developments is usually a wise move, recommends Angela: “Face-to-face discussions work well, especially in tight-knit communities.”

Earlier this year Fisher German and Home Revolution won planning consent for a new dwelling in Wollaston, Northamptonshire.

A modern two-storey building will be constructed in the grounds of a Grade II listed house on the site of a fifteenthcentury dovecote to allow four generations of the same family to live close to each other and their grazing animals, including pigs, ponies, llamas and alpacas.

The exceptional design features that enabled the new building to gain planning permission include: • A living ‘green wall’ on one side of the building, irrigated by naturally harvested rainwater. The plants for the wall will be specially selected for slow growth so that maintenance is likely to be annual.

• A mini power station incorporated into the house itself. Rather than a traditional roof with solar panels on top, the main roof is actually a giant solar panel array, and will weigh less than a conventional slate or tile roof.

• Innovative shaping of the buildings so that they will fit into the existing line of the surrounding countryside with virtually no landscaping. The roof was designed to be wider at one end than the other to create a visual illusion that disguises its size.

The power generation aspect was particularly well received by the local authority as it allowed the existing main house and outbuildings, as well as the new dwelling, to be powered by renewable sources. “Another important innovation”, says Robin Hamilton, “was the design of the core living space. This was deliberately surrounded by less frequently used space, like hallways, to provide a buffer that helps the central area remain at a constant temperature and so reduces energy requirements.”

For further information contact Angela Cornell on 01530 566576 or angela.cornell@fishergerman.co.uk Find out more about Home Revolution at www.home-revolution.com

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Running on empty Although the UK economy is picking up, taking the commercial property market with it, many office, shop and industrial premises still stand empty. Empty properties are costing landlords dearly, although there are ways to tackle the problem.

B

usinesses are still trading at below the level of a decade ago, so the owners of empty properties are eagerly awaiting a return to better times. In addition to the loss of potential earnings their property is likely to be costing them money.

In 2008, the government withdrew many exemptions and discounts that owners could claim to minimise the cost of paying business rates on empty buildings.

Ironically, the legislation was brought in to discourage landlords from leaving premises unoccupied at a time when there were shortages of space. But no sooner had new rules taken effect than the global economy crashed, meaning many companies could no longer afford to pay their rents, let alone rates.

So the rates burden was passed on to the owner. To make matters worse, a revaluation by government of commercial property values took place at around the same time, before the recession. “It took place at the peak of the market, so the vast majority of rates are today

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much higher than actual market values,” explains Kevin Benson, head of commercial at Fisher German.

The property industry has been campaigning for rates relief on empty buildings ever since, so far with limited success.

However, landlords can reduce the cost of rates bills.

2008 and that can be difficult to prove.”

For the majority, then, the focus has been to minimise the amount spent on business rates. For buildings that are lifeexpired there is an obvious though rather drastic solution: demolition.

This option may be more feasible than it appears: new legislation due to come into force in 2018 could prevent owners leasing commercial premises that fail to meet minimum energy efficiency standards. “If it isn’t cost-effective to improve the building and it is unlikely to let in the next two to three years, it may well be worth knocking it down and considering the development potential of the cleared land,” says Kevin.

Less dramatic is to pursue a standard tenant, as they become responsible for rates as soon as they occupy space. Yet, the recession has made businesses reluctant to sign traditional leases that can last for five years or more. But there is nothing to stop a landlord letting out the space on short

Definitely consider getting expert advice, unless they are absolutely sure what they are doing is legal” Knockdown, discount For those who haven’t checked, it is still worth investigating whether the 2008 valuation was set too high for any buildings they own. But Kevin advises: “Any challenge needs to be done on the basis of what the property was worth in

commercial property

Short-term let, long-term benefit Fisher German arranged a short-term letting of a commercial building to a provider of Bluetooth services.

This company installed their transmitters in the building and the local authority was then contacted, so that they could acknowledge that the building was occupied.

At the end of the lease the service provider uninstalled their equipment and the owner was then entitled to a rates-exempt period. Until a long-term lease is agreed it is likely that this arrangement will be repeated on an ongoing basis, with the service provider using the building for a short period, after which the owner can claim a rates-free period.

The expense associated with empty properties can be reduced

licences. “This works particularly well on multi-let industrial estates where it is often possible to create a virtuous cycle,” says Kevin. “Tenants renew their existing licence or even take more space elsewhere on the estate.” Tenants may benefit from a low or nil rent – it is important for landlords to remember that a dip in income may be preferable to paying empty property rates.

term lets, typically for around six weeks, after which the empty building is exempt from rates for three months (offices) or six months (industrial). The tenants in these cases have been charities and electronic data service providers.

Charities can benefit from a minimum of 80% rates relief on space they occupy so many owners had allowed charitable groups to use a small part of a building temporarily, after which they could Big relief claim a rates-free period. But last year a There are also more innovative ways legal test case, involving charity PSCT, of using buildings, helping owners pay resulted in a ruling stating that charities greatly reduced rates. must actually use the majority of the When standard tenants have been building for which an owner then claims hard to come by, landlords have become empty property rates exemption. increasingly creative in agreeing shortHowever, a similar case in the High Court last summer went in favour of landlords.

This legitimised the use of Bluetooth messaging equipment as a ‘tenant’ for short-term lets is the estimated amount paid by landlords (see case study above). on empty property rates every year Crucially, the electronics

£1

bil ion

do not have to occupy the whole building.

And in 2012, cash and carry group Makro scored another victory for building owners, when a court ruling agreed that it could legitimately temporarily occupy just 0.2% of a warehouse building before applying for a six-month rates exemption.

“There are other ways of minimising the amount that building owners have to pay on rates for their empty properties, such as occupying a small part of the premises themselves for a short time,” says Kevin. “But local authorities are increasingly likely to challenge these rate mitigation schemes, which they often consider to be rates avoidance, so prospective owners should definitely consider getting expert advice, unless they are absolutely sure they know that what they are doing is legal.”

For further information contact Kevin Benson on 01777 719148 or kevin.benson@fishergerman.co.uk

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Time to

rebalance the land portfolio?

Fisher German chairman, Barry Gamble, offers some ‘alternative’ thoughts on the land market. The views expressed are his own.

D

espite many bullish magazine and newspaper articles about UK land some farmers and estate owners are reflecting on the resulting ‘unbalanced’ value of their assets. Some expect to see the ‘20/20 rule’ realised with land at £20,000 per acre by 2020 and cite predictions of a world population of 9 billion by 2050 all needing food. Land has served many families well as the underpinning core asset to preserving wealth and wider family interests from generation to generation.

Some ask whether the high price that land has achieved in recent years serves any purpose whatsoever for such long-term holders. If land is being held as an intergenerational asset and forms the basis of the working farm or estate, its value in itself should not matter.

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asset Strategy

Many have felt that the decision to lower interest rates, to a 300-year low, in response to the financial crisis and quantitative easing (printing money) would be reflected in increased real asset values. This may have happened with equity and bond markets but the increase in land prices was already well under way before the financial crisis struck. Then many cited land and gold as being the assets to which investors should flee but after an initial price surge gold has since retreated significantly in price.

Government and EU policy continues to have a positive impact on the land market with direct and indirect support, but negatively through regulation and also stamp duty as a significant transactional cost.

Although analysts may seek to detect correlations between interest rates, levels of inflation, underlying earnings from yield and commodity prices (with farmers still mostly being ‘price takers’ for their produce) to rationalise the price of agricultural land, these correlations are notoriously difficult to make. Does the impact of the ‘marginal buyer’ or those assessing property specific issues override the lack of connection with the cashgenerating capacity of the land?

Some would see land as a trading asset, others as an operating asset some as an ‘alternative’ to financial assets, yet others as a medium- to long-term ‘hedge’ with the prospect of a significant windfall gain from development; and for some still a mechanism to shelter an estate from tax.

All this before we even consider land for minerals, energy, renewables or the

10 year Gold Price in GBP/oz

goldprice.org

1200 1100 1000 900 800 700 600 600 Monday, March 31, 2104 500 400 High: 1180.33 Low: 208.86 300 537.28 231.53% 200 100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

currency and tax considerations of the foreign owner. Perhaps the passion and instinct for owning land should not be overlooked either?

Whatever the reasons for wanting to acquire land, the scarcity of supply continues to limit purchasing opportunities. However, this has not stopped one household name entrepreneur

If one sells, one is left with the difficult problem of how to sensibly reinvest the money to maintain capital” building a substantial portfolio of farms in a remarkably short period.

So what, if anything, to do about the unbalanced asset portfolio? For a ‘professional’ investing institution, this might be addressed by partial sale or redirecting new cash flows to other assets.

Might the low incidence of tax on sale of land with entrepreneurs’ relief and the absence of a development tax perhaps offer a window of opportunity for those contemplating ‘cashing in’ on current land prices? An alternative strategy still might be to ‘gear up’ the farm or estate balance sheet with some ‘cheap’ borrowings as a means to raise much needed liquidity for asset diversification.

A decision to sell any land that has been a core asset will inevitably be difficult, particularly when many would take the contrary view that if land prices fall back from current levels this might even provide an opportunity to purchase more. What is clear is that, if one sells, one is left with the difficult problem of how to sensibly reinvest the money to maintain capital for the future.

To discuss the chairman’s thought leadership article, please contact Barry Gamble at barry.gamble@fishergerman.co.uk

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Woodlands: a taxing situation There are a range of tax reliefs available for woodlands but some of the relevant underlying legislation can be unclear. Careful consideration of the rules and professional advice is needed to make the most of the opportunities and minimise risks.

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here is evidence that HM Revenue & Customs, under pressure to collect as much tax as possible, is taking a close look at tax reliefs for commercial woodland, says David Gittins, a chartered accountant, adviser to members of Confor and for 12 years a member of the tax committee of the CLA. “It is apparent that the concept of commerciality is under scrutiny and HMRC is likely to challenge a relief whenever the ‘commercial basis’ is suspect.”

However, ‘commercial woodlands’, for example, are described as woodlands managed by the occupier on a commercial basis with a view to the realisation of profits. Yet, nowhere is there an explanation or definition of what the word ‘commercial’ in relation to woodland means, despite appearing in all legislation which affects commercial woodlands.

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Proper management Woodlands/forestry activity has been excluded from the income tax legislation for 25 years so many assume that they do not need to keep records and accounts as they are not required to declare it in their self-assessment tax returns.

Issues may arise when woodlands are sold and capital gains tax is to be considered” “Unfortunately issues may arise when woodlands are sold and capital gains tax is to be considered,” warns David, “or when woodlands are passed on after death and inheritance tax relief is claimed when applying for probate.”

“My advice is that woodlands should be ‘managed’. Professional agents should liaise with the owners regularly to show that the legal occupier of the woodland is managing it just as they would any other part of their land, and on a commercial basis. This can be interpreted as “looking after woodland as if it were a business rather than an amenity or hobby,” says David.

“Many tax inspectors – who are unfamiliar with a woodlands business, especially the time factor and lack of ‘sell-by date’ for the product – assume that there will be a detailed business plan, estimated figures of income and expenditure for future years, and several management meetings each year with minutes being recorded and kept on files. But often this is not the case.”

Woodland intaxation memory

Valuation Professional advice is needed to get the most out of woodlands

Evidencing a woodland business To show a woodland is being run as a commercial business there should be as many of the following as possible:

2 A separate bank account in the name of the woodland business.

4 E vidence of management by a professional forester or experienced woodland manager.

3 VAT registration or inclusion of the woodland income and expenditure within a VAT registration in the name of the owner of the woodland.

5 E vidence that the 7 A relevant grant scheme management is being which mentions the carried out with the intention importance of producing a to produce profits – either saleable product rather income or capital – and not, than an increase in the for example, merely to amenity of the woodland.

1 Yearly accounts.

If, for example, no income were to be received for several years – for very valid commercial and/or silvicultural reasons – the assumption could be that this was a business not for gain and, therefore, lacked a commercial basis, David says. “It is sometimes difficult to convince a tax inspector that trees are not like wheat, which must be harvested within a fairly short

improve the shooting.

6 E vidence that the expenditure incurred is suitable for the business.

window before it is overripe or reduced in value. Also, in some circumstances, a period – perhaps several years – of ‘benign neglect’ is the correct commercial treatment of woodlands: over-management could be considered as uncommercial.”

A number of aspects may help convince a tax inspector that a woodland business is being run (see above).

‘Gentlemen’s agreements’ about managing the woodlands in return for the right to shoot in the woods ought to be formalised to ensure that the woodlands are not merely managed for the shoot.

When it is a question of capital gains tax the legislation is very clear, David says: ‘In the computation of the gain accruing on a disposal of woodland in the UK so much of the consideration for the disposal as is attributable to trees growing on the land shall be excluded’.”

Frequently the price paid for woodland will exceed the value that could be attributed to the underlying land and the value of the trees on that land, David observes. “This added value may be attributed to sporting rights, ‘amenity’, possible renewable energy interest or other factors.”

A current valuation of the trees as timber or future timber is difficult enough, David points out. Other considerations complicate calculations further: should any sporting value be attributed solely to the land, which would affect the capital gain? If the sporting value is applicable to game birds, would there be any sporting value if there were no trees? Should the sporting value be included within the value ‘attributable to trees’?

Similarly for amenity: if there were no trees would there be any amenity value? If the land is, in effect, subject to a perpetual covenant that restricts its use to growing trees, what is its value if, by itself, it produces no income and cannot be used or sold for any other purpose?

“A useful provision in the capital gains tax legislation is the relief for gifts of business assets,” David says. “This would normally apply to a trade, profession, or vocation but will include the occupation of woodlands managed on a commercial basis.”

For inheritance tax purposes, 100% business property relief can be available but only if the woodlands have been managed on a commercial basis. “The tax reliefs available for woodlands are increasingly under scrutiny to ensure that they are applicable.”

For more information contact David Gittins on 01242 262490 or gittins.trees@btconnect.com

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Planning ahead Inheritance planning can be fraught at the best of times and changes to the taxation regime are thought to be imminent. Landowners need to prepare themselves for a whole new layer of complexity in the financial mix.

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he next general election could herald a raft of changes. The Liberal Democrats, who could again hold the balance of power as coalition partners, have indicated that they will seek changes to a broad range of tax measures.

It is widely expected that the professed ‘red line’ for the Lib Dems (their non-negotiable policy demand) will involve changes to taxation involving Inheritance Tax Relief, Agricultural Property Relief (APR) and Business Property Relief (BPR).

So far, the Lib Dems are the only party to have raised the issue but the 12 months between now and the next general election on 7 May 2015 is a lifetime in politics. Other parties may yet jump on the tax-grab bandwagon as a vote winner.

inheritance planning

Current tax relief for agricultural estates A farm will be included in the estate for Inheritance Tax purposes. However, if it is a working farm, Agricultural Property Relief (APR) may allow some or all of the property to be passed on free of tax, either during an owner’s lifetime or as part of their will.

To qualify for APR, land must be located in the UK, the Channel Islands, the Isle of Man or the European Economic Area, and must be part of a working farm. Owners must have also owned it for at least two years before their death. If property has been let out, an owner must have been in possession for seven years before their death.

Agricultural property includes: • Agricultural land or pasture.

• Farmhouses, cottages or buildings used for agricultural purposes and proportionate in size to the nature and size of the farming activity.

• Woodland and buildings used for intensive rearing of livestock or fish.

• Growing crops transferred with the land.

• The value of land where the value includes the benefit of a milk quota

• Stud farms that are breeding and rearing horses, together with the land that the horses graze on.

• Short-rotation coppice – trees that are planted and harvested at least every 10 years.

• Land that is actively not being farmed to help preserve the countryside and habitat for wild animals and birds under the Habitat Scheme • Some agricultural shares and securities

When it comes to inheritance, HMRC rules allow an owner to give away agricultural assets or property while still alive without putting APR at risk, as long as the assets or property qualify for APR in the first place.

If an owner gives away agricultural assets or property in their lifetime, whoever is given them must keep them as a going concern until the giver dies in order to keep the relief.

They can replace the assets or property with something of the same value if it is for agricultural use.

If the giver lives for seven or more years after making a gift, anything given away will not be classed as part of the giver’s estate for Inheritance Tax purposes.

currently two years on in-hand farms, and seven years on let farms but could be extended, which could cause significant difficulties in forward planning.

Hold-over relief Capital Gains Tax (CGT), a major concession available on transferring business assets including let land since the 1980s, could also be withdrawn or altered.

The Lib Dems have support among those who suggest that APR/BPR is responsible for inflated land values, which make it difficult for new entrants to get a foot on the farming ladder.

With these important considerations in mind, John says many landowner clients are looking quite carefully at transferring property before the election because there is a real risk that the legislation on property relief might easily change. “At the moment relief is subject to certain conditions but is essentially 100% on land ownership for both let land and in-hand farmland.”

Relief is subject to certain conditions but is essentially 100% on land ownership” No relief So what might happen? John Palmer, partner at Fisher German, suggests there may be a move to merge Agricultural Property Relief (APR) with Business Property Relief (BPR), and APR may be refused or reduced on let property. The ownership period to qualify for relief is

At the moment agricultural property relief and business property relief are available, but merging APR on in-hand land into BPR and changing APR would end 100% relief on let land, John says.

Sands of time If these changes were to be introduced, forward planning for inheritance purposes could become problematic. Currently, for example, with property transfers, an owner must live for seven years for the transfer to qualify for tax relief. The indicated extension to 14 years would obviously create uncertainties for an owner approaching 70 years of age or older.

The real possibility that changes could be in the pipeline means forward thinking landowners must look to take advice now on the best way to protect their assets against future taxation changes.

For further information contact John Palmer on 01858 411216 or john.palmer@fishergerman.co.uk

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balanced estate A

Running a balanced estate and openness to diversification opportunities are the secrets to the longevity of Barnston, a 1,600 acre family estate in Cheshire.

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he Barnston Estate has a long history, originally tracing its lineage to shortly after the Norman conquest. Estate Trustee Michael Trevor-Barnston’s forebear William Barnston was imprisoned by Cromwell during the English Civil War and had to pay £580 (then a significant amount) to regain his confiscated lands in 1650.

Farm diversification is nothing new, but the Barnston Estate was among the first to recognise new opportunities for generating income streams from outside the purely farming side of the business.

As far back as the early 1980s properties in the Cheshire village of Farndon were converted to a mix of uses from a restaurant to office space and retail premises – and the restaurant and many of the original businesses remain trading to this day.

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Estate management

Diversification has helped Barnston protect its heritage

By Mcginnly at en.wikipedia Wikimedia Commons

Barnston Estate income Residential

19%

2%

Miscellaneous

49% Agriculture

1,600 acres and is a thriving mix of agriculture, cottages, converted farm buildings and more than 1,800 square metres of new commercial buildings. Premises are let to businesses varying from single traders to a company employing almost 40 local people.

Diversify to survive Successive Barnston custodians, while managing the estate, also served their country in support of Wellington, or in the Crimean Campaign, the Indian Mutiny and in both World Wars. But the battle against taxes, both on inheritance and on income, steadily whittled a once large estate down to its current size.

Great effort has consequently been put into maintaining the estate’s financial viability from the 1980s onwards. At that time the estate depended on agriculture for 90% of its income. Today, the estate’s income is derived from a much broader base including agriculture, forestry, and let residential and commercial properties with retail, storage and manufacturing facilities. Other areas of diversification include telecommunication sites, composting and fishing.

A fine balance The modern estate is far better balanced but still retains three of the best Cheshire dairy farms, each managed by forward thinking young farmers with quality herds and higher than average milk yields.

There are now only three dairy farms left in an area that until recently was at the heart of UK milk production; these three farms have around 1,000 cows between them. Two of the farms are on farm business tenancy agreements and the third is on an agricultural holding act agreement.

Michael Trevor-Barnston stresses the importance

Commercial lettings

30%

of help and advice from the estate’s managing agent, Edward Clark of Fisher German: “Much of this has been achieved with the support of Edward, his team and the various planning departments, who had enough vision to propose conversions. They also instigated the new build opportunities to facilitate rural businesses staffed by local people, thus enhancing the local community and economy.”

Edward Clark has been working with the estate since 1990, and gets together with Michael and another estate trustee every two to three weeks to discuss pressing estate issues. “Our role includes administrative tasks such as collecting rents and dealing with accounts and day-to-day queries, and then the more strategic projects of looking for opportunities to diversify the estate and develop its income and the asset value; current opportunities under consideration include a farm based anaerobic digester plant and a solar development,” he explains.

The relationship has worked well for many years and allowed the Barnston Estate to press ahead with new ventures to underpin its economic viability and enhance its value, while also being able to call on expert advice when needed.

The acquisition and conversion of a former highway maintenance site on the M56 motorway to a commercial use is a good example of this. This depot is now home to a green waste recycling plant producing thousands of tonnes of compost. This venture started ten years ago and was ahead of the game with environmental issues in mind.

For further information contact Edward Clark on 01244 409665 or edward.clark@fishergerman.co.uk

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Building the future of

education

To attract the best students, universities need modern, well-designed, high quality facilities that cater for new methods of learning. Providing these facilities requires a team of complementary specialists to ensure effective and timely delivery of build projects.

I

nvestment in large-scale capital projects is increasingly vital for universities in order to ensure they remain market leaders and attract students through the provision of the best service and facilities available at that point in time.

The University of Bedfordshire is part way through a £136 million improvement programme ‘masterplan’ to its Luton campus. The university is funding the multi-million pound capital works from its own budget to maintain its position as a leader in the field and generate additional income from reinvestment.

Getting the process right is crucial.

Fisher German’s planning team was

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appointed to work in partnership with the project managers AECOM and architects Moses Cameron Williams.

The planning team was responsible for the detailed pre-application discussions with the council (and the university), the submission of the various planning applications and extensive liaison with statutory consultees. The planning team sought to ensure a smooth and cost-effective process, fulfilling the expectations of the university, council and the local community.

Working together All major projects require an entire team of specialists, says town planner and

member of Fisher German’s planning and construction team Alan Hardwick.

On this occasion, expertise in town planning, design and project management as well as an in-depth understanding of the needs of a fast-evolving educational environment were required.

Delays can be created by a lack of understanding of broader planning frameworks: conservation sensitivities, failure to engage with the community and other challenges in the planning process can prove very costly. In the case of a delay of only a couple of weeks this could see the university lose an entire academic year of not being able to utilise a new building.

academic futures

University of Bedfordshire – Luton campus masterplan

The University of Bedfordshire is part way through a £136 million improvement programme

“A combination of town planning and surveying skills is essential right from the start,” says Alan. The town planner will work closely with the local authority and the architectural team to assist in developing designs that will be acceptable to the local planning authority with the aim of achieving a planning consent in a good timescale.

Without focused town planning expertise, negotiations between the development team and the authority can drag on, with design changes causing

refresh the appearance of the town as a whole whilst also creating a sustainable town centre where people want to live, work and play.”

Thinking ahead The same factors hold true for other developments. Forward planning is essential, for all types of budget and project, Alan stresses.

North Nottinghamshire College becoming part of a newly designated Conservation Area around a National Trust Edwardian property provides a good example of the need for forward planning. On the surface, the opportunity of becoming part of a new Conservation Area was an exciting opportunity. However, the limitations of being included within the designation could have made it very difficult for the college to change and expand.

Alan explains: “The implications were that this would effectively tighten planning considerations. Although the college had no immediate plans for expansion, the College knew that one day it would want to adapt its buildings to suit modern methods of learning and wanted to have the ability to develop the campus

Town planning and surveying skills are essential right from the start” delays and increasing costs.

Other considerations such as highways and conservation are taken into account when working closely with the local authority, says Alan. “In the case of the University of Bedfordshire we also needed to ensure the local community was engaged and that the university’s masterplan was in tune with the vision of Luton’s long-term development framework, and that it fitted with the council’s overall target to renew and

The aim of the masterplan is to achieve a ‘cultural quarter’ for Luton: an attractive environment within the heart of the University of Bedfordshire campus.

Higher quality buildings are being anchored by a public realm network that extends the positive environmental character around St Mary’s Church, adding new external spaces and pedestrian links to achieve an identifiable sense of place at the heart of the campus.

The latest stage of the carefully phased programme saw work start in the New Year on a £46 million library. The 7,400 square metre facility with seven floors will open in the autumn of 2015, offering the latest IT and AV facilities and a 30% increase in both books and study space.

The masterplan looks toward a phased redevelopment of the entire campus, taking a long-term view of possible future phases, and has been an evolving process.

over the coming years.”

Working closely with the college, Fisher German’s planning team offered the council workable and acceptable recommendations to avoid a potentially restrictive conservation area policy being drawn up in Worksop which could stifle future development. “This ensured that the policies which related to the college offered flexibility,” says Alan. “Without expert representation there could have been a significant impact on the college – with a potential loss of facilities and jobs to the local area.”

For further information contact Alan Harwick on 01530 567471 or alan.hardwick@fishergerman.co.uk

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The future of farming Politicians’ wrangling over the EU could have a profound effect on UK agriculture. The next election is likely to shape the future of the rural economy with important consequences for all involved.

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urope is likely to be at the forefront of the UK’s general election next year. Continued EU membership is a hot topic among voters and has divided the UK’s political parties since the Conservatives pledged a referendum on EU membership if they triumph in the 2015 election.

For those involved in farming and the rural economy, this is no longer simply an abstract war of words between politicians in Westminster. “The repercussions of either renegotiation of the UK’s position within Europe or complete withdrawal from the EU are very significant,”

Largest farming nations (by percentage of total EU area) 18 16 14 12 10 8 6 4 2 0

28

16%

France

13.6%

Spain

9.8% 9.8% UK

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Germany

says Harry Cotterell, Fisher German consultant and former president of the CLA. “Farmers and landowners should start to consider now how they might be affected and how they might respond.”

Idealistic At present Europe dominates the agricultural landscape. In terms of total numbers, UK farming is unprofitable without common agricultural policy (CAP) subsidy. Most of the regulations that govern land use, rural development, wildlife and the environment originate from European directives. After the weather, the largest impact on UK farm profitability is the pound–euro exchange rate.

While the theory behind a CAP is sound enough, the wide diversity between the 28 member states has been a challenge from the start, especially as just four nations (15% of EU states) farm nearly 50% of the land. And around half of the EU’s agricultural output by value comes from just 1% of holdings.

CAP critics maintain that balancing the needs of global agribusinesses with peasant farmers has always been an impossible objective. Many member

states are comfortable with the idealistic nature of CAP, Harry says. “The majority of member states accept that CAP has a significant social element, whether it is the support of small farms in Ireland or preventing rural depopulation in France.”

By contrast, the UK views the CAP primarily as an economic tool and suggests that productivity should be at the core of agricultural development. Neither the EU commission nor the European parliament is sympathetic to this standpoint. Market experts point out that the agriculture commissioner, Dacian Ciolos, is from Romania, a country where productivity is relatively insignificant.

Productivity is further weakened by an EU fondness for environmental regulation. “The attitude of the commission and the parliament to genetically modified crops and, more

1.4

%

of holdings within the EU have an output of over €250,000 and are responsible for 48% of total EU output

future of farming

EU28 farmland to CAP (€767 million) so the question of payments will loom large after the next general election. Neither major party is comfortable with the single payment element – in government, Labour argued for direct payments to be phased out completely by 2020. The UK view that direct payments should be replaced by agri-environment payments is not widely supported in Europe.

Regardless of any referendum on EU membership, any renegotiation of the UK’s engagement with the EU would almost certainly include close scrutiny of CAP. But, with the UK isolated from most other member states, any meaningful concessions are likely to be hard-won and few in number.

In this case the UK government may even consider repatriation of CAP, though this option would be very unpopular with farmers. They fear a treasury raid on funds that are currently

The shape of agriculture for the next generation will be decided in the next parliament, whichever party is running the show” recently, neonicotinoid insecticides gives the impression that they would be happy for EU farming to be a pastoral cottage industry,” observes Harry.

Transformation But the ideology driving CAP isn’t the only unwelcome feature from a UK perspective. The inequality in payments between member states has long been a bone of contention, and, whilst this has been addressed in this reform, it will not be completed until after 2020.

The UK is a significant net contributor

45.1

%

secured for the sector under CAP, an issue that would come to the fore in the event of a 2017 referendum decision to withdraw from the EU. That result would change support for the UK agricultural sector beyond recognition. The UK government is currently working on a review of competencies that may indicate how an independent UK would support farming, though inevitably the most interesting part for farmers will be in the fine details, which have yet to be sketched out.

of holdings within the EU have an output of less than €2,000 and are, in total, responsible for less than 2% of EU output

Shaping the future Amidst the uncertainty around who will win the general election, and consequently whether or not a referendum will take place (which now seems unlikely if Labour takes over the reins at Westminster), one thing is becoming clear,

174m

ha land total

12.2m 6m holdings

number of EU holdings less than 2 ha:

14.2ha 90.4ha EU average farm size

average UK farm size

according to Harry: “The shape of agriculture for the next generation will be decided in the next parliament, whichever party is running the show.”

The decisions about to be made by politicians could have a profound effect on UK agriculture, so it makes sense for anyone with an interest in the rural economy to start thinking now about how their business and investment strategies may need to adapt to an increasingly volatile marketplace. Ultimately, says Harry, the keys to success will be the same as those for any other business: effective management, market focus and attention to detail.

For more information contact Harry Cotterell harry.cotterell@fishergerman.co.uk

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peoplenews

Spring promotions announced A series of promotions demonstrates how the firm is continuing to build the skills needed to service our clients effectively. To reflect recent growth, there have been 20 promotions from associate to partner.

Clare Phillipson Clare Phillipson has been made an equity A partner in the national utilities and infrastructure team.

She has a long history with the firm, having completed a work placement at the Ashby-de-la-Zouch office in 1984 before going to the Royal Agricultural College, Cirencester, to qualify as a Rural Practice Chartered Surveyor. Clare returned to the firm in 1988 as a full-time member of the business.

Appointed as partner in 1998, she became head of the national utilities and infrastructure team in 2011, after rising through the ranks to lead the 60-strong department. She will continue to be based in Ashby-de-la-Zouch.

The utilities and infrastructure sector is really exciting currently, with the need for reinforcement and expansion” Clare specialises in managing Fisher German’s services in the utilities and infrastructure sector. “The utilities and infrastructure sector is really exciting currently, with the need for reinforcement and expansion due to the country’s demand for heat, light, power and water,” she says.

Darren Edwards Darren Edwards is now a fixed share partner in the renewable energy team.

The 29-year-old joined Fisher German in 2006 as a graduate surveyor and has since progressed through the company, managing estates for key clients and delivering renewable energy projects for landowners. Darren’s expertise in renewables has helped Fisher German to become one of the UK’s leading consultancies in renewable energy. He will continue to be based at the Market Harborough office.

Darren says that the renewable energy market is buoyant as farmers, landowners and business owners look for alternative sources of income and energy security. “At a time when EU support for agriculture is uncertain and

electricity and fuel costs are rising, many farmers and rural businesses are investing in alternative energy to diversify their income projects.”

There are many projects at the development stage or actually in the process of being built, he notes. These customers often need to borrow money to fund their renewable energy projects because it can be a significant capital investment.

“I am currently assisting a large number of private clients across a range of renewable energy technologies, many of whom are project-managing these schemes themselves. It is a case of assessing the feasibility and viability of the renewable technology and matching this with the client’s needs.”

Many farmers and rural businesses are investing in alternative energy to diversify their income projects” 30

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PARTNER SPOTLIGHT

Partner spotlight: Stephen Rutledge For partner and head of the Thame office Stephen Rutledge, farming – and the countryside – is in the blood. This instinctive understanding is regularly put to the test in his challenging work at Fisher German.

S

tephen’s family have owned a farm in the Cotswolds for generations, which his mother still farms. “I grew up there,” he says. “As an only child I was the only cheap labour force available so gained valuable hands-on experience of agriculture.”

“I come from a small farm so soon realised I would need to look beyond just agriculture to make a living. I was always going to be most suited to a profession allied to the countryside,” he says. “Work as a land agent has those strong links.”

He studied land management at Harper Adams University 1994–98 before working in several practices in Oxford and Newbury, with responsibilities including auctions of machinery and livestock, property sales and estate management.

Farming is in Stephen’s blood

Stephen’s day-to-day work sees him primarily involved in general property matters and sales at various stages of progression. “What I love most about my job is the variation – I can be dealing with anything from a paddock to a house, a large estate or rural commercial property,” he says. “I have valued everything from an abattoir to an odd property with polished metal poles upstairs – it later turned out to be a pole dancing club!”

Other responsibilities include liaising with landlords and tenants on lettings, rent reviews and other deals, as well as arranging finance for farmers (he is an AMC agent). Stephen is even an expert witness in court proceedings or arbitrations centred around property-related disputes, offering valuation-related expert comment.

“There is great satisfaction in grappling with technical problems and overcoming the obstacles to arrive at a solution or get a deal done,” he says.

Outside of work, Stephen enjoys

I was always going to be most suited to a profession allied to the countryside” This range of work was the perfect preparation for his current position at Fisher German, Stephen says.

Stephen joined Fisher German’s Banbury office in 2003 where he focused on general and rural practice. Stephen now runs the Thame office and has been instrumental in setting up the office, which is rapidly growing.

The personal touch Education? Harper Adams University Married? Yes, with two young sons Sports? Cycling, running, swimming

catching up with his family and spending time with his two young sons. His wife hails from a farm in Northumberland so regular trips there are interspersed with walks, cycling and training for a triathlon. “The preparations are very much at the embryonic stage,” he jokes.

“I did my first triathlon last summer and I am hoping to do three this summer, as well as part of an ‘ironman’.”

In addition to the considerable sporting feats, Stephen has already cycled coastto-coast for Cancer Research. “It was relatively straightforward until we reached the Hardknott Pass in the Lake District. With a gradient of around 1 in 3, the road is the steepest in the country and was very hard going.”

Stephen’s clients will be unsurprised at this commitment and willingness to go further.

For further information contact Stephen Rutledge on 01844 267 942 or stephen.rutledge@fishergerman.co.uk

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Sector insight Frustrations of a north/south divide

Mindfulness needed

Rapid recovery

Stuart Flint, head of property agency

David Merton, head of rural consultancy

Richard Benson, head of planning & construction

My last ‘Sector Insight’ recorded a certain relief at some eventual recovery in the market, which was tangible and felt sustainable. If you reside outside of London and the home counties you will appreciate my frustration at widespread debate about how to burst the bubble of an overheated housing market that evidently poses a major risk to economic recovery.

The divide in the two-tier market continues to widen. Average house prices in London are well ahead of pre-recession levels (approximately 17% at time of writing) whilst most of the UK has not yet crawled back to those previous heights.

Centralised measures to cool the market need very careful consideration. It would be easy to halt progress in the housing market swiftly for the vast majority of the UK whilst just slowing marginally the rate of progression in the South East. It would be unpalatable to witness any intervention that could exacerbate the north/ south chasm.

The market improvement in Fisher German territories this year has been significant and, alongside the considerable and continuous expansion of our agency business, is generating some exceptional results. Many properties are selling swiftly and for exceptional prices.

Properties that would have failed to stimulate any demand in recent years are generally witnessing encouraging activity. Buyers and sellers are far more contented. Let’s pray Messrs Osborne, Carney and Cameron find a way to be geographically selective as they apply the brakes.

The industry continues to absorb pressures from all sectors of the market: on commodity prices, weather, subsidy reviews and many others. It is worth just considering that mutterings continue with regards to Agricultural Property Relief and the potential implications that this has in the industry should it be altered or removed altogether. Landowners need to be mindful of this moving forward, and the structures for in-hand farming arrangements along with investments to protect a relief that is at the very core of the rural economy and its safeguarding for the future.

The land market remains buoyant with location being key to value as has always been the case.

We have seen the largest agricultural portfolio/ business to be brought to the market for a generation in the form of Co-op/ Farm Care and at the time of writing offers will have been made by those interested. It will be interesting to see the level of commitment to the agricultural industry for a portfolio comprising just under 40,000 acres.

The result of this sale will provide a key indication as to the global appeal and value of UK agriculture going forward.

The rural consultancy sector of Fisher German has seen good growth, securing a number of major new contracts ranging from government organisations to PLCs and private clients. This gives us the confidence that our advice remains at the forefront of the industry coupled with both efficiency and value for money. With both new and retained clients we are able to navigate complexities that a sector such as this provides.

The latest annual RICS McDonald and Co survey of surveyors shows confidence in the sector up 42% from the previous year, with 70% of surveyors feeling the market will continue to grow throughout 2014. Coupled with increased occupier demand in virtually all property types and backed up by the latest RICS Commercial Property Report, it is clear that the sector has turned the corner and can now look forward to some sense of stability.

In the last issue of this magazine, I suggested that we might look back on 2013 as the start of the recovery. This appears to be the case, but such a rapid improvement carries its own problems.

Most surveyors are complaining of a lack of stock, developers in some areas are nervous to commence speculative development, and so we see the first signs of growing pains for the sector. The good news is that, if you own property, these conditions should start to see values improving and incentives demanded by tenants generally falling. It might take some time to filter through all regions but the signs are encouraging.

Another area that has seen change is the way in which landlords are able to pursue rent arrears.

Gone is the landlord’s ability to distrain (take goods and sell them): this has been replaced by CRAR. This method requires the landlord to notify the tenant seven days prior that they intend to seize goods; not surprisingly most managing agents suspect such a notice will result in tenants removing the goods themselves, leaving the landlord with nothing to take. It is even more critical that landlords ensure rent arrears are dealt with quickly and are not allowed to build up.

For further information contact Stuart Flint on 07501 720422 or email stuart.flint@fishergerman.co.uk

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For further information contact David Merton on 01530 410806 or email david.merton@fishergerman.co.uk

For further information contact Richard Benson on 01530 567466 or email richard.benson@fishergerman.co.uk

sector SPOTLIGHT

Fisher German’s sector heads look forward to what lies ahead for the firm and its clients

Build, build, build!

Safety comes first

Act fast to get financial support

Kevin Benson, head of commercial

Andrew Bridge, head of utilities & infrastructure

Mark Newton, head of renewable energy

House prices continue to rise, positive planning policies continue to support the construction of new houses and there is a lack of existing residential stock – it is a great time to be a house builder.

Notwithstanding the outcome of the 2015 election, it is extremely likely that current trends will continue into 2016 and beyond. Developer interest in land remains strong and competition has increased, resulting in relatively high land values being achieved.

Residential development is further supported by the recently introduced prior notification system for conversion of redundant agricultural buildings. Whilst there are still hoops to jump through, now is the time to consider how best to increase the value of existing dormant buildings.

There are some negatives. A shortage of building materials due to global demand and increasing labour costs due to a lack of skilled labour are driving up construction costs, resulting in potential development site values being ‘pegged back’ and reduced margins.

These factors should also be borne in mind when considering work to existing buildings and with regard to increasing building insurance reinstatement values.

Growth and activity has been less dramatic in other areas. Despite a number of incentives, the tightening of rules and complex formulae have reduced the impact of schemes such as the Annual Investment Allowance and the Business Premises Renovation Allowance.

Investment in infrastructure has been forthcoming.

However, government spending on existing premises remains minimal. For example, the Education Funding Agency’s national survey of schools continues, but it remains to be seen if this will result in substantial repair, refurbishment, extension and new build projects.

As positivity builds in economic commentary and recessionary discussion fades, activity in the urban and rural environment gathers pace. With development increasing and growth in change of use being sought on land, increasing pressure is placed on existing infrastructure and utility corridors.

Safety remains one of the core values of the industry and, as highlighted in the recently published Health and Safety Guidance Note (HSG47), all parties within the contract supply chain have a responsibility to work safely.

Whilst most people will automatically see the main risk being those working in the highway, landowners/occupiers and contractors remain a significant risk when reviewing damage to apparatus running over third party land.

The ranges of works that can impact on a pipeline vary dramatically, whether cleaning a ditch to constructing a new boundary fence.

However, the consequences can be significant.

Utility and infrastructure owners benefit from many landowners and occupiers being their eyes and ears on the ground, keeping their pipes and cables safe. This positive working relationship is highly valued and communication remains key to raising awareness and ensuring safe working practices are adopted.

The coalition came to power saying that they were going to be the ‘greenest government ever’. The country is currently producing about 12% renewable energy and we are on target to reach the 20% target of all energy coming from renewables by 2020.

However, with an election looming, the government is now concerned that onshore wind and solar parks are not winning them votes in marginal rural areas, so they are making planning much more difficult for onshore wind farms and solar parks.

We have already seen 20% degression in the FiTs support payments for wind in April. We may see another 10% degression in October, and the same could happen next year. Wind turbines below 50kW are unviable and this will happen to larger wind turbines as the rates reduce.

The government has recently announced a consultation on support for solar parks, which they see as the next renewable getting out of control. It is proposed that solar parks over 5MW (25–30 acres) will no longer get ROC support from 1 April 2015 but will have to bid for Contract for Difference support, which will only be for 15 years, rather than ROCs for 20 years. The government wants to see small- to medium-scale solar on roofs rather than in fields.

Smaller AD plants and hydro have also had support reduced. The message has always been with renewables to get your projects built as soon as possible to get the current higher financial support.

Returns of 20%+ are still possible.

The good news is the new Renewable Heat Incentive (RHI) for private domestic properties has been introduced, as the support for commercial RHI has been very popular.

For further information contact Kevin Benson on 01777 719148 or email kevin.benson@fishergerman.co.uk

For further information contact Andrew Bridge on 01530 410828 or email andrew.bridge@fishergerman.co.uk

For further information contact Mark Newton on 01858 411215 or email mark.newton@fishergerman.co.uk

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Sector directory Contact details for Fisher German’s 15 national offices

1 St Helens

Fisher German sectors

Phone 01744 451145 sthelens@fishergerman.co.uk Rainford Hall Crank Road WA11 7RP

Commercial

• landlord & tenant • property management • sales & lettings • telecommunications Contact: Kevin Benson kevin.benson@fishergerman.co.uk

Planning & construction

• applications & appeals • architectural design • building surveying • development & promotion • environmental management • project management Contact: Richard Benson richard.benson@fishergerman.co.uk

Property agency

• auctions • development • equestrian • estates • farms and land • residential Contact: Stuart Flint stuart.flint@fishergerman.co.uk

Renewable energy

• anaerobic digestion • biomass • eco-friendly buildings • hydro • solar pv • wind energy

2 Chester

Phone 01244 409660 chester@fishergerman.co.uk 4 Vicars Lane CH1 1QU

3 Knutsford

Phone 01565 757970 knutsford@fishergerman.co.uk 2 Royal Court Tatton Street WA16 6EN

4 Stafford

Phone 01785 220044 stafford@fishergerman.co.uk 2 Rutherford Court ST18 0GP

Contact: Mark Newton mark.newton@fishergerman.co.uk

Rural consultancy

• compulsory purchase • estates • expert witness • farms • rural valuations • sporting

5 Retford

Phone 01777 709943 retford@fishergerman.co.uk 21 Exchange Street DN22 6BL

Contact: David Merton david.merton@fishergerman.co.uk

Utilities & infrastructure • electricity • fibre optics • gas • Linesearch.org • oil & chemicals • water

Contact: Andrew Bridge andrew.bridge@fishergerman.co.uk

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6 Newark

Phone 01636 642500 newark@fishergerman.co.uk 12 Halifax Court Fernwood Business Park Cross Lane NG24 3JP

sector spotlight

14 Canterbury

Phone 01227 477877 canterbury@fishergerman.co.uk Court Lodge Farm Offices Godmersham Park CT4 7DT

13 Hungerford

Phone 01488 662750 hungerford@fishergerman.co.uk The Cuttings 120 High Street RG17 0LU

12 Thame

Phone 01844 212004 thame@fishergerman.co.uk 17 High Street OX9 2BZ

1

5

3 2

11 Banbury

Phone 01295 271555 banbury@fishergerman.co.uk 50 South Bar OX16 9AB

6 4

7 8

9

10 Worcester rural

Phone 01905 453275 worcester@fishergerman.co.uk 2 Birch Court Blackpole East WR3 8SG

10 11 12

13

Worcester agency 14

Phone 01905 726220 worcesteragency@fishergerman.co.uk City Wells House Sidbury WR1 2HZ

9 Bromsgrove

7 Ashby-de-la-Zouch Phone 01530 412821 ashby@fishergerman.co.uk The Grange 80 Tamworth Road LE65 2BY

8 Market Harborough

Phone 01527 575525 bromsgrove@fishergerman.co.uk 8 New Road B60 2JD

Phone 01858 410200 harborough@fishergerman.co.uk 40 High Street LE16 7NX

For more information visit:

www.fishergerman.co.uk fisher german magazine

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www.fishergerman.co.uk