Fisher German magazine issue 13 Winter 2014 by fishergermanllp

fisher german Winter 2014 | Issue 13

www.fishergerman.co.uk

Land Rover:

rural evolution The ancestral home of an iconic British brand

Fighting against flooding Englandâ&#x20AC;&#x2122;s ongoing battle with the destructive winter deluge

A landownerâ&#x20AC;&#x2122;s quandary Rent farmland or take in hand? Sell for development?

Escape to the country Our pick of unique rural properties currently for sale

Welcome The general election increasingly seems to be taking centre stage in most debates. The rural economy is no exception. Several forms of renewable energy, for example, are becoming less attractive (see page 24) as tariffs steadily degress. Uncertainty over the next Government’s Andrew Jackson, energy policy does little to encourage managing partner investment, although the increasing popularity of some forms of technology – such as anaerobic digestion (AD) – could take up some of the slack. However, the lack of clarity over medium-term prospects, combined with very specific requirements for different types of installation, makes expert advice all the more important. A surprisingly similar picture emerges in other areas: the price of land for development may have reached a peak so, with no-one yet certain what the future holds for the planning process, landowners with suitable plots may be well-advised to sell up (see page 16). Yet, deciding whether land is suitable, how much it is worth and who it should be sold to can be difficult. Also, complexities around obtaining planning permission can involve significant time and expense. These are just two examples of the myriad of areas in which rural surveyors can add value through advice and assistance. For those uncertain which way to turn, we stand ready to offer a map (sometimes literally; see page 26) to prosperity.

Safe as houses

Property has become one of the most attractive investments. We offer a beginner’s guide.

22 Currency exchange

Currency hedging can offer sensible ways to manage business risks given the right assistance.

28 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

Land Rover

Agri facts and Agency facts, renewable energy showcase, commercial property recovery, HS2.

The ‘ancestral home’ of one of the UK’s most iconic vehicles and best-loved brands.

06 The landowners’ quandary

Flooding

Volatility has caused confusion over whether landowners should farm their own land or let it.

10 Building a profit

Few realise the complex, demanding processes that underlie the fight against flooding.

12 Escape to the country

Land prices are likely reaching their peak. But the chance to cash in may soon slip away.

Fisher German staff choose unique rural properties from those currently up for sale.

18 Last call for renewables?

Mapping the rural economy

As the attractiveness of some renewable technologies wanes, careful consideration is needed.

The benefits of reliable, accurate geographic information systems are easier to access than ever.

24 Partner spotlight

Sector directory

Ian Calverley explains how rural surveying has evolved, although the priorities remain the same.

Contact details for Fisher German’s national offices.

31 Publishing services provided by Grist, 21 Noel Street, Soho, London W1F 8GP

Publisher Andrew Rogerson; Editor Sam Campbell; Art director Andrew Beswick; Telephone +44 (0)20 7434 1445 Website www.gristonline.com

34 Please remove cover before recycling this magazine

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news&views

Agencyfacts The latest property-related statistical info and market facts*

2.1

increase in prices is expected nationally over the next year with fading, albeit still robust, price momentum. More balanced demand, in part related to less buoyant expectations of future price rises, is offset by a more or less flat supply trend with no indication of a pick-up in new vendor instructions.

growth in prices in London is expected over the next year as the capital’s market comes off the boil. The London price balance turned slightly negative in September for the first time since the beginning of January 2011, ending the longest continuous period of price growth recorded for the capital.

4.7 % 2.3 %

annual growth in price is expected nationally over the next five years.

increase in expectations for residential rental growth. A tightening in market conditions has seen new instructions to let generally not keep pace with the rise in new tenants – fresh instructions registered with agents decreased slightly for the sixth consecutive month in September.

* RICS Residential Market Survey – September 2014

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Successful showcase for renewable energy solutions An open evening on renewable energy held at Huncote Grange near Enderby, Leicestershire, was a huge success, with more than 60 attending.

ointly hosted with NatWest and Lombard with support from the Country Land and Business Association (CLA), the event allowed attendees valuable insight into the benefits of investing in renewable energy. The location was apt – Fisher German recently advised on and obtained planning permission for the erection of an Enercon E-33 wind turbine at Huncote Grange – whilst the adjacent grain store played home to the hog roast and makeshift bar whilst sporting a roofmounted solar PV system. On the day, the turbine itself was operating at near maximum capacity with wind speeds exceeding 11m/s, compared with the long-term average of 6.5m/s. Feedback from the evening was very positive and Darren Edwards, a partner, says the event “clearly demonstrated that there remains a huge appetite amongst the farming and landowning community to explore real-time diversification opportunities”. Huncote Grange was merely the first in a series of events: Pyewipe Farm, near Great Coates in North East Lincolnshire, was also open to guests at the end of October. Check the Fisher German website for all the latest updates and find out more about renewables options on page 24.

For more information please contact Darren Edwards on 01858 411236 or darren.edwards@fishergerman.co.uk

Recovery in commercial property

he upturn in the economy has resulted in significantly increased demand for small plots of industrial land and industrial units, says Simon Geary, associate at Fisher German’s Knutsford office. “Property in the M6/M56 corridor is especially in demand, as it provides access to the motorway networks. Now is a good time to sell or let, as both prices

and demand have recovered, following a lull as a result of the downturn,” says Simon, revealing that a recent sale had achieved in excess of 26 per cent of its valuation, despite not having an enclosed yard. He commented, “Demand is strong for properties with areas between 2,500 sq ft and10,000 sq ft; driven in the main by owner occupiers but also property investors. “Due to recent letting and sales successes we have tenants and buyers waiting.”

Those with suitable properties they may consider selling or letting should contact Simon Geary on 01565 757977 or simon.geary@fishergerman.co.uk

Relief for those affected by HS2

Agri facts

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

£100/t

for UK wheat. The declining EU wheat market is likely to continue with the MARS Commission upping average EU soft wheat yield to 5.88t/ha and the International Grains Council (IGC) announcing 2015 wheat area as the largest for 17 years at 224m ha. Global agricultural industries are on course for the worst performance since the financial crash in 2008, with total returns down 18% for this first nine months of the year. See related story on page 10.

£0.77730 The SPS 2014 exchange rate, €1 = £0.77730, is the lowest rate since 2007, meaning farmers’ payments will be lower than in previous years.

$80 per barrel S

ince the revised safeguarding provisions of July this year, Fisher German’s various offices have submitted and had accepted a large number of Blight Notices for a wide range of residential, agricultural and commercial property. “The expected amendments to compensation provisions at the end of

2014 will see further applications to assist people affected by the railway,” says Jonathan Perks, Fisher German associate.

For further information, please contact Jonathan Perks on 01295 226282 or jonathan.perks@fishergerman.co.uk

is what Goldman Sachs expects Brent crude prices to be in the second quarter of 2015. Recent falls in oil prices have been caused by abundant supplies as OPEC nations have resisted calls to curb production. The US is also producing an additional 3 million barrels per day due to shale oil production.

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Land Rover: rural evolution A globally recognised brand, the quintessential country vehicle and marque, favoured by royalty and celebrities alike. The familiar models, from the iconic Land Rover Defender to the flagship Range Rover, all have especially close ties with one particular area of the British countryside, the Eastnor Castle estate, which is seen as one of the ancestral homes of Land Rover.

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Land Rover

rom humble beginnings nearly seven decades ago, this extraordinary brand has evolved through multiple ownerships (see box overleaf) to become a distinguished and integral member of the Jaguar Land Rover family, the UK’s largest automotive manufacturing business. Born in the aftermath of the Second World War, the original Land Rover was conceived as simply another model by the Rover Company, which had been producing cars since 1904. However, the lightweight design (a fortuitous result of post-war steel rationing) combined with an innovative 4x4 traction system led to the development of a vehicle that was destined to have a life of its own. Maurice Wilks, brother of Rover managing director Spencer Bernau Wilks, is perhaps the individual most often associated with Land Rover, as it was his beach sketches, with only minor modifications, that turned into the production series Land Rover. But it was another engineer, Spen (Charles Spencer) King, who designed the iconic Range Rover first produced in 1970 – who would have a longlasting impact on the development of both Land

Rover vehicles and their technologies from the early 1960s right up to the present day.

Benchmarking In 1961 King and fellow Rover engineer Gordon Bashford were invited by a Lucas supplier who was a guest at a shoot on the Eastnor estate (see box overleaf), near Ledbury in Herefordshire. They immediately realised the potential of the varied terrain, with steep hills, muddy streams, forest and flat pasture as a testing ground for their vehicles. A test followed in 1962 and, ever since, every single model produced by Land Rover has first been put through its paces at Eastnor. “We see Eastnor as the ‘ancestral home’ of Range Rover, and very much the initial proving ground for off-road capability and durability testing,” says David Griffiths, venue manager at Land Rover Experience Eastnor. Today the site remains first and foremost a training ground for cars and all Jaguar Land Rover staff. “The retailer who arranged your last Land Rover test drive would have first had their product training here,” adds David. Towards the end of the 1960s Spen King formulated a benchmarking exercise involving

Steep learning curve: the Eastnor ‘proving ground’ is one of the most challenging

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various routes across the Eastnor estate ahead of the creation of the original Range Rover. The engineer, who passed away in 2010, is immortalised in Spen King Hill, one of many affectionately named tracks on the estate that record key moments in the ongoing evolution of Land Rover engineering. In this case, a communications mishap led to a multiple vehicle pile-up (fortunately without casualties) and the hill still presents a challenge to even the most experienced drivers.

Sticky situation There are around 60 miles of tracks across the estate currently in use. The vast variety of terrain and inclines includes large ruts, deep water and open ground.

“One of the things the engineers particularly prize about Eastnor is the high clay content in the soil – it’s really tough on cars, as it is very fine and sticky, so it gets everywhere, clings to everything and then does as much damage as it can when it gets there,” explains David. Land Rover’s most recent model, the Range Rover Evoque, was refined thanks to the experience of bouncing across the Eastnor landscape. Its ride dampers, developed as MagneRide, were tested extensively on the estate. Other technologies that underwent the ultimate work-out at Eastnor include: anti-lock brakes, adjustable air suspension, electronic traction control and hill descent control. Land Rover’s unique Terrain Response was also developed here. This controls vehicle set-up (electronic and mechanical) and performance under a variety of offroad conditions. There are settings for mud, ruts, rocks, sand, grass, gravel and snow, and Terrain Response optimises ride height, engine torque response, hill descent control, electronic traction control and transmission settings accordingly, ensuring a safe and controlled passage across any terrain.

Proving ground In the mid-1970s, after the company had been nationalised, Land Rover first started to use Eastnor as a demonstration ground for its British products in a very British setting and this was a successful marketing tool in selling Land Rover fleets to foreign governments and agencies. High-profile guests at Eastnor over the years include Prince William, Zara Phillips, Jamie Oliver and Ranulph Fiennes. However, the Eastnor tracks are no longer the sole preserve of Land Rover engineers and VIPs. In 1989 Eastnor pioneered the Land Rover Experience, a package that opened up training drives to private individuals (see box). There are now 47 venues across the world, including 10 in the UK, but David believes Eastnor remains one of the best: “Eastnor offers the truest and most authentic off-road experience anywhere in the UK.” As anyone who has purchased a new Land Rover knows, an invitation to a Half-Day Experience comes as part of the package. There are 30 vehicles in the Eastnor fleet, including all Land Rover and Range Rover models, none of which are over nine months old. In addition, the venue has access to the Land Rover heritage collection, meaning classic vehicles can also be provided. Eastnor welcomes over 12,000 off-road drivers a year, including professionals from the military and emergency services, some of

The history of Land Rover 1947

1957

1968

1975

1986

1989

Original Land Rover sketched in sand on a beach in Anglesey

First diesel model introduced

Rover joins British Motor Consortium and becomes British Leyland

British Leyland taken under state control

British Leyland rebrands as Rover Group

Discovery launched

1948 First Land Rover launched at Amsterdam Motor Show by Rover

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1967 Rover merges with Leyland Trucks

1970 Range Rover launched

1978 Land Rover made separate entity within British Leyland

1988

1990

Rover Group sold to British Aerospace

Defender launched

Land Rover

Eastnor Castle Eastnor Castle is the magnificent Norman Revival centrepiece of the 5,000 acre Eastnor estate. Designed by Robert Smirke, best known for the main block and façade of the British Museum, it was completed in 1824 on behalf of the 2nd Baron (Lord) Somers. The building was emptied for Government use in the Second World War, but never used, and one of Lord Somers’ descendants, Hon. Elizabeth Somers Cocks, together with her husband Benjamin Hervey-Bathurst, moved in during 1949 and began rehabilitation of the property. Since 1988, Eastnor has been home to James Hervey-Bathurst and his family, who

share the castle and grounds with visitors to corporate events, weddings and Land Rover Experience, as well as the general public, who are able to admire the house and its glorious surroundings between Easter and the end of September each year. www.eastnorcastle.com James Hervey-Bathurst joined Fisher German as a consultant in 2008 at the end of his presidency of the Historic Houses Association. He advises Fisher German clients particularly on commercial aspects of estate and land management, especially focusing on those with historic properties.

1994

2000

2008

Rover Group bought by BMW

Land Rover bought by Ford, also owner of Jaguar

Land Rover and Jaguar bought by Indian corporate Tata Motors

1997

2007

Freelander launched

Four-millionth Land Rover produced

2013 Land Rover and Jaguar become Jaguar Land Rover

For more history go to: www.landrover.com

whom are now part of the 30-strong team of instructors who work on the estate, providing training 300 days each year. It is a tribute to the professionalism of the staff at Eastnor, which sits within the Malvern Hills Area of Outstanding Natural Beauty, that the Experience is the only site in the country where civilian driving in a Site of Special Scientific Interest is permitted. The future for the partnership of Land Rover and Eastnor looks bright. Land Rover is working with local hotels to develop the Land Rover Experience as a venue for team-building and networking days for large and small businesses. David lists the attractions: “We can provide meeting rooms with a difference, an amazing lunch in the castle and a wide variety of activities in the grounds, where we encourage participants to be as competitive as they like. This includes a zip wire accross the lake, simulated shoots, falconry, geo-caching and even duck herding – like sheep herding, but more fun.” And, of course, lots of off-road driving challenges. For further information please visit www.eastnor.landroverexperience.co.uk or call 01531 633160 or email enquiries@eastnorcastle.com

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The

landowners’ quandary Volatile crop and input prices have caused confusion over whether landowners should farm their own land or let it. There are benefits – and challenges – with both approaches.

avourable weather conditions in 2014 finally saw grain stores up and down the country filled to the brim. After two dismal years this should have been cause for celebration. But wheat prices have plummeted from £200 per tonne in 2012 to as low as £100 per tonne. Falls in UK crop prices have been caused by unprecedented highs in global production and a strengthening pound. Landowners and farmers now face a dilemma. The last really profitable harvest of 2011 prompted many landowners to bring farming operations previously let out as tenancies under direct control. Some now wonder whether they have done the right thing. Others are unsure whether to follow suit.

production or not. And, if certain tests are met, it can include non-farming assets, such as estate cottages,” says Richard. The financial benefits can be significant: every acre farmed can qualify as well as an equivalent value of non-farming assets, though the actual amount will depend on the individual circumstances of the owner. If land is being used as part of the assets of a business, it may also be eligible for Capital Gains Tax Relief if the farming is run as an in-hand, rather than a tenanted, operation.

There is no one-size-fitsall solution for landowners.”

Finding relief The absolute control of management offered by in-hand farming is often attractive to landowners, says Fisher German partner Richard Sanders. But arguably the most favourable aspect of in-hand farming is tax relief, particularly Inheritance Tax Relief. While owners of tenanted farms can claim Agricultural Property Relief on land currently being farmed, direct farming can confer greater benefit through Business Property Relief. “This can secure all land within a holding, whether it is in

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Thinking big For owners of larger estates, economies of scale can be an argument for in-hand farming, though the advantage may be finely balanced, due to increased working capital costs. Indeed, payments for inputs like seed, fertiliser and machinery can be one of the key downsides of in-house operations. In a volatile market increased spend on these variable and fixed costs may not even be covered by the returns from the previous

growing season. The situation is compounded by the difficulty in obtaining credit. Although bank lending is starting to increase, without compelling evidence that the business will make a good return in the future, most financial institutions are still reluctant to cover a shortfall in working capital. Landowners may have to look to their own pockets, or elsewhere, for finance. Administration and compliance is another major obstacle for those farming directly. Despite government promises to reduce the burden of red tape, farming enterprises face substantial paperwork and the penalties for non-compliance can be severe. “Single Farm Payments make an important contribution to many farming businesses, but it is up to the landowner to accurately claim this EU subsidy. If an owner over-claims by more than one hectare (approximately 2.5 acres) it is possible that all subsidies for that financial year will be withheld,” says Richard. Some landowners are understandably reticent to expose themselves to this risk. Direct farming also means being a good employer. Decent financial returns are dependent on intensive management, where attention to detail is critical. The recruitment of high calibre individuals is often the difference between profit and loss.

Farming

Cost trends Careful consideration In addition to these challenges, the returns of in-hand farming seem to actually be lower: on paper at least, farms let on a Farm Business Tenancy can yield over £200 per acre to the landowner, compared with maybe only £150 per acre on directly run farms. Rents from tenancies have recently climbed and appear to be rising further, so Farm Business Tenancies are becoming an attractive option. A landowner is guaranteed a reliable cash-flow, either in advance or six-monthly in arrears, with no capital requirements or management involvement and a greatly reduced administrative burden. Landowners can still qualify for Agricultural Property Relief (although this relief is currently under review, so its future availability is not guaranteed). However, the situation is far from clear-cut. The returns quoted above, for example, do not include the benefits of Business Property Relief and Capital Gains Tax Relief for an in-hand operation. These vary according to the circumstances of the owner, but could be substantial. There are other options, the most common of which is a share-farming agreement. In this case the landowner is responsible for part of the variable costs but doesn’t pay a contractor fee – this is paid from the gross profits. This is a lower

2009

2010

2011

2012

2013

2014

Average wheat yield tonnes/ha

7.9

7.7

7.8

6.7

7.4

(provisional)

Average price (Nov) £ per tonne

93.3

158.7

155.1

192.4

151.1

Output £ per ha

737

1,222

1,210

1,289

1,118

1,002

Variable costs £ per ha

473

520

570

580

550

610

Contract fee

220

250

280

Divisible Surplus for distribution

482

390

459

288

112

risk solution, with lower working capital requirements. For owners for whom maximum tax relief is the main objective, however, share-farming is unlikely to provide a beneficial solution. The level of financial activity will not be sufficient to secure the full benefits of Business Property Relief. “There is no one-size-fits-all solution for landowners,” says Richard. “The individual circumstances of those involved must be taken into consideration and will partly determine which route should be taken. For example, if the principal requirement of land use is tax relief, it may be necessary to stick with in-hand operation. If not, the benefits may be marginal. One of the key things in securing success will always be the quality and expertise of the farm

8.6

116.5 (estimate)

manager or contractor. Farming operation methods aren’t something that can be changed back and forth according to current crop prices. We are involved with a large number of highly profiable farming businesses but to stay in front they will need the best managers and operators and to be constantly looking at ways to improve performance and cut costs. It is almost certain that in-hand farming operations will continue to attract the optimum taxation environment for the forseeable future.”

For further information please contact Richard Sanders on 01858 411234 or richard.sanders@fishergerman.co.uk

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Fighting the floods As flooding becomes an ever more serious menace, the battle to defend the country is gathering momentum. Yet few realise the complex, demanding processes needed to protect against such natural disasters.

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getty

ast winter some of the heaviest rainfall in recent UK history created unprecedented flooding across the country. Quiet streams and brooks became raging torrents and quaint town and village centres were inundated by murky waters. This natural disaster, the effects of which are still being felt in some parts of the country, has had an economic impact estimated at £1.1 billion. Those who bore the brunt of the flood waters were understandably vocal in suggesting that more should be done to protect homes and businesses from becoming unwilling aquatic structures and an extra £270 million was committed towards protection by the Government. While the Somerset Levels were in the media spotlight, parts of central England were also badly affected. Tidal surges did not just cause damage to the coasts; they also damaged structures including pumping stations and embankments along the River Severn and the River Trent, says Amy McSorley, senior estates surveyor at the Environment Agency. While politicians debate whether or not to step up protection further, the Environment Agency for England is > following a strategic nationwide plan

We’re typically involved from inception through to compensation claims following completion.”

flooding

Environment Agency (EA) for England in numbers

800,000 36,000 ÂŁ135m 150,000 1,000 650 155 17 1in 6 10,200 ÂŁ1.2bn 57%

properties protected in the winter 2013/2014 storms by EA defences

properties at reduced flood risk thanks to works completed by the EA in 2014 worth of damage on EA flood defences caused by winter 2013/2014 storms individual flood defences inspected in 2014 with the assistance of the military

river locations where EA provide flood warnings

coastal locations where EA provide flood warnings severe flood warnings issued between December 2013 and February 2014

severe flood warnings issued in financial year 2012/2013 number of homes in England at risk of flooding people employed by the EA spent by the EA during 2013/2014

of total spend 2013/2014 spent on flood and coastal erosion risk management

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Unseen efforts Flood protection-related surveying tasks that may be overlooked by the public: •R ent reviews – The Environment Agency (EA) rents land for its bore holes and gauging stations that are dotted along the country’s waterways. Often easily identified by the small brick structures connected by a cable over the watercourse to the opposite bank, these locations are vital front-line tools for the fight against flooding, used to monitor the height of watercourses, information that is crucial for knowing when to erect demountable flood defences. As the sites are rented, they are subject to rent reviews in the same way as commercial property leases. • Valuations – The Environment Agency owns thousands of parcels of land on the edge of watercourses, as well as fishing pits and lakes. These are occasionally sold off or impacted on by third party rights and therefore need to be professionally valued to ensure that the Environment Agency achieves the best possible value in a sale. Fisher German has mainly valued plots of land although other items sometimes come up, which recently included a house. •P rofessional advice – Flood protection is often controlled with sluices and weirs and these may now be suitable candidates for small-scale hydro power projects (see page 24). Similarly, the Environment Agency has been asked by central Government to look into using renewable energy (photovoltaic) sources for locations where power is required. The Fisher German team advises on any surveying issues such as valuation impacts and lease terms. Fisher German’s Renewables team has also provided specialist advice to the Environment Agency in this regard. • Land management – The Environment Agency is also a landholder and owns a considerable amount of agricultural land surrounding rural watercourses. This is often let to local farmers and Fisher German helps to manage this process. • Records of conditions – There can be a high volume of these small building surveying tasks that record the state of physical structures, typically houses, highway boundary walls and commercial properties, in areas subject to flood risk management works. More than 200 might be required at the start of a large scheme and the same amount again following completion. These surveys record the condition of the assets in question, so that it is clear whether any change was due to the Environment Agency’s works.

to manage the risk posed by future severe weather risks. There has been a subtle move away from the term ‘flood prevention’ towards ‘risk management’ in recognition of the fact that in many cases it is virtually impossible to prevent some degree of flooding if the rainfall is heavy and/or persistent enough. Nevertheless, much can be, and is being, done to alleviate the threats in the most floodprone locations. Environment Agency estates operations manager Rupert Robinson says longterm ambitions are to manage rivers better, typically by installing engineering features such as embankments and walls. Rupert emphasises that cost effectiveness is the prime determining factor when choosing which feature to use, though space available also influences decisions. “Embankments are cheaper than walls,” he says, “but sometimes there simply isn’t room for them. We also have to consider that embankments have an ongoing maintenance requirement – for example, grassed areas need to be mown regularly – whereas walls usually require little

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attention.” A key challenge for the Environment Agency is ensuring that water diverted from one settlement doesn’t just end up – literally – on another’s doorstep. Building new properties on flood plains is also being discouraged, chiefly through the local authority planning process. “As a result, our voice tends to carry a greater weight when planning decisions are made,” says Rupert. Fisher German partner Guy Hemus, who heads up a team that provides the Environment Agency with surveying advice on flood risk management schemes across a large area of central Britain, explains that much of the work is focused on the edge of towns and cities: “The Environment Agency is charged with protecting residential, rather than agricultural or commercial, property, so the largest projects will be found near conurbations. Also, as a general rule of thumb, the premise on which schemes go ahead is to defend the greatest amount of properties for the funds that are available, which is understandable, given

Our City Our River Launched in 2012, Our City Our River is a masterplan for flood prevention along the river Derwent in the centre of Derby, jointly created by the Environment Agency and Derby City Council. The project aims to integrate improved flood defences with new mixed-use developments which will attract investment into the city and produce high-quality public, commercial and residential areas. At present more than 2,100 properties in Derby are at risk from flooding. Every year there is a 1-in-25 (4%) chance that the river Derwent will breach the existing defences, a high level of risk: the Association of British Insurers (ABI) recommends that for properties to be insured against flooding the maximum annual chance of flooding should be less than 1-in-75 (1.3%). Many cities in England and Wales now have a 1-in-100 (1%) maximum annual chance of flooding. The masterplan says that even a 1-in-100 annual chance of flood could be devastating for Derby. Not only would many parts of the city become submerged (as happened in 1965), with risk to life, but local and regional transport links and other infrastructure like

flooding

that taxpayers’ money is being spent. As a result, this tends to favour schemes in urban areas.”

Unseen struggle

electricity substations and sewage treatment plants would also be massively disrupted. The effects and costs of a severe flood, including land and property reconstruction, loss of business earnings and infrastructure renewal would be catastrophic in the short term. Worse, the anticipated effects of a flood could severely stifle the economic regeneration and vitality of the city centre. The Environment Agency estimates that the proposed increase in the standard of flood protection to residential and commercial property in Derby will provide £318 million of economic benefit to the city in the reduction of damages that arise from floods. However, building the new defences will be expensive and the masterplan makes it clear that national Government funding will not be available to cover these costs. So the Derby partnership is looking to fund the scheme jointly from other public sector sources as well as private sector involvement. Consequently, the timetable for completion of the scheme is uncertain as it is dependent on securing funding from these alternative sources.

Although large-scale schemes (see boxes) grab much of the attention, there are many surveying tasks related to flood protection that slip quietly under the bridge of the general public’s gaze. Nevertheless, the large-scale flood risk management schemes remain crucial in the fight against flooding. Usually multimillion-pound construction projects, these involve an array of surveying-related tasks. “We’re typically involved from inception through to compensation claims following completion,” says Guy. “We’ll start off by recording land and property ownerships – there can be hundreds of these in a city centre.” Recent, or ongoing, major projects in central England include Derby, Ipswich, Nottingham, Boston, Tamworth and Birmingham. These schemes often take over three years to complete as they involve catchment strategy work, funding approval, the design of the defences, planning approvals, construction and final reinstatement. “There can be a surprising number of issues after completion,” adds Guy. Typically these will centre on compensation claims. Most will come from those who have had their land used to construct the defences on, but in the case of agricultural holdings, there may also be claims for lost income when, for example, crops are lost as a result of works. The amount of compensation due to affected parties can have a significant effect on the viability of flood risk management schemes, and Guy notes that the Environment Agency is looking to work increasingly in partnership with local communities on a ‘no compensation’ basis to allow schemes that would otherwise be unaffordable to go ahead. This can be a logistical headache as a typical scheme

Lower Tame Flood Risk Management Scheme An £11-million project by the Environment Agency to protect 1,000 homes and businesses along a section of the river Tame between Tamworth, Staffordshire and Birmingham is almost finished. Protection measures have been put in place at four locations: Coton, Fazeley, Whitacre Heath and Kingsbury. Work on a variety of individual features started in autumn 2012. These include: raising, extending and constructing new flood walls, extending and constructing new flood embankments, and improvements to surface water run-off. These solutions are part of a broader strategy for the river Tame, set out in 2009, that aims to reduce flood risk near the river into the next century.

might require the consent of up to 40 individuals and be reliant on a clear benefit for those involved. However, where a single landowner owns a large amount of land, but lives elsewhere, this kind of agreement isn’t likely to be appropriate. Does this mean that a minority can scupper proposed improvements that would benefit the majority? “Not necessarily,” says Guy. “The Environment Agency possesses statutory powers under legislation such as the Water Resources Act 1991 and Environment Act 1995. The Environment Agency relies on these wide-ranging powers but is also mindful of the need to consult with local communities and affected parties to try and minimise any impacts and achieve the best result possible from a given scheme.”

For further information please contact Guy Hemus on 01530 410890 or guy.hemus@fishergerman.co.uk

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Building a profit In every property cycle there are good and bad times to sell land for housing development – in the present cycle, now is a good time. Landowners are currently in the driving seat, and prices have been increasing for a number of years. But the chance to cash in may soon slip away.

for landowners looking to sell, the Government’s commitment to increasing housing supply in the bettering market is proving an additional boon in highvalue areas. “Local authorities, who are responsible for approving new development, were told that they have to demonstrate that they have at least a five-year supply of land available for new housing,” explains Fisher German planning partner Liberty Stones. “However, many have been unable to do this. This means there is a real – but time limited – opportunity for landowners in areas where no five-year supply exists to gain planning consent for housing on sites which are not allocated, as they can argue the development is necessary to meet the Government’s target.”

Supply and demand Ideal plot sizes range from 5 to 40 acres, which will allow for the construction of between 40 and 300 homes, which are the optimum volumes preferred by housebuilders. High land values will be obtained on most sites where housebuilders can achieve good sales values of £200 per sq ft or higher. These will generally be greenfield plots, advises Ben, where the builders are unlikely to face the abnormal costs

Case Study On target in Worcestershire A promotion agreement was just the ticket for a private landowner in Worcestershire. Advised by Fisher German, the landowner was partnered with Providence Land who obtained planning consent for 100 homes on a 10-acre plot in Inkberrow, one of the largest villages in the county and reputed to be the inspiration for rural radio drama The Archers. The site was sold unconditionally to Bovis Homes in 2014. The competitive bidding process generated a £2.5 million spread in offers and the land owners eventually realised/achieved significantly more then red book value.

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that are associated with brownfield (previously developed) land. “Any new development needs to be sustainable, so some sites, for example in a tiny village with no facilities, are unlikely to get planning permission. However, there are many plots, often close to schools or with good transport connections, on the edge of any number of English market towns that are eminently suitable.” Deliverability is also important: the Council wants to be sure that the site will be built out; sites in single rather than multiple ownership therefore better demonstrate deliverability.

Applying yourself Landowners who possess such plots need to be aware of planning-related hurdles that need to be cleared before they can be assured of a lucrative sale. Housebuilders will only pay top prices for land if they are confident that houses can be built on it. Obtaining planning permission on an unallocated site under the five-year housing land supply argument is a risk and the cost of obtaining planning consent can be surprisingly steep. “To put in an application and then possibly go to appeal for an average scheme is likely to require a minimum of £100,000,” says Liberty. Applications are increasingly likely to be challenged, which increases costs through the need to provide additional evidence to respond to concerns. Neighbourhood Development Plans are becoming more prevalent (see box). The Government is actively supporting these, however, many applications in areas covered by such a plan are more often initially refused or referred to the Secretary of State. Planning experts suggest that this state of affairs has

getty images

ousebuilders’ chequebooks are very much open as they scramble to obtain suitable sites for development, says Ben Marshalsay, partner at Fisher German. “During the credit crunch a lot of housebuilders either sold off their land banks or built them out, so there has been a need to replenish their stocks.” This demand from housebuilders comes at the same time as a continued growth in house prices has been seen and a pressing need for more homes from prospective buyers. The Government’s Help to Buy initiative has allowed thousands to get on the housing ladder and simultaneously maintained buoyancy in a housing market that might otherwise have floundered. The scheme has been so successful it has already been extended from being due to end in 2016 to now ending in 2020. “Housebuilders are vying with each other to get hold of new sites in popular locations,” reports Ben, “and the highly competitive state of the market means that bidding wars are quite common. On average, we have seen prices achieved in recent deals being at least 10 per cent higher than what we originally envisaged the land value to be. And in some cases they have been significantly more.” As if a good market wasn’t enough

development land sales

Neighbourhood Development Plans

become politically charged with the general election on the horizon. “The process of gaining a planning consent is dynamic and things are constantly changing, so it’s important to understand exactly what’s going on at every stage of the process,” says Liberty. “It is possible to submit an application on the basis that a Council can’t demonstrate a five-year supply of housing land and ahead of the submission, or during the determination of the application, that Council considers that it can demonstrate the required supply. That doesn’t stop the application, but means the applicant then has to do extra work to provide further evidence of their original argument, which can be a technical and time-consuming exercise and one which often has to be tested at appeal. Some local authorities are literally overwhelmed by the number of applications and that can also impact response times.”

Peer pressure Landowners are likely to also face competition from their peers, in which case getting a planning consent over the line first could be crucial. Despite the challenges, however, the potential financial returns easily outweigh the disadvantages. There is good news for those who don’t happen to have to hand the £100,000 that may be needed to win planning consent: Fisher German can negotiate arrangements for a third-party development partner to risk the financial overheads. The three common types of agreement are:

•C onditional contract – a developer will buy the land for an agreed amount, subject to winning planning consent. The planning costs – and risks – are borne by the developer, but the sale price will be lower as a result. •P romotion agreement – a third party applies for planning consent at their own risk and takes a percentage of end value when the land is sold on the open market. •O ption agreement – similar to a conditional contract, but not binding, rather the developer has first right to buy if planning is granted, at a pre-agreed discount to market value determined by red book valuation. “Promotion agreements often provide the best returns for landowners but there is no hard and fast rule,” advises Ben. “The best path is dependent on the circumstances of the individual landowner.” Anyone considering a sale may not have much longer to take advantage of the highest prices. Ben points out that the large housebuilders have purchasing cycles and will halt aquisitions once landbanks have been replenished, and small housebuilders, which either went bust or lost their funding sources during the credit crunch, have yet to reappear in any large number. Furthermore, as a result of the current planning policies and many planning authorities’ lack of a five-year supply of housing land, certain areas are starting to be saturated with consented land coming to the open market. Even before the housebuilders wind

NDPs in numbers*

1,000 80 13

local communities have taken the first formal steps to produce a Neighbourhood Development Plan

full draft plans are at the consultation stage Neighbourhood Development Plans have been passed at community referendums

* as of April 2014

down their purchasing, the increasing number of planning applications means that many local authorities will reach their five-year land supply targets sooner rather than later, says Ben. “We can still help landowners in cases where the targets have been met, but if it’s possible to get in before the window of opportunity closes it makes absolute financial sense to do so.”

For further information please contact Ben Marshalsay on 01530 567465 or ben.marshalsay@fishergerman.co.uk

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Source: Department for Communities and Local Government

Now is the time to sell land for new housing developments

Since the 2011 Localism Act came into effect in 2012, landowners have potentially had an additional tier of planning control to consider when putting forward development proposals for their holdings. The Neighbourhood Plan process, usually led by a Parish Council, allows a community to decide how land should be used and developed. Specifically, this can stipulate where homes and commercial properties should (and should not) be built and quantum and type of development the community considers it needs. If approved by a community through a local referendum, the resulting Neighbourhood Development Plan is binding on anyone proposing to undertake development in the Plan area. However, in the run-up to the election, greater emphasis has been placed on Neighbourhood Plans with those even at a very early stage being afforded considerable weight. The Government says that this will allow local people to get the right type of development in their community, while critics suggest that localism is being used to stymie growth. The Government counters that a Neighbourhood Development Plan will still have to take into account the district or town Council’s assessment of housing and other needs in an area.

Escape to the country Rural and village life can offer many benefits over city life but the selection of properties available can be bewildering. During a record year for agency at Fisher German we ask a number of Fisher German colleagues to choose their favourite properties from those currently available, revealing some captivating homes and uncovering some fascinating insight into personal preferences â&#x20AC;Ś

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Unique properties

Townsend Farm, Waterperry, Oxfordshire Barry Gamble, chairman In selecting a property I tried hard to shake off my keen business mind and my “used to be a chartered accountant” line but I kept being lured back to Townsend Farm. To have a fine house and 50 acres that comes with the added bonus of 11 income-producing cottages is irresistible to my financial mindset. It also has an aircraft hangar and landing strip, so would put my Private Pilot Licence for helicopters to excellent use. What a fabulous toy that would be to have at home! tinyurl.com/townsendfarm

Grove Springs, Belbroughton, Worcestershire Maria Wade, head of human resources The kitchen of my dreams! Whilst I perhaps saw myself choosing a more traditional house, my MasterChef tendencies persuaded me that Grove Springs is the pick of the current houses for sale. Quite what I would do with six bedrooms I’m not sure but perhaps there will need to be lots of guests to sample the culinary creations? tinyurl.com/grovesprings

College Farm, Shotteswell, Oxfordshire Stuart Flint, head of property agency As residential agency is in my blood I felt a little under pressure making the selection and inevitably I was found asking myself: ‘what sells well?’ A pretty period house at the heart of a charming village with a three-quarter-acre garden and within a few minutes’ drive of a station that can get me to London in an hour would be perfect. So, with my ‘agency hat’ on, College Farm got my vote. tinyurl.com/collegefarm

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The Green Hall, Ashbourne, Derbyshire Richard Sanders, senior partner I’m informed that sadly all the properties we have marketed this year with sporting appeal have sold already, so, with my shooting estate dream shattered, I was not going to miss the opportunity to choose the most handsome house I could find on our books. The Green Hall looks picture perfect, not too grand but an archetypal country house. tinyurl.com/thegreenhall

Hornhill Farmhouse, Clipston, Leicestershire Jackie Turner, head of marketing My perfect house is cosy but not dark, historic but not dilapidated, so Hornhill Farmhouse really fits the bill. The stone and thatch architecture is delightful and the dimensions of the rooms are perfect. Being a few miles door to door from the office provides an ideal commute to kick back after a hard day’s work and enjoy a glass of fine wine in the fantastic grounds with paddock, although unfortunately, my horse riding days are over. tinyurl.com/hornhillfarmhouse

Moat House, Appleby Magna, Derbyshire Andrew Jackson, managing partner A house with a moat; couldn’t resist it! I’m not sure what it says about my character but I guess we would all like to ‘pull up the drawbridge’ at times. tinyurl.com/moathouseapplebymagna

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Uniquein properties memory

Bennetts End Cottage, Knowbury, Shropshire Adrian Jones, finance director Being in the outdoors and walking is my great passion so I wanted to head west into the Shropshire hills and within easy striking distance of the Welsh peaks. And, with my accountancy head, I wanted to get value for money – a large family house with indoor pool, tennis court and 9 acres for under £900,000 appeals to my procurement strategy! tinyurl.com/bennettsend

Mickledale, Abbots Bromley, Staffordshire Neil Jones, head of IT As head of IT at Fisher German you might expect that I would be tempted by a gadget-laden house. I imagine I will get some ribbing from colleagues about the extensive gymnasium but after a few hours in the 3D home cinema I will be happy to watch others exercise whilst I relax in the spa with its lakeside panorama. tinyurl.com/mickledale

Wyddgrug, Boduan, Wales Jill Bonser, head of administration In choosing this property I think I might have the perfect holiday home, perhaps even with an eye to distant retirement – a house in a stunning spot on the beautiful Lleyn Peninsula with 35 acres and sporting rights over 450 acres. It is also a short drive to Abersoch so well before I start thinking of that retirement I might take up kitesurfing! tinyurl.com/wyddgrug

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Safe as houses

Property investment for beginners,

part 1

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Property has become one of the most attractive investments. But who can invest and how much should they spend? What type of property should they look for and what are the potential returns? In the first of a two-part feature, we provide the lowdown on property investments.

property investment

roperty investment is commonly seen as the preserve of specialist institutions, billionaires and superstars. However, tens of thousands of smaller private investors have found in bricks and mortar a solid way to produce decent returns and protect their capital. Extremely low interest rates in the wake of the global economic crisis mean bank deposits are lucky to appreciate above inflation. Although UK interest rates may rise in 2015, increases will likely be small and gradual. Property, however, offers an opportunity to potentially double or triple those earnings (see graphic). And, because the market is rising, the underlying capital is likely to be, literally, as safe as houses.

Overcoming misconceptions There are two main reasons people shy away from property investment, reckons Fisher German partner Kevin Benson: lack of experience and negative perceptions. “People often assume, wrongly, that property investment is very complicated and extremely risky. Neither of those things is true, although, of course, the normal rules relating to any kind of investment apply. There will always be a certain element of risk, but it can be mitigated, using a third-party adviser if necessary.” Property investment is likely to suit anyone with a lump sum (which can be as

Property vs Piggy bank

£50,000

cash invested for 5 years could earn…

in a bank

6.5%

in residential property

in commercial property

Property investor profile First-time property investors come from all backgrounds and walks of life. They may be retired, semi-retired or still advancing in their chosen career, though they are likely to be at least 40 years old. “We do see some 20-somethings but not many,” says Kevin, “but there is no reason why they shouldn’t invest. Younger people may not have access to the equity that older people are able to release, so may have to resort to a lender for at least some of what they require.” What all prospective investors have in common is a desire to improve their returns. Some have existing equity investments and

pension pots that are not providing desired or expected earnings and some have lump sums, amassed as a result of paying off mortgages or having sold a business. Inheritance is another common reason for considering property investment, though Kevin warns against knee-jerk reactions when being given ownership in this way. “The key is not to panic and sell. All types of investors should have a 10–15 year strategy. The most successful are those who sit tight, double their income and then reinvest it, rather than splashing out, say on expensive cars, at the first opportunity.”

low as £30,000) that they can lock away for the medium term (see box). The usual, and often simplest, route to entry is a buy-to-let residential property. “As owner occupiers, who have also possibly rented themselves at some stage, most people are familiar with the fundamentals of the housing market,” says Kevin. “They are comfortable making the initial investment and once they have bought one house – and found that property isn’t as scary as they imagined – they will usually buy another.” Most first-time investors choose a property near to where they live or work: they can easily access the building if they need to and are likely to be familiar with the local property market. “The appearance of a building is less important than location,” Kevin says. “If it is close to facilities and transport links it is more likely to attract good quality tenants.” Many UK market towns have premises with a shop on the ground floor and residential space above located on and close to high streets and other busy areas. These can make for attractive investment propositions (see case study). Although the obvious route for small residential investors might appear to be to amass large housing portfolios, this isn’t necessarily the case. The capital growth on residential property can be impressive, but the yields may be less so, mainly due to high running costs. On average, gross rents will be reduced by 30 per cent due to periods when the house is between tenants, repair bills and management costs. “Although it may appear as a cost saving, the hassle of having to deal directly with tenants can be underestimated. I always recommend using a management company,” says Kevin. Residential property returns are good, but those from commercial property

can be even better. Once again, lack of familiarity can be a perceived obstacle for private investors, but one that can be overcome relatively easily. Next issue: Part 2 – Beginners’ guide to commercial property investment.

A good return Small high street properties with a ground floor shop and one or two upper floors can make ideal property investments. A recent example in Leicestershire was purchased for

£125,000 £10,000 8% £80,000 £450 £10,800

13%

The shop income amounted to per annum, equating to a return of The two upper floors were empty and the investor spent on converting this space into two flats, which were then let at per month, giving an annual rent roll of The gross return on the £80,000 investment was “Even when management costs on the flats are taken into consideration, that’s still a good investment,” says Kevin Benson.

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

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Time running out for renewables? As degression of the Feed-in Tariff (FIT) continues, the attractiveness of some renewable technologies is steadily ebbing away. Yet, as different sources of energy come to the forefront, careful consideration of the options can bring significant benefits to landowners.

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says Darren, although he stresses that only new projects will be affected by the withdrawal of the RO and reductions in subsidies. “No retrospective changes will be made so there has been a real push to get solar parks consented and commissioned before subsidies are reduced or withdrawn.” Wind power has better short-term prospects, although the RO support for large-scale projects is also due to be phased out in 2017. Medium- and small-scale projects will also see

scheme. “Provided farmers have ready access to feedstock, AD can offer not only renewable electricity, but also gas, heat and biofertiliser (digestate). Dairy farmers in particular can manage their slurries better and hedge against future electricity prices, as well as diversifying their income to give some protection against volatile milk prices.” Stimulated by the FIT, a rapid take off in the technology in the UK has seen up to 30 new plants being built each year since 2010 with an estimated installed capacity of 140MW in 2013. Again, the race to meet their 2013 FIT preaccreditation deadlines will see a large number of plants come on stream. Larger biomethane plants using both energy crops and food wastes are also increasing in number. “While food waste and manures are an important part of many plants injecting gas to grid there has also been an increased interest from arable farmers to supply energy crops to feed them,” says Darren. “This is driven by a desire to widen rotations to control blackgrass, meet the new Common Agricultural Policy crop diversification measures and reduce their exposure to volatile soft commodity markets.” Still, degression of tariffs is being felt here too and there are the crop sustainability criteria to come which will set a carbon saving test for each consignment, says Darren. The most viable projects will

There remains genuine interest among landowners to develop renewables.” financial support diminish as the FIT degresses, which, on top of planning and development challenges, will make them more marginal projects. The window of opportunity is fast closing for both solar PV and wind turbines reliant on electricity sales to the grid, Darren says, but there may still just be time to get developments underway, provided landowners get the right help.

Heating up While solar and wind may be falling from favour, other renewable options are emerging. Anaerobic digestion (AD) is growing in popularity, Darren says, especially for farmers with a ‘ring fence’

shutterstock/istock images

espite a clear and widely recognised long-term need for secure energy sources, changes in funding mean some renewable energy installations are fast becoming far less attractive. Despite previous Government promises on commitment to renewable energy, subsidies are being unwound, with ‘mid-year’ degression (decrease by stages) having been applied on 1 October 2014 and further reductions possible from 1 April 2015 (see box). The Renewables Obligation (RO), a key encouragement of renewable energy generation since 2002, is to be phased out in 2017 although the ending of RO support for large-scale solar (5MW+) has been fasttracked and will end on 31 March 2015. Nevertheless, turbulent commodity prices coupled with rising input costs (see page 10) mean there remains a huge appetite amongst the farming and landowning community to explore diversification opportunities. “There remains genuine interest among landowners to develop renewable energy projects on their own holdings,” says Darren Edwards, partner at Fisher German. “The returns achievable from such installations are still amongst the most attractive investments in the current land and property market.” However, the enthusiasm for 5MW+ photovoltaic (PV) generation seems to be waning. “The uncertainty over the impact of the Contracts for Difference (CfD) scheme is making many developers shy away from new large scale PV parks,”

renewable energy

Renewables suitability at a glance Solar – land graded 3b or worse with grid connection Wind turbines – high and exposed land with grid connection AD & biomethane – ready supply of feedstocks Hydropower – watercourse with viable head and flow generally have a supply of feedstocks that are at a competitive price at the point of delivery in sufficient volume to make them economic and be close to a suitable gas grid connection. These will deliver an attractive return benefiting from the Renewable Heat Incentive (RHI). “One or both of these factors can make biomethane an attractive option,” he adds.

Going with the flow

Degression of tariffs Feed-in Tariffs (FITs) Technology

Scale

Tariff (p/kWh)

Wind <100kW 16.00 100kW - 500kW 13.34 500kW - 1.5MW 7.24 1.5MW - 5MW 3.07 Solar PV

Applicable Until 31 March 2015

<4kW 14.38 31 December 2014 4kW - 10kW 13.03 10kW - 50kW 12.13 50kW - 150kW 10.34 150kW - 250kW 9.89 >250kW 6.38 Standalone 6.38

Anaerobic Digestion <250kW 11.21 250kW - 500kW 10.37 >500kW 9.02

31 March 2015

Hydro <15 kW 19.01 15kW - 100kW 17.75 100kW - 500kW 14.03 500kW - 2MW 10.96 >2MW 2.99

31 March 2015

Micro-CHP

<2kW

13.24

31 March 2015

All – Export Tariff

All

4.77

31 March 2015

*additional capacity may be eligible Figures in italics are as a result of degression on 1 October 2014

Another developing area is hydropower, so far hardly exploited in the UK. Often associated with large concrete dams, hydropower can be much smaller scale and offer potentially low-maintenance and reliable returns. “People forget that until the Industrial Revolution, hydropower was pretty much the only reliable power source,” says Darren. Hydropower developments are growing in popularity in some areas but Darren warns that sites with suitable head (vertical distance between intake and turbine) and flow (how much water comes down the stream) are rare in England. “Simply having a stream, or even a river, running through your land is not enough. Even former mill runs may not be usable – they were designed for a specific purpose, which was not the generation of electricity.” Like all renewables developments, hydropower requires an expert eye to assess suitability. With any renewable installation, careful consideration at the outset can pay substantial dividends later on. “The first stage is to investigate the likely challenges, looking at your land and resources,” says Darren. “We would then collaboratively decide upon a best course of action based on your objectives and aim to design a scheme around your needs.”

For further information contact Darren Edwards on 01858 411236 or darren.edwards@fishergerman.co.uk

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Mapping the rural economy Maps are increasingly crucial, not just for finding unfamiliar places, but also for reports, asset management, farm and estate management, and myriad other purposes. Yet many are using inaccurate, unlicensed maps, potentially breaking the law and invalidating contracts.

ong hours were once spent poring over complicated, paper-based cartography for land mapping. No longer – the onset of the digital age has brought mapping to the masses. However, those taking the popular approach of pasting a Google Maps snapshot in documents may be unwittingly breaking the law: free-touse ordinarily, Google Maps does not permit ‘for profit’ use meaning many are infringing copyright. The data may also be out of date or lack important detail. The comprehensive information offered by geographic information system (GIS) mapping is increasingly finding favour. A computer system for capturing, storing, checking, and displaying data related to positions on the Earth’s surface, GIS can show many different kinds of data on one map, enabling the analysis of patterns and relationships that otherwise may be overlooked. But bringing this together can be both time-consuming and expensive, says

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Fisher German partner Seb Kingsley, even when organisations already possess access to the data they want to represent. Partnering with a mapping specialist usually brings a better result more quickly for a cheaper price. “Overall, we offer a slicker service, with quick and easy access to whatever a client might need, from satellite images, to topography, terrain detail, transport, buildings,

online, allowing safe and straightforward access.

Solid foundation Ordnance Survey® (OS) maps provide a foundation for these other layers. The quality of OS information is second-to-none, not least because, as the national mapping agency, it is one of the world’s largest producers of maps with experience going back to 1747 (see box). Having recently become an OS Licensed Partner, Fisher German can provide licensed access to data far more quickly and at a lower price than clients could access it on their own. The OS partnership also provides client access to new products and allows

Overall we offer a slicker service, with quick and easy access.” utilities and infrastructure – or all of the above – integrated in a single map with different layers.” Perhaps most importantly, good mapping brings the comfort of legal certainty and hosting of data securely

mapping

GIS mapping services to meet different business requirements • Corporate • Infrastructure route planning • Ongoing asset management • Pipeline management • Pollution management • Stakeholder engagement

• Farms • Soil sample points • Compensation claims • New plantings • Problem areas and boundaries

• Estates • Boundaries • Trees • Easements • Wayleaves • Utilities • Heather burning • Tax planning • Ownership and occupation • Grants and subsidy scheme plans • Tenancy plans • Sporting rights • Shoot drives

• Forestry • Woodland management • Tree surveys • Specialist tree surveys

pipelines and a range of landowners for purposes such as identifying ‘drain down’ locations and pollution planning. On behalf of National Grid Carbon, for example, OS maps are being used to build an interactive map of the corridor surrounding a planned 75km pipeline for carbon capture and storage running from Drax power station in North Yorkshire to the coast. Integrated land registry data allows affected landholders to be identified, permitting simpler stakeholder engagement. feedback into the development of new areas. OS MasterMap®, OS’s most comprehensive product, containing a suite of different layers and a 1-to-1 level of detail, now offers height data, a big step towards three-dimensional data. This fine-grained, multi-faceted detail has found favour with organisations including owners of high-pressure fuel

Finding the future Landowners and estates can also reap the benefits of GIS mapping for purposes including estate, farm and forestry management. Estate maps are usually more static than those for infrastructure development but are invaluable in managing in-hand or tenant farms, or shoots.

The beginnings of the Ordnance Survey® As its name suggests, Ordnance Survey® has its roots in the military in the turbulent Georgian period, surveying and mapping Scotland after the suppression of the Jacobite rebellion of 1745 that culminated in the Battle of Culloden. The resulting map, produced at a scale of 1 inch to 1,000 yards (1:36,000) and known as the Duke of Cumberland’s Map (now in the British Library), was so useful that the decision was made to build up a nationwide map, especially as Britain faced the potential threat of invasion during the Napoleonic Wars. The War Department’s broad arrow still forms a central part of the agency’s logo.

• Property Management • Housing condition reports • Land sales • Strategic projects • Utilities • Rights of way • Boundary disputes

Mapping software specifically designed for rural farm and estate applications is available to accurately measure areas and distances, and plans can be prepared at any scale required. Fisher German has access to a vast range of datasets to combine and enhance its GIS delivery. These include statutory designations, geology, soil types, land classification and land capacity for forestry. This mapping service includes the ability to offer integrated data capture systems that can be used with any mainstream GIS. “This now allows us to combine GPS recording with on-site data collection, offering significant improvements in productivity to businesses through the collection of consistent and accurate survey data which can automatically be displayed on a map,” Seb adds. “Combined with our online delivery of GIS this brings accurate real-time personal maps to you in the field.” Crops, shoots, sales, planning applications and major development projects can all benefit from detailed mapping, providing a perfectly plotted path to future prosperity.

For further information contact Seb Kingsley on 01530 410800 or seb.kingsley@fishergerman.co.uk

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Hedging and hedgerows For most landowners hedging has more to do with field boundaries than complex currency exchanges. However, this all-too-oftenoverlooked practice can offer sensible ways to manage business risks.

urrency exchange means for most people handing over a fistful of notes at a port or an airport. For farmers and rural landowners, though, currency exchange can be involved in tasks like processing Single Farm Payments or investing in a renewable energy plant from a foreign supplier. Understanding how currency exchange works can help in obtaining a better deal, whether paying for goods or accepting payments in a foreign currency. But the cost of converting the currency, which is governed by exchange rates (see box), has to be factored in. Constantly fluctuating exchange rates can make planning ahead difficult. “Anyone who has a currency exposure – which is essentially a risk – should manage it by budgeting at a certain rate,” advises Jeremy Cook, chief economist at UK foreign exchange company World First. Deciding what a sensible rate

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Contract types in practice •S pot – At the time of publication £1 = €1.26, so a sensible rate would be €1.28 as currency exchangers, like all other businesses, need to make at least a small profit. No-one should be budgeting €1.24– 1.26 because you simply can’t get that. •F orwards – For example, a £500,000 facility can be taken in five chunks of £100,000. In this case the rate might be €1.27–1.28. The funds can be drawn down as required. This gives protection, but there is no upside. • Derivatives/Options – In this case the rate might be €1.27–1.28.

is depends on how far ahead the transaction will take place. This will also determine the type of financial product chosen, and the number of these on the market changes almost daily. World First, for example, offers three types: • Spot contract: straightforward, immediate currency exchange, similar to changing travel money at the airport. Commonly used for Single Farm Payments. • Forwards contract: the option to buy or sell at a future date at a certain rate. Offers protection against loss in currency value and can give certainty on a future payment (when buying something in euros you know what you will be paying in pounds sterling). • Options contract: similar to forwards, however, in the event of currency gain (or ‘profit’), it also

currency exchange

Exchange rates explained Exchange rates come in pairs, comparing the currencies of two countries. Many factors affect exchange rates. However, as a rule of thumb, they are usually related to the trading relationship between the two countries who issue the relevant currencies. Where several countries use the same currency (for example, the euro within mainland Europe), the trading relationship is based on the block of countries as a whole. Two key factors intrinsically linked to exchange rates are interest rates and inflation. Interest rates are set centrally (for example, the Bank of England in the UK and the European Central Bank in the Eurozone). High interest rates attract investment and can cause exchange rates to rise, but they can be a deterrent to economic growth and so may be kept low (as is the case currently in the UK and mainland Europe) to maintain

provides a share of the uplift. The last two types involve the practice of ‘hedging’. The financial industry often uses insurance as an analogy but Jeremy warns that hedging essentially involves playing the currency markets. “It’s not sexy or fun – it’s risky. Those who don’t do it regularly should consider whether the time taken to consider foreign exchange movements is better spent on their own business instead.” Nevertheless, there are good reasons for farms and large estates to consider hedging. “Farmers can elect to take their Single Farm Payments in euros and then decide when to convert to sterling,” says Fisher German partner David Kinnersley. “And landowners who often pay for renewable energy equipment like wind turbines and anaerobic digestion plants in euros may find that the combination of relatively

high costs (£1 million upwards) and length of the construction period (typically 9 to 12 months) can make hedging an attractive option.”

Looking forwards Jeremy says that forwards contracts are popular as they marry relative simplicity with a good level of protection. Although World First aims to make each transaction charge-free for the customer (it makes its money by adding a competitive mark-up to the cash it buys in at wholesale rates), Jeremy notes that options may attract a premium (similar to an insurance premium). “This will depend on the currency pair, how close to the current rate you want protection to be and how far ahead you want the transaction to be,” he explains. How much currencies will move depends on national economies.

control over national economies. Countries with low inflation generally see a rise in their currencies, though this is often checked by the level of interest rates. The Eurozone’s low inflation, as well as lack of growth, is currently an issue for anyone trading there. “Inflation is a lot better than deflation. In the short term it might seem that deflation is a good thing, for example, if the price of food is getting cheaper. But then you also have to bear in mind that the value of your house, for example, is also worth correspondingly less,” says World First chief economist Jeremy Cook. The ability of a nation to service its public debt, commonly expressed as a country’s debt rating, also affects exchange rates: the higher the rating the greater the value of the domestic currency.

Although interest rates are finally expected to rise in 2015, overall growth of 3 per cent is still forecast. “Part of the problem is that no-one is prepared to give the global economy time to heal – we’re probably only halfway through the process right now,” says Jeremy. Unpredictable events, such as conflict, will also have an impact on economic performance. Germany, France and many other European partners may take a hit as a result of strained relations with Russia over the situation in Ukraine. Keeping an eye on this and other world events will be important for anyone considering foreign exchange transactions. Find out more about World First at www.worldfirst.com or contact David Kinnersley on 01905 459427 or david.kinnersley@fishergerman.co.uk

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peoplenews

Autumn promotions In line with the firm’s ongoing growth and expansion, several promotions have been announced. Tom Dennes is now partner in charge of the residential agency office in Worcester. Tom brings 25 years’ agency experience, with more than half of that time in the region after starting his career in London. He has previously worked for Savills and Knight Frank. At Market Harborough Tom Heathcote has been promoted to local partner. An expert in farm management, Tom joined the firm in 2007 following his graduation from Reading University with a Master’s. He focuses on business planning and structure, strategic farm business reviews and restructuring, setting up and managing contract farm agreements and subsidies. He urges farmers to review their costs and practices to prevent them joining the increasing numbers needing restructuring advice. Agribusiness consultant David Kinnersley has been appointed local partner and will continue to be based

from three offices: Worcester, Banbury and Thame. Having joined Fisher German in 2008, David is one of the UK’s leading specialists on anaerobic digestion and provides advice to a range of clients across the UK. He also manages farms for clients, looking after contracts, single

NFU H&S partnership Health and safety is paramount and a cornerstone of the Fisher German ethos. The appointment of NFU Mutual in providing specialist advice to Fisher German and, in particular, the rural consultancy sector has now been formalised so clients can expect significant improvement on the already excellent systems in place. NFU Mutual will be assisting with the development of internal policies and standard operating procedures for dealing with common health and safety issues that emerge in the day-to-day running of rural estates. NFU Mutual will also provide training and regular topical updates and will be on hand to provide advice to clients, including: • Health & Safety paperwork/management systems • Health & Safety training • Fire risk assessments • DSEAR assessments • Noise and vibration assessments For further information, please contact David Merton on 01530 410806 or david.merton@fishergerman.co.uk

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payment scheme issues and farm diversification, and giving advice on recruitment as well as advising on strategic reviews and re-structuring. For further information, the people mentioned above can be contacted via www.fishergerman.co.uk/people

Charles Meynell, vice-president of CAAV Charles Meynell, a partner who joined the firm in 1979 and manages the Stafford office, is now the vicepresident of the Central Association of Agricultural Valuers (CAAV). Charles’s experience as head of the general practice sector within rural consultancy means he is well suited to his CAAV responsibilities: his specialisms include expert witness reports in contemplation of litigation and expert evidence to Court, Upper Chamber (Land Division) and other dispute resolution. He undertakes valuations for secured lending, taxation and statutory accounts and provides advice in connection with compulsory purchase and compensation, including representing property owners and occupiers affected by HS2. He is a Council Member of Staffordshire and Birmingham Agricultural Society and represents the society on professional matters.

PARTNER SPOTLIGHT

Partner spotlight: Ian Calverley In the decades since Ian Calverley, now a Fisher German partner working from the Retford office, began his career, rural surveying has been transformed by technology. However, the drive to offer clients an efficient, flawless service remains the same.

“A

huge amount has changed since I first started,” Ian says. “There used to be a rush to get back to the office before 5pm to get all the phone calls done.” Today, the mobile telecoms revolution has made communications far more convenient. However, the responsibilities and the detailed knowledge required of a general practice rural surveyor have grown immensely, Ian says. “In the early years I was primarily involved in valuations, selling, landlord and tenant issues, compulsory purchase and access rights. Now the list is much greater, including telecoms masts, renewables developments such as solar PV and wind turbines, land promotion and option arrangements, valuation work, agency, landlord and tenant matters and a great deal more of compulsory purchase and access right matters. The skill areas covered are very wide and varied.” This variety is what Ian likes best about the job – a typical week might see him having to deal with many of those different elements. “I relish the challenge – a rural surveyor needs to be able to network and talk to people,” he says. “The ability to learn all the time and adapt to and use new technology is important as we deal with so many varied matters these days and you have to be able to prioritise and juggle, always with the aim of delivering the highest quality service. It is crucial to remember that everybody’s matter is of paramount importance to them. My job is to understand the client’s needs and goals and achieve the desired result as efficiently as possible.”

Under the gavel Auctioneering is one area that brings special satisfaction. “I have always enjoyed auction sales, not least because of the range of characters you meet,” Ian

A recent sale saw 262 lots sold in just under 3 hours

says. “I began auctioneering by selling various items in the market square in Retford, ranging from plants and Christmas trees to cheeses and poultry, mostly dressed but some were live. That evolved into regular auctioneering of pigs and sheep (and sometimes cattle) at livestock markets as well as the farm machinery dispersal sales undertaken by the firm I worked for at the time. I also was asked to undertake numerous charity auctions, such

My job is to understand the client’s needs and goals.” as for a local hospice, harvest festivals, schools and the National Vintage Tractor Club. Since joining Fisher German with my team I have undertaken all the growing number of machinery auctions that they have been instructed to deal with.” Ian is renowned for his stamina and for getting through the lots quickly. Indeed, at a recent sale near Newark, 262 lots of farm machinery and equipment were sold in just under three hours. Together with Sam Skinner, a Fisher German associate, the aim is to offer this efficient service

across all the offices of the firm over a wide area of the country. Perhaps unsurprisingly for someone so driven, Ian says a work-life balance has sometimes been difficult to achieve. However, he enjoys spending time with his family – despite the fact that his children are now at university. “I also love exercise, mostly walking and swimming but also sailing, kite flying and sometimes off-road biking. I have been told I leave a wake reminiscent of a nuclear Polaris submarine when in the pool. That might be partially due to the fact I that have a great passion for cooking – and eating – Asian and other foods.” These culinary skills are also deployed in the charitable events he is involved with for his local village of East Markham, near Retford. “I try to do my bit for the village,” Ian says. “On ‘Apple Day’, an annual event to raise funds for local good causes, this year my team and I cooked and served some 450 hot pork rolls in three hours, using a total of 14 pork loins and a very large quantity of stuffing which I had prepared.” For further information please contact Ian Calverley on 01777 861927 or ian.calverley@fishergerman.co.uk

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Sector insight Mansion Tax madness

Shadow of the general election

Build-up to the election

Stuart Flint, head of property agency

David Merton, head of rural consultancy

Richard Benson, head of planning & construction

With Ed Miliband recently following the Lib Dem lead and announcing Labour’s intention to target homes worth £2 million or more, confusion once again surrounds the upper end of the market. The last mass-valuation for Council Tax was in 1991 so the number of properties that might get ‘caught’ is uncertain but likely to be around 110,000 homes, with over 90% of them being in London and the South East. Will it be a one-off annual tax? Will additional levels be added to the eight Council Tax bands? There has even been talk about self-assessment. If it ever happens, we can be sure of an administrative nightmare. We can be confident that the concept will be absent from the Conservative manifesto, but beyond that we must all scratch our heads until the next Government is formed. A Mansion Tax may well curtail building of new homes in the South East, somewhat ironic as supply shortages have been a major factor pushing up prices. All over the country there will be lethargy in the country house market for a while, particularly for properties in the £2–£3 million bracket. The real worry is for the many people who have lived for some time in a home with a high asset value but are ‘income poor’. A highly progressive tax that takes no account of ability to pay could have a significant effect on a certain sector of the market. Undoubtedly, negotiations on houses priced at £2,100,000 will be highly challenging!

With the focus on next year’s election ever more prominent there are undoubted implications on the rural sector, perhaps none more so than the possible review of Agricultural Property Relief (APR). Sadly the rural vote is small and those with land will be seen by much of the population to be easy targets, being high net worth individuals. In reality, whilst on paper landowners may have capital value, all too often they are cash poor, particularly letting their land and farms under tenancy arrangements. Many landowners are entering into in-hand farming arrangements for the fear of the loss of APR and to benefit from the additional taxation advantages created by an in-hand farming operation by way of business property relief. These issues will be compounded with recent poor commodity prices and trying to balance income from one’s investment against funding ongoing farming operations along with the cash flow difficulties this creates. In the more marginal areas of farming, particularly the uplands, the traditional rented sector allows farmers to operate with their own businesses on the basis of secure tenancies. The very fabric of the UK’s countryside and its careful management by those that occupy and own it may be put at risk, and this message needs to be strongly voiced by the rural vote and its supporting organisations such as the CLA and NFU.

Whilst the development market remains buoyant, the impending general election is beginning to impact on planning, development and construction. Central Government have remembered localism and are now feverishly monitoring applications and appeals in areas where Neighbourhood Plans are in place, even when plans are in their infancy. This has resulted in applications and appeals being called in, creating a moratorium on housing in certain areas. The need to protect the Greenbelt has been reinforced through updated guidance which further stresses the importance of protecting the sacrosanct circles around our towns and cities. In addition, the Secretary of State has conveniently extended powers, up to April 2015, to ‘call-in’ wind turbine and other renewable energy projects. In the run-up to the election, there is a strong possibility that planning and development projects will suffer through ‘political interference’ which will impact on decision-making processes. However, no matter the outcome next year, all parties appear to agree on, and seem committed to, increasing housing supply in the UK as well as continuing the theme of achieving economic stability through construction. This may become a challenge with the current industry skill shortage and the scarcity of some materials, which are driving build costs upwards at a considerable rate. All in all, a predicted short-term unsettled sea, but with calmer waters ahead post-May 2015.

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

Uncertainty looms

Investing for the future

Long-term green outlook

Kevin Benson, head of commercial

Andrew Bridge, head of utilities & infrastructure

Mark Newton, head of renewable energy

With the party political conference season over, the spotlight has been turned to the general election next year. One thing is clear; no-one can predict with any degree of accuracy who will win, which in turn leads to uncertainty. This lack of clarity often leads to a reduction of confidence which can stall a recovering market. However, the signs would appear to show that occupiers, investors and developers are not too distracted with the happenings in Westminster … yet. The commercial market is seeing strong demand in all sectors with the investment market perhaps showing the most interesting trends. Yields are generally hardening, with rents starting to show signs of recovering. A lack of stock is bemoaned by many investors and agents alike. We have been extremely busy on the development front with several sites attracting interest from those looking to take short-term options to allow them time to secure the occupiers which, in turn, allows them to develop out schemes with some degree of certainty. It is this unwillingness to speculatively build outside of the major cities that is perhaps the most telling indicator of where we are in the property cycle. The main reason I am quoted when asking developers why they are holding off is the same – not enough confidence that they will secure an occupier quickly. As such, whilst the indicators are generally positive, we are not yet in what we would all like to call a ‘normal’ market.

Where do the challenges lie for the utilities and infrastructure sector as we move forward? Energy security, infrastructure safety, streamlined operational efficiencies and technological advancements are all phrases that have been featured regularly in the national media associated with this sector. However, is this any different to 10 or 20 years ago? Are the same pressures still relevant and will they be the drivers for the future? As we end 2014 and look forward into 2015 and beyond, it is difficult to foresee significant change in the drivers that influence our industry. The demand for energy continues to grow and infrastructure ages whilst there is a focus on technological advancements designed to improve efficiency. With these constants exists the necessity to have skilled resource to innovate and deliver the solutions that the industry requires. New entrants into the industry have plateaued and potentially declined, with experienced specialists ageing and a potential skill shortage appearing. This presents significant opportunities for organisations that have invested heavily in training over the last five years. A mobile, skilled workforce ready to react to clients requirements and deliver projects that meet the constant challenges, will ensure a bright future for any organisation.

Renewables now represent more than 12 per cent of the UK electricity production mix and the current target is for 20% by 2020. With most of the coal and nuclear power stations being closed down, renewables will fill a much needed shortfall in the UK’s power production. The cost and subsidies of the new Hinkley Point C nuclear power station make most renewables look good value for money. Also, the recent fall in oil prices to below $90 a barrel makes extraction in the Arctic and other extreme locations uncompetitive in the current market. The cost of solar is expected to decrease so that after 2017 it will reach grid parity (needing no financial support), potentially making oil uneconomic. Solar PV could represent 25 per cent of the UK’s energy mix by 2050. Large-scale battery storage technology is advancing and will transform intermittent renewable energy production, by storing the electricity and then releasing it in the early morning and evening peak times of use. The financial returns from renewables have been extremely good and projects can still be very profitable. However, in the run-up to the general election in May 2015 some planning decisions are likely to become more political. Although the colour of the next Government will determine the future of renewables for the next five years, the outlook for renewables is definitely ‘green’.

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 • www.LinesearchbeforeUdig.co.uk • 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

3 2

11 Banbury

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

6 4

7 8

10 Worcester rural

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

10 11 12

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

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