Fisher German magazine issue 11 Winter 2013

www.fishergerman.co.uk

Winter 2013 | Issue 11

fisher german magazine

A new life for

agricultural buildings?

Legislative changes could breathe new life into unused barns and other outbuildings

Undone by data

Seemingly harmless use of personal details can cause major problems

All mine: minerals

Opportunities abound as the mineral extraction industry changes

Straining at the lease

Getting to grips with changes in leases doesn’t have to be challenging

Welcome As the economy begins to pick up, Fisher German has experienced a strong few months of business. Alongside continuing revenue streams we are starting to see some interesting new business opportunities for clients. The specialist development market for example is experiencing activity levels we haven’t seen in Andrew Jackson, over five years. managing partner In the property market generally, house buyer enquiries are at their highest level for more than three years, no doubt boosted by the launch of the Help to Buy scheme.

Opportunities elsewhere include transforming agricultural buildings without the need for planning - now that the changes in legislation allow farmers greater freedom to develop unused former barns and other farm outbuildings.

We also see new opportunities in the mineral extraction business for landowners as the ‘big four’ operators reposition themselves and make way for smaller companies.

Renewable energy continues to be a challenging but profitable market, led by government targets but also hindered by administration indecision and ever changing briefs. Nevertheless, high rates of return can still be achieved for landowners involved in these projects.

The utilities and infrastructure sector continues to grow as investment in infrastructure remains high on the agenda. Upgrades to existing networks are needed to satisfy our economy’s growing energy demands but this must be tackled with safety being top priority for Fisher German and their clients.

All mine: mineral extraction The ‘big four’ operators are repositioning and making way for smaller companies

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Guide to pipeline markers

Valuing renewable energy

Understanding the warning signs for pipelines carrying flammable material is crucial

Landowners are uniquely placed to deliver more renewable energy but need valuation advice

18 Making a historic house pay

Owning a historic house is expensive but with some careful thought opportunities can be exploited

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20 Modernising heritage

Restoring and upgrading original windows is more appealing and cost effective

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

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

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Soil health

Help to Buy sparks optimism for property market

Short-term tenancies may lead to practices that could damage soil structure

Buyer enquiries at their highest level for more than three years

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06

A new life for agricultural buildings?

Legislative changes could breathe new life into unused barns and other outbuildings

08 Undone by data

Responsible farming

Farming and conservation go hand in hand on a Midlands arable contracting estate

10 Remembering Henry

Even seemingly harmless use of personal details can lead to large fines

The tragic passing of Henry Sale, joint managing partner, has prompted ways of remembering his legacy

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16

Selling special property

Flexible lease terms

Expert assistance and advance planning can help overcome the hurdles of selling a country mansion or estate

Changes in the property market could be costly but getting to grips with the differences doesn’t have to be difficult

22 Liberty Stones: bringing opposites together

Growing up on a farm led to Liberty Stone’s fascination with towns

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24 Sector directory

Contact details for Fisher German’s 15 national offices

34 Please remove cover before recycling this magazine

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news&views

Agencyfacts The latest property-related statistical info and market facts

2.6 % 4.9 % 9 % 1.8 % 1.9 % 8 % 17

%

expected rise in house prices over the next 12 months

expected rise in house prices, per annum, over the next five years

expected rise in London house prices, per annum, over the next five years

expected growth in rents over the next 12 months

expected growth in London rents over the next 12 months

predicted value rise for prime arable land, per annum, over the next five years

growth in Fisher German agency transactions, per annum, in the last three years

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Soil health affected by short-term tenancies Short-term tenancies may lead to practices that could damage soil structure, found recent research on the relationship between soil management and land tenure in Staffordshire and Sussex.

T

he research was conducted by Ian Mckenzie, graduate surveyor with Fisher German and one other final-year student at Harper Adams University. It made some contrasting discoveries between Sussex and Staffordshire but concluded that it should be possible to include more specific requirements in written tenancy agreements to ensure the longer-term health of soil. The research also raised the notion that tenancies should never be less than five years.

Sussex farmers reported a strong influence from ‘London money’, where land is purchased as an investment for its strong capital growth and tax position. Sussex farmers felt that the high

cost of land had excluded them from the market, and that this had driven more to seek land to rent – pushing up rents.

The land had consequently been worked hard in the short term,

New Feed in Tariff rates in 2014

S

everal renewable technologies have now exceeded their 20% degression thresholds, indicates figures announced by the Department of Energy and Climate Change (DECC) that show deployed and pre-accredited capacity under the Feed in Tariff (FIT) scheme up to September 2013.

All wind turbines (up to 5MW) and Anaerobic Digestion (AD) up to 500kW will be affected by a 20% reduction in tariff rates from April 2014, but this is the maximum degression level and will not be exceeded.

Deployed hydro capacity has already exceeded the 2.5% degression threshold and this is likely to reach the 5% threshold by the end of the year. The FIT rates for AD installations between 500kW–5MW will be reduced by at least 5% from next April.

Figures for Solar PV are subject to more frequent changes, with degression based on quarterly deployed capacity figures.

Between July–September 2013 there was not enough deployment of PV installations up to 50kW to trigger any degression,

shows the data from DECC. These changes reiterate the importance of gaining Preliminary Accreditation if you have planning permission and a confirmed grid connection for your project. Applications for Preliminary Accreditation received before 31 December 2013 will enable landowners to lock in to the current higher FIT payments for a period of time, while a project is installed and commissioned.

This is especially important for wind turbine projects and anaerobic digestion

Number of installations Hydro

All

89

Wind

0-100kW

508

>100-5000kW

132

0-500kW

23

>500-5000kW

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AD

with little prospect in the longer term other than that it would go to the next high bidder.

Staffordshire offers a more mixed story: farmers were concerned for their long-term reputation, with one even maintaining a tenanted area as a ‘showpiece’ to demonstrate his farming prowess when applying for other tenancies.

And all Staffordshire farmers had a strong wish to pass their farms on to the next generation. Despite this, they found that the farm business tenancies they are offered are getting shorter.

The frequency of potato cropping was a concern in Staffordshire, with several farmers working on rotations of only five years and one even arguing that he would grow potatoes twice in a five-year agreement if he knew it would not be renewed.

Although the length of agreement had little effect on rotational and fertiliser policies in Sussex, farmers would neglect longer-term activities such as liming, ditching, mole draining and hedging as the end of an agreement grew nearer. Farmers were dismissive of the obligatory SPRs required for the Single Payment Scheme, which might be hoped to address these concerns, with one describing them as “a box to tick in order to receive the Single Farm Payment”.

For further information please see tinyurl.com/insupportofsoil

up to 500k, given the now confirmed 20% degression. The validity period for this tariff guarantee is 6 months for PV, 12 months for Wind/AD and 2 years for hydro technologies.

It is likely wind turbine projects on lower wind speed sites would not be as attractive from next April, says Mark Newton, partner and head of renewable energy at Fisher German. However, good rates of return will still be achievable when turbines are correctly positioned on sites with good wind speeds.

“We would urge landowners to seek expert advice to take financial advantage of the current higher Feed in Tariff payments, and ensure that the best rates of return are achieved as feed in tariffs decrease through degression,” says Newton.

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

Aggregate capacity deployed in period (kW)

% towards next degression point

Comment

11,513

92%

Current level in 2.5% degression band

21,111

161%

Exceeded 20% degression threshold

91,932

125%

Exceeded 20% degression threshold

9,549

106%

Exceeded 20% degression threshold

20,209

105%

Current level in 5% degression band

Agri facts

The latest farming-related statistical info and market facts

14 bil ion £7.6 %

drop in total income from farming (TIFF) between 2011 and 2012 to £4.7 billion, according to provisional figures from DEFRA. The fall in income was down to a rise in costs, a drop in output and a decline in the value of direct payments because of changes in the exchange rate.

will be spent on low carbon electricity by 2020 – a tripling of the support for renewable energy. Support given to low carbon electricity will increase “year-on-year” announced the DECC. The outcome of this review is likely to be announced by George Osborne in the Autumn Statement on 4 December.

€16.4

bil ion

is England’s pillar 1 (direct payment) allocation under the Common Agricultural Policy (CAP). It will receive pillar 2 allocation of around €1.5 billion. Farmers will receive the same proportion of CAP budget over the next seven years as currently. The overall CAP budget has fallen slightly this year.

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ha

will be the minimum claim size by area for the new Single Farm Payment scheme.

The government has argued that the change will achieve the best value for money.

The new minimum size would have in 2012 excluded less than 1% of agricultural land, but the number of claims processed by the Rural Payments Agency (RPA) would have been reduced by 16,000 or 15%.

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news&views

Housebuilding could increase by more than 30% by 2015

Help to Buy sparks optimism for property market There are clear signs of recovery in the property market: the Royal Institution of Chartered Surveyors (RICS) has recently reported that new house buyer enquiries were at their highest level for more than three years. The launch of Help to Buy in March/April this year appears to be a significant contributing factor to this demand.

A

rguably, the housing market was likely to start improving anyway, in line with greater confidence in the economy, but clearly Help to Buy has accelerated the process, says Alasdair Dunne, partner at Fisher German. “If it was George Osbourne’s plan to stoke a pre-election house price boom, then the scheme is timely. In fact, Nationwide Building Society has showed all 13 UK regions have experienced annual house price growth in the third quarter, with the average property now rising in price by 5% per year.”

The first stage of the Help to Buy scheme, which provides an interest-free loan of 20% of the purchase price of a new-build property for five years and is funded by taxpayers if buyers can find a 5% deposit, enables them to buy a property they couldn’t otherwise afford.

Despite the improvements, RICS reported that housing market activity remains at historically low levels. “This would suggest that we are some way away from the next housing boom,” says Alasdair.

This is perhaps why the second phase of Help to Buy has been launched some four months before scheduled. The scheme now extends to all houses rather than just new builds and Santander has

suggested that one in three buyers will benefit. The Mortgage Advice Bureau suggests that 65% of young adults plan to buy their first home or move house during the three-year lifetime of the scheme.

In addition to stimulating housing demand and pushing up prices, the scheme appears to be having an impact on housebuilding. It is anticipated that housebuilding could increase by more than 30% by 2015.

Markit and the Chartered Institute for Purchasing and Supply reported that construction is no longer the weakest link in the UK economy.

“The builders are building,” says Alasdair, “house buyers are buying and the property market is strengthening as the UK claws its way out of recession.”

House buyers are buying and the property market is strengthening as the UK claws its way out of recession.”

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For further information contact Alasdair Dunne on 07501 720412 or email alasdair.dunne@fishergerman.co.uk

Giles Lister and Andrew Jackson

Merger further strengthens utility and infrastructure sector Fisher German has joined forces with Lister InfraServ to further develop its specialist utilities and infrastructure team.

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ollowing the merger of the assets of Kent-based chartered surveyors Lister InfraServ with Fisher German a new office in Kent has been added.

The office, based in Canterbury, specialises in delivering land agency services to the utilities and infrastructure sector. The firm already has a number of direct relationships with utility clients and supplies subcontracted services to the industry through main contractors.

Integration has been very smooth since the merger, says Giles Lister, Fisher German partner and formerly Lister InfraServ’s principal director. “We are all very pleased – it has been seamless. Everyone has been fantastic in clarifying and resolving any issues.”

Giles says service has also improved.

“We have been liaising to streamline, improve and better our service. Workloads have increased and we have been using personnel in other Fisher German offices to provide services for clients that we previously used to outsource.”

Increased resources and reach should also translate in further improvements to service for existing clients and expansion.

“This is a very exciting time as we capitalise on the opportunities that are available in the sector,” Giles says. “We will continue to

Our ambition is to double in growth by 2020 and this is one step forward to taking us there.” promote our ideals of client service and good value and the merger has enabled us to tackle the future from a hugely strengthened base.”

Andrew Jackson, managing partner at Fisher German, says that the merger was a natural progression, the new Kent office is perfectly geographically placed to enhance and expand the service currently provided to the utilities and infrastructure sector across the southeast of England.

“Our ambition is to double in growth by

2020 and this is one step forward to taking us there. We already have a fantastic working relationship with Giles’ team and we are looking forward to building on those relationships as we work towards a brighter future for Fisher German.”

For further information contact Andrew Jackson on 01530 412821 or email andrew.jackson@fishergerman.co.uk

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A new life for agricultural To date unused barns and outbuildings have had to battle the planning process in order to be transformed into holiday accommodation, a farm shop, or offices. However, thanks to changes in planning legislation earlier this year, farmers could increasingly be realising the benefits of such conversions without the need for planning permission.

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he dilemma of what to do with old agricultural buildings that are no longer fit for purpose is familiar to farmers and owners of rural properties. Increases in the size of farm machinery and changes in farming processes pose a particular challenge for buildings that were constructed in the days of early tractors or even the era of the horse-drawn plough.

“Many buildings are simply not large enough for modern agricultural use, and are often relegated to use as temporary cattle sheds or as storage space for farming supplies,” says Alan Hardwick, partner at Fisher German.

Owners looking to convert an old building to a commercial use, such as farm shop, café, offices for small businesses or workshops

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Planning changes in brief Applies to all buildings measuring less than

Buildings require no planning application under No full planning application is required for buildings

500m

2

150m

2

used solely for agricultural purposes before July 2012

Owner must notify local authority that works will take place

150–500m

2

but a cut-down process must be followed instead

agricultural development

Conversion to housing?

This autumn the government will consider responses from a public consultation on whether the recent relaxations in planning law should be extended to allow conversion of agricultural buildings up to 150 square metres to residential usage without a full planning application.

If the changes are approved they could be implemented as early as next spring. Owners will still need to submit a prior approval application, but it should be a much swifter process with the principle for residential conversion established.

Local authorities are likely to scrutinise housing conversions more carefully than commercial ones, probably discounting modern steel-frame buildings as unsuitable. And they will expect buildings to be in a decent condition so a property without a roof may not be approved. It therefore makes sense for owners to maintain potential structures to a weatherproof standard.

Conversion in practice

buildings? for light industrial or distribution companies, until this summer were required to make a planning application to their local council. Not only could this be costly, the outcome was far from guaranteed.

Since June, however, that hurdle has been removed, thanks to changes in planning legislation made by the coalition government. Depending on the size of the building to be converted, owners may be able to cut down on the paperwork (and costs) or avoid making a planning application altogether.

Alamy images

Flexibility The changes have set a policy stance making conversions much easier and allow owners to channel the cost savings into the converted building, by using them, for example, for the internal fit-out, Alan says. “Overall, it gives owners much more flexibility – conversions can be used directly, or sold or rented to third parties. In some cases third parties may even

approach them.”

For example, an owner in the Peak District National Park was solicited by an organisation interested in converting his 400-square-metre stone barn into hostel accommodation. “We work in many beautiful areas that contain similar buildings which may be suitable for conversion to guest house or hotel accommodation,” Alan notes.

Other uses are proving popular, such as equine-related stores (for example, tack shops), arts and crafts emporiums and other rural enterprises.

While the change in legislation will be a boon to many rural building owners, there are numerous caveats and it may not be immediately clear whether owners will be at an advantage, advises Alan. Specialist advice can help avoid costly errors.

For further information contact Alan Hardwick on 01530 567 471 or alan.hardwick@fishergerman.co.uk

Leicestershire A Leicestershire farmer has been quick off the mark to take advantage of the change in planning legislation.

The owner of a 145-square-metre traditional brick barn was wondering what to do with the building as it was no longer suitable for agricultural purpose.

Advised by Fisher German, the farmer put forward proposals to create a new space that could be used both as a farm shop and, suitably decorated, as a wedding venue.

North West Leicestershire District Council recently confirmed that the conversion will not require a planning application and work is due to start on transforming the building shortly.

Cheshire Having just bought a 300-square-metre former agricultural unit in Cheshire, the new owner wanted to use it as light industrial space and thought that the planning situation would be straightforward. However, it turned out that back in the 1990s the previous owner had made a formal planning application to change the use from agricultural to space for wood and metalworking and the subsequent planning consent was personal to that owner.

When the building was sold it did not, as might be expected, automatically revert back to agricultural use. Had that been the case, the owner could, thanks to the recent change in legislation, have avoided making a planning application to change the use.

Fisher German’s Alan Hardwick explains: “The planning system can be quirky and discussions with the council revealed that the owner could not take advantage of the new legislation, as this particular building was not now considered agricultural – even though it no longer had consent for workshop space either.” The owner is now submitting a full planning application for light industrial use in the normal way.

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Responsible farming

Farming and conservation go hand in hand on a Midlands arable farming and farm contracting estate. Cover crops that encourage wildlife are now a key part of the farm’s rotation rather than being relegated to patches of poorer ground.

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hen Hugh Forsyth came home to Tubbs End Farms near Kineton, South Warwickshire to join his father, James, on the family estate in 2005 he had new ideas in the importance of cover crops. These are now part and parcel of a comprehensive contracting service that offers everything from crop establishment to harvesting and grain sales and everything in between.

Conservation services are a key part of the business. Tubbs End Farms has

Finding assistance Juggling the demands of running an inhand farming business as well as a broad range of contracting operations is a complex affair. Budgets have to be set and reviewed, cash flow tracked, machinery purchases undertaken, management contracts drawn up; the list goes on.

Hugh Forsyth acknowledges two pillars of support for his ambitions to keep expanding the business: his father, James, who has more than 40 years of farming experience to tap into, and Fisher German farms consultant David Kinnersley, who has been involved from the day Hugh came home to farm.

David and Hugh have regular meetings to examine all areas of the business in detail before decisions are made.

How often do these meetings take place? “Probably not often enough!” says Hugh. “I produce the budget and go through it with David to make absolutely sure I’m on the right track. It helps to have a second view and it helps us not to spend money unnecessarily.”

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dedicated a large acreage of the arable land under its management to wildlife with the help of the environmental schemes. “We identified areas of land which are difficult to farm or are lowyielding and created habitats for a range of farmland birds and insects,” explains Hugh. “The establishment and management of field margins, nectar plots and wild bird mixes in these allocated areas has had a huge impact on farmland birds and other wildlife.”

Wild bird cover, which can be part of

the Higher Level Stewardship (HLS) scheme, can be used for shooting. A rich grass mix brings a wide range of species such as common bent, red fescue, created dogstail, sorghums, white and red millets, triticale, linseed, wheat and meadow grasses. Other planting mixes focus on butterflies and bumblebees: these typically include bird’s-foot trefoil, borage, phacelia and red clover.

The farm has benefited, with grey partridge breeding on the farm and with the creation of wild bird mixes for

FARMING CONSERVATION

Growing: a business overwinter feeding, this has sustained a huge number of song birds through the winter and spring months.

Win-win This environmentally friendly approach also has other advantages. The business also undertakes more than 100 acres of cover crop establishment for shoots in the area. “We know how important cover crops are to shoots and their businesses, so we take great pride in this work and pay particular attention to detail,” says Hugh.

Entry Level Stewardship (ELS) and HLS schemes are also integrated.

Techniques such as strip tillage – which involves only cultivating a targeted area and leaving the crop residue on the surface between the tilled strips, retaining moisture and organic matter to improve the soil structure and fertility – help Tubbs Farms maximise output in the most sustainable fashion. “We also work closely with agronomists and agrichemical companies every year in carrying out field trials on the farm,” says Hugh.

The Tubbs End operation is a complex mix of cutting-edge farm management involving looking after the environment, on the family estate and for a growing number of clients, and enhancing wildlife on the farm, while at the same time being a sustainable and profitable farming business.

For further information contact David Kinnersley on 01295 226294 or david.kinnersley@fishergerman.co.uk

Top: Grey partridges are among the animals to benefit from the wildlife-friendly approach Left: A Mzuri strip drill is an example of the high-tech machinery helping to drive efficiency for Tubbs End Farms contract clients Above: Hugh Forsyth combines environmental considerations with efficiency and reliability

After graduating from the Royal Agricultural College and a two-year trainee management placement at Velcourt Farming’s Burghley estate, Hugh Forsyth concentrated on developing the contracting side of the Tubbs End Farms business.

“When I came home we had about 900 acres in hand and since then we have sourced more land through renting or contract farming agreements – the majority contract agreements,” says Hugh who is Fertiliser Advisers Certification and Training Scheme (FACTS) and BASIS qualified. “At present, in hand and contract agreements come to about 2,500 acres.”

Hugh has also established a contract spraying business which covers around 17,000 acres annually. But Tubbs End Farms offers a broad range of services from whole farm contracting to individual operations and agronomy. The emphasis is on providing clients with services they can rely on, particularly at peak times such as crop establishment and harvest. Modern machines that can cover the ground efficiently are needed as well as strong relationships with machinery dealers so that support and backup can be provided at short notice.

Just as important are the two motivated, highly skilled young operators, augmented in summer by three students.

“Contract farming is the heart of our business and we are focused on giving our clients the attention to detail that ensures their business thrives,” Hugh says. “We understand that great results mean timely, accurate and efficient operations; we have set our business up to deliver this, from our skilled team to our equipment with GPS technology.”

A fleet of modern machinery means that Tubbs End offers a range of options to suit clients’ needs, from whole farm contracting, to spraying with self-propelled and trailed sprayers with 12–24 metre booms, liquid and bagged fertilisers with variable rate application using satellite mapping, as well as crop drilling, cultivation, rape establishment and combining.

And with farming increasingly burdened with paperwork and record keeping, support is available for dealing with crosscompliance regulations including soil protection reviews and Nitrate Vulnerable Zones, implementation and maintenance of environmental schemes (ELS and HLS), production of management reports, and arrangements for input purchasing and management of grain storage and sales.

Find out more at www.tubbsendfarms.co.uk

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All mine: mineral extraction The mineral extraction business is changing as the ‘big four’ operators reposition themselves and make way for smaller companies. There may be valuable new opportunities for landowners.

M

ineral extraction could be said – literally – to provide the building blocks of Britain.

The sand, gravel, limestone and granite that lie beneath the surface of the nation have been a mainstay of the construction industry for generations.

And until recently four big operators – Cemex, Lafarge-Tarmac, Holcim and Heidelberg Cement – have dominated the extraction process.

But that is changing as these companies, for a variety of reasons, scale back their extraction activities.

The big four supply major infrastructure projects but these have been few and far between since the economic upheaval triggered by the 2008 economic crisis: aggregate sales have

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since fallen by about one-third.

Massive scale is no longer the name of the game. Smaller operators, less reliant on the biggest infrastructure projects, are able to enter the market, potentially tying in with the current vogue for localism.

Moving market As the larger companies have retrenched

through the recession, a number of mothballed sites have come to the market.

Their location and history means they have potential for diversifying as the quarrying industry does the same – for example as recycling sites.

Fisher German’s William Gagie says this new operating climate offers opportunities for landowners and

Recycled aggregates Recycling has become important in the UK market and represents over one-quarter of aggregate sales – we already have the highest level of recycling in Europe for aggregates.

If processes involving recycling are taking place in a quarry, the landowner should be benefiting. It is well worth checking the terms of a lease as it might be possible to negotiate further payments.

minerals market

terms. Generally, the operator will expect to pay an option payment and possibly some ongoing annual payments as they push it through planning.

Normally, once digging starts the operator will pay the landowner a tonnage royalty per tonne extracted or sold. If they also have permission to backfill the hole they should pay for every tonne that goes back into the land.

Landowners should also be securing extra payments for other types of infrastructure that an operator might want to erect at the quarry as part of their business – concrete plants or recycling operations are adding value for the operator. There has been a trend for operators to move from mainly freehold land to leased: companies didn’t want to tie up their capital and landowners benefited from a steady flow of income without having to sell land. This had fiscal advantages, but if the land is going to revert to a private landowner at the end of the project it is crucial to be

gettyimages

Problematic planning Obtaining planning permission for expanding existing quarries or opening new ones is so notoriously tricky that landowners are unlikely to seek permission themselves, instead looking for an operator to do it under the security of an option. In some ways this can be likened to housing developments – inclusion on the local plan and allocation of a site as a preferred area is important.

Expert advice is vital when negotiating

• Does the lease specifically allow all uses taking place at the site?

• Are rent reviews up to date?

• Be involved in restoration proposals – will the land be valuable after the works cease?

• Irrigation reservoirs and marinas can produce commercially viable quantities of aggregate, helping subsidise costs • Maximise tax planning – some historical mineral allowances are being phased out

Needless to say it has changed for the worse for most landowners.

In simple terms mineral royalties used to be taxed half as income and half as capital but recent changes mean that all royalties are now charged as income. There are fewer allowances, no rollover relief and the prospect of paying tax at 40% or 50% rather than lower capital tax rates. This is important: if a quarry is producing 250,000

It is an opportunity to increase income by keeping up with the market and getting what you should be getting.”

Obtaining planning permission to expand existing quarries is notoriously tricky

there is no doubt smaller independent companies are growing as a result of these opportunities to fill gaps in the market.

They are smaller scale, are more nimble, some have cash to spend and can take advantage of changed circumstances.

For landowners looking for operators to come in to work their quarries and gravel pits this means there are more operators out there than 10 or 15 years ago; many are smaller operators running one or two pits and they are closer to the market.

Maximising quarry value

involved in the restoration proposals – no one wants land back that presents an ongoing management headache.

Talking tax Once the money is rolling in, guidance on taxation and rent reviews is essential.

Tax treatment of royalty income has changed recently and is now complex.

How to extend a quarry •M ake sure your land is promoted by the right operator • E ngage with local groups – don’t fight them • L ook at community benefits, perhaps through restoration •A dvance tree planting and landscaping will help screen the quarry •R emember – the quarry will only be temporary

tonnes a year at a typical royalty rate £1.50 a tonne that represents an income of £375,000 a year. So it is essential to be as tax efficient as possible.

Rent reviews need to be considered too.

A quarry will often take 10–15 years or more to dig through. Over that period a lease should have clauses to keep up with market values for the royalties generated.

“As a landowner it is an opportunity to increase income by keeping up with the market and getting what you should be getting,” says William.

Mineral extraction is a complex business, certainly, but temporary and with plenty of opportunities to maximise income for landowners who cover all their bases.

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

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Undone by data Data protection is often overlooked by landowners and estates. But even seemingly harmless use of personal details can lead to major consequences, including large fines. Anyone holding a wide range of personal information must comply with the data protection regulations.

L

andowners may not realise that they are ‘data controllers’ and thus must comply with strict legislation (the Data Protection Act - or DPA) pertaining to data, says Helena Wootton, partner at Browne Jacobson, the law firm.

“Many private clients who own land and estates are still not aware of the serious risks associated with holding others’ personal information. If you are reading this and haven’t really given it a second thought, then you really should do so now.”

Anyone who is deemed a data controller, processing or holding data on another living individual is subject to fairly onerous requirements, says Helena, including to keep it secure, to only process it for as long as is necessary, to ensure that the data is accurate, to make sure that they have a lawful basis

for processing, to ensure that, if required, they are registered with the Information Commissioner’s Office (ICO) and to ensure that the data is not sent or held outside of EEA. For a private client, this includes details of employee and tenants on the estate and any external relationships such as with contractors.

It is all too easy to mistakenly believe the rules and risks don’t apply: just uploading a list of contacts online could breach the DPA as some ‘cloud computing’ servers (including email-linked storage services) are located outside of Europe.

Helena stresses that any and all businesses, including family businesses, which use – stores, or passes on data – are classed as ‘processing’ under the DPA. But processing of personal data which is deemed ‘sensitive’ are subject

The eight principles of data protection 1 Personal data shall be processed fairly and lawfully 2 Personal data shall be obtained only for one or more specified and lawful purposes 3 Personal data shall be adequate, relevant and not excessive 4 Personal data shall be accurate and, where necessary, kept up to date 5 Personal data shall not be kept for longer than is necessary

6 Personal data shall be processed in accordance with the rights of data subjects 7 Appropriate technical and organisational measures shall be taken against unauthorised or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data 8 Personal data shall not be transferred to a country or territory outside the EEA without adequate protections in place

This is a condensed summary. The full document is available at: tinyurl.com/DP-principles

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to even stricter requirements. Again, many may not realise the data is in this category: “For example, records of tenants may include might include sensitive personal data about tenants’ health. A data controller, in this case the land or property owner, will need to get explicit consent for the processing of that data.”

Accidental criminals The first step for anyone who thinks that they might be holding personal data is to check whether they need to register with the ICO. The registration fee is only £35 for most businesses a year and it is a criminal offence not to be registered. “This is something you cannot ignore,” says Helena.

Data controllers should keep in mind the eight principles of data protection at all times, Helena adds. “Don’t just use

landowners’ data protection

Managing data breaches • investigate and understand the risks (including third-party risks) • nominate someone to be responsible for information security • ensure you have physical and technical security, backed up by robust procedures • regularly train staff • be ready to respond to any breach of security swiftly

which may result in improvements to processes, then entering into an ‘undertaking’, to use the official terminology, and then fines, says Helena.

“A fine can be as much as £500,000 and that will only increase as new European regulations are brought in.”

Tightening the net

Even if data is available publicly, that does not mean you can use it. This is a common misconception.” data willy-nilly. If a tenant moved out 12 months ago, for example, ask yourself if you need to keep their details on file.”

Also, those thinking of doing a marketing campaign or engaging a third party to do so should think about their database of contacts – do they have explicit permission to use or share this data? “Even if data is available publicly, that does not mean you can use it. This is a common misconception,” Helena says.

Such seemingly honest mistakes are still classed as a ‘data breach’, where secure information is unintentionally released. This term may conjure up

images of high-tech cyber criminals hacking into major multinationals. But a simple slip of the mouse, accidentally hitting the ‘reply-all’ button when sending an email, can be enough to breach the DPA principles, Helena warns.

“Ultimately, almost every email address is personal information that can identify an individual. If the contents of the email include sensitive information, it will be seen to be more harmful and may result in significant detriment to the individual concerned.”

Sanctions available to ICO for breaches range from an investigation by the ICO

Training and awareness raising is the key to reducing the risks, Helena says.

And data protection policy is helpful in setting rules for staff and the organisation to follow, and this helps identify and mitigate the risks. Such measures are increasingly important as the rules are set to tighten further.

A new draft regulation which is currently being finalised in Europe will completely change the data protection landscape across Europe, and particularly in the UK. While the draft regulation has yet to be finalised, in its current form, it will require that all personal data breaches must be reported to the relevant supervisory authority without undue delay. Those found to have violated this requirement, or any other, could be fined the greater of €100 million or as much as 5% of their global annual revenue.

To find out more about the ICO and to take a quick self-assessment test to find out whether you need to register with the ICO at: tinyurl.com/ICO-registration

For further information contact Helena Wootton on 0115 976 6108 or email helena.wootton@brownejacobson.com

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Remembering

Henry T

he 13 years that Henry Sale spent with Andrew Jackson as joint managing partner of Fisher German shaped the firm. But far beyond that, Henry’s mentorship, helping build professional skills throughout the firm is being continued by Andrew and the management team. The vision and business plan which Henry and Andrew set together remains unchanged.

Given Henry’s passion for life as a chartered surveyor and his drive to bring

The tragic passing of Henry Sale, joint managing partner, has prompted several unique ways of remembering his legacy.

will offer a two-week work experience placement.

Henry was also a keen sportsman and enjoyed most sports, including field sports, rugby and cricket. In celebration of this, the firm held a Henry Sale Memorial Cricket Match where Fisher German personnel battled it out to be the first to win The Henry Sale Memorial Cricket Cup. Ticknall Cricket Club in Derbyshire was the setting for the North–South showdown on 29 August. The South won

We are all still trying to come to terms with the loss of Henry in April of this year.” new blood to the industry to secure its future, the Henry Sale Graduate bursary is an appropriate way to remember him.

In a bid to help the new crop of surveyors, the bursary will include £1,000 cash for students on a rurally focused RICSrecognised degree. And to help students gain real experience of the work, in addition to the bursary, Fisher German

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the match by 3 runs and the cup was presented to captain Nick Ainscough by managing partner Andrew Jackson. A hog roast ended a pleasant evening, giving everyone the opportunity to get together to catch up and remember Henry.

Following this, on the 18 September, the annual Fisher German golf day took place with John Pitts’ team from the

Ashby de la Zouch office taking first place.

Matthew Willoughby, also from the Ashby de la Zouch office, and his team took second place.

Andrew Jackson says: “We are all still trying to come to terms with the loss of Henry in April of this year. The partners and staff have all been a tremendous support for one another. I feel very proud, as would Henry of how strong we have all been throughout the last few months.

We think it is important to remember Henry by encouraging positive and happy memories and this is why we feel the cricket and golf were so successful.

The bursary has just been launched but already is looking likely to highlight another very bright bunch of students into the industry. We will report further on future initiatives through this magazine.

Thank you to all our personnel, contacts and clients for your continued support as we move forward.”

Find out more about the Henry Sale Bursary at: tinyurl.com/henrysalebursary

in memory

1 1. Let the game commence (l-r): Andrew Jackson, Nick Ainscough, Ben Burbridge, Guy Hemus and Paul Clayson.

2. Guy Hemus.

3. All the players and umpires together.

4. Fisher German personnel enjoy a very close match.

2

5. Andrew Jackson presents the Henry Sale Memorial Cricket Cup to the South captain, Nick Ainscough.

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5

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Pipeline markers Guide to

A

typical marker post will have a shorter marker and a plaque.

Although design varies with pipeline operator/ owner, the Government Pipelines and Storage System (GPSS) is typical in the way information is displayed.

An aerial marker will often mark the course of a pipeline so that it can be tracked from the air. It is usually a taller post with bright roof (colour varies with pipeline operator/ owner), and sometimes with a number.

It is critical to remember that marker posts only denote the presence of pipelines and are not necessarily positioned directly above the pipeline.

Typical marker post Identification of pipe and route

W/E(E)

Direction of normal flow Away from viewer Towards viewer

L Indication of nature of product carried (L=Liquid)

Additional contact information i.e. pipeline operator and owner details

km 61.2 OIL PIPELINE

System of identifying unique location of marker along the route

Pipeline Operator Emergency Telephone Numbers

Never presume that the pipeline runs in a straight line between marker posts as there could either be a bend or the posts may have been moved.

For a free, quick online search of proposed work location please visit: www.linesearchbeforeUdig.co.uk For links to individual pipeline websites please visit: www.linewatch.co.uk

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A typical aerial marker

National Grid Gas marker

FISHER GERMAN guide to pipeline MARKERs

Unseen under the ground, the UK’s thousands of kilometres of pipelines carry oil, gas and other flammable and/or toxic material, often at extremely high pressure. Understanding the warning signs for buried infrastructure is crucial.

When working around a pipeline, the key is do not presume anything.

Contact the experts, who will send someone to verify exactly where the pipeline is situated.

Different signs that warn you of pipelines below ground

HP gas pipeline Beware of posts with brass studs (such as the post above) which have cables connecting to the pipeline below When the pipeline route has been located it will be marked with location pegs

Studs such as these may be found in footpaths and car parks etc

Post warning marker

You may find signs such as these on apparatus close to the pipeline

Stile warning marker

Gas marker posts must not be excavated

New design marker post

Pole warning marker

The markers may not always be directly over the pipeline, in which case an additional warning sticker will indicate the direction of offset

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Valuing renewable energy The UK is under increasing pressure to deliver more renewable energy.

Landowners are uniquely placed as most projects are located on farms, but without expert valuation advice landowners may be left short-changed.

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forecast rise in electricity generating capacity from wind power between 2013 and 2020 Source: Department of Energy & Climate Change

renewable projects

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n the UK as the demand for renewable energy installations grows, so too does the need for different types of professional valuation.

Fisher German carries out a large number of due diligence valuations for banks but as Mark Newton, partner and head of renewables at Fisher German explains: “Individual landowners, typically farmers, are also realising that they now need specialist renewable valuation advice.”

Private landowners need valuations for a wide variety of reasons, not just related to the sale, purchase or lease of land: perhaps for capital gains, inheritance or other tax planning purposes, in the unfortunate circumstances of probate or divorce, or sometimes as a result of litigation. Valuations may cover projects that are already built and operational, those that already have planning consent but are not yet built or those that are still on the drawing board.

Valuable expertise The renewable energy sector is in its infancy, comparatively, so obtaining reliable, comparable data can be challenging and specialist expertise is particularly important. “Unless you have a real understanding of how the market works – and it is evolving all the time – it is difficult to accurately assess the value of any particular wind turbine scheme, solar park or other type of project,” explains Mark, who has over 12 years’

Renewables policy The government’s 2009 Renewable Energy Directive commits the UK to meeting at least 15% of its energy consumption from renewable sources by 2020. Independent experts recently warned that this target is unlikely to be met. Both the current government and its 2015 successor are, therefore, likely to be under increasing pressure to speed up building of renewable power sources. Those most likely to be of interest and potential benefit to rural landowners are: • onshore wind turbines • biomass plants (anaerobic digestors) • solar parks

renewable energy installation. Common examples include land required for connections to the electricity grid (via overground or underground cables) or an access track to an otherwise landlocked site, both of which can yield significant returns for the third-party landowners.

Realising returns Mark cautions that renting land for renewables projects may not be the best financial option.

Owners, daunted by upfront planning costs of £50,000–£100,000 for a 5MW solar park, for example, may be tempted to let third-party operators shoulder the expense. On the grant of planning permission, with a grid connection, it

It is difficult to accurately assess the value of any particular wind turbine scheme or other type of project.” experience dealing with renewables projects.

“Sadly, it is very easy for landowners to lose out by accepting a figure that is far too low.”

The most sought-after specialist professional renewables valuations Fisher German are doing is for ‘overage’ clauses, where a landowner has previously sold their interest in land, but is still entitled to a share of the uplift in the value of that land where it is going to be used for a nonagricultural use, like a renewables project. The increase in the number of wind farms, solar parks and other renewable projects has seen an increasing number of overage clauses triggered and a consequential increase in demand for valuations, both from the original landowner and the new purchaser.

“The windfall from an ‘overage’ clause on a renewable project can be substantial for former landowners,” says Mark, “as they are likely to receive a payment of between one-third and one-half of the increase in value of the land in question.”

He points out that valuations are also required for third-party land that serves a

is then the operator who will pocket a potential financial gain of up to £130,000 per MW; for a typical 5MW solar park this might mean a value of in excess of £600,000.

Similarly, a single wind turbine of 500kW will have paid back its capital cost of £1.3 million in three to five years if it earns in excess of £300,000 each year. Mark advises, “Rather than just renting projects out for £30,000 per annum, landowners should think about developing projects themselves to obtain the best income and capital returns. Many farmers and landowners who hold land as an asset will find that by taking specialist renewables advice, properly structured renewables projects can provide them with a substantial additional capital asset, and a large non-agricultural income stream.”

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

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Selling special property Selling a substantial country mansion or an estate, sometimes following generations of family ownership, can be a monumental decision. The complex work needed to realise a sale is equally onerous although expert assistance and advance planning can help overcome the hurdles.

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reparations for selling one of the UK’s unique properties is far more challenging than arranging a mere run-of-the-mill transaction, says Stuart Flint, partner at Fisher German. “All the normal marketing arrangements for a property need to be undertaken, but often in much greater detail. There is also a likelihood of a greater financial investment to achieve the right results.”

For example, it may be appropriate to produce a map detailing a shoot with all the drives clearly illustrated. Showing the property at its best can make all the difference. “For a Derbyshire estate we are bringing to the market in 2014, we undertook three photographic shoots in spring, summer, and autumn of this year to show the wonderful seasonal variations of the landscape,” Stuart says.

What lies behind the beautiful façade is often just as important. With period properties, purchasers will be buying into the history as much as the bricks and mortar, often attributing much value to being custodians of a property with a fascinating past. In-depth research and an experienced hand to condense and summarise centuries of history will help attract the right buyer.

Lots of interest Many substantial houses and estates may be too large to attract widespread interest. Careful division into a number of parts that can be offered in different ways can widen appeal. But this is a complex process – divide in the wrong way and sections can be left unsaleable or overall value significantly reduced. The Cattespool Estate (see box) is an excellent example of the careful consideration needed to get division right.

Physical changes can also help. “While not everything needs to be modernised, a

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carefully programmed schedule of works can significantly enhance demand and the ultimate sale price,” says Stuart.

Effective changes he has helped with this year range from the small and simple, such as organising the repainting of lines on a tennis court, to much larger projects such as the refurbishment of a boat house, a very worthwhile transformation for another property. “Undertakings we have organised for clients in the past to help effect a sale have included renting an entire suite of dining room furniture to set the scene in a reception room, rehousing a herd of highland cattle and re-laying a limestone kitchen floor. Anything should be considered if it will enhance marketability and is likely to show a profitable return.”

Transfer of Undertakings [Protection of Employment] Regulations 2006).”

Often there is considerable work to do on tenancies and with some estates there may be a complicated patchwork of leases and licences. And value could be greatly increased by strategic planning applications. “Advance work could include simple pre-application enquiries and submissions, consents for extensions or new buildings,” Stuart says. “For an estate we are bringing to the market next year, two farmhouses are present, but there is no impressive principal house and we have undertaken a detailed consultation and application process to achieve planning permission for an impressive replacement dwelling of over 10,000 square feet plus outbuildings and

A carefully programmed schedule of works can significantly enhance demand and the ultimate sale price.”

Military precision Larger estates are more likely to have farming operations and tenants, which require preparations well in advance of a sale. “It is vital that the selling agent understands the workings of the estate, not just the financial performance of the farming enterprise,” Stuart advises.

“There is a vast amount of paperwork to collate, relating, for example, to subsidies, agri-environmental schemes, contract farming agreements and accounts.”

In fact, paperwork is all too often overlooked, he adds. “It is important to work very closely with the appointed solicitors at an early stage to discuss a whole host of issues from easements and rights of way to more complicated matters such as employment rights, taking careful account of issues such as TUPE (the

ancillary accommodation. There is no doubt that this could significantly broaden the market for this particular estate.”

Preparing a complex property for sale needs to be planned like a military operation, he claims. “A vast amount of documentation needs to be collected, indexed, and made available to prospective purchasers and solicitors.

Providing online password protected access to a secure data room containing a document library of all this information is of great help to all parties and guarantees a smoother sale.”

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

property agency

Preparing a complex property like Cattespool for sale needs to be planned like a military operation

Passing on a unique estate

It is vital that the selling agent understands the workings of the estate

The 17th century Cattespool Estate is a fine example of how highlighting different income streams and strategic division into lots can make a property an attractive proposition for a broader range of potential buyers.

Fisher German’s approach to selling the Worcestershire estate, which is currently marketing for around £8.4 million, means that as well as appealing to those seeking a substantial country home, it is also attractive to investors interested in the diverse range of incomegenerating opportunities offered by assets spread across its 562 acres.

In addition to the main house, which remained in the same family for more than 300 years, the estate includes cottages, extensive outbuildings, offices, farmland, equine facilities, a fishing lake and two telecoms masts together with mixed woodland and game cover for an exciting shoot.

To widen its appeal the property is available as a whole or in numerous lots which is already proving to be the key to a very successful sale.

The largest lot consists of the main house, coach house and guest barn, cottage, farm buildings, various outbuildings and a large chunk of Cattespool Farm, totalling around 245 acres. Lot two includes a substantial house, farm buildings and 156 acres; lot three is one of the cottages with six acres and the final lot is the principal woodlands and shooting lodge, set in around 154 acres.

To find out more about Cattespool, please email bromsgrove@fishergerman.co.uk

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Flexible Commercial property is still seen as a sound investment.

Yet, fundamental changes in the way that tenants are looking to take on leases can be bewildering to landlords.

Ignoring the changing market could be costly but getting to grips with the differences doesn’t have to be difficult.

T

here has been a dramatic shift in the amount of time commercial tenants are willing to sign up for.

Long gone are the days when most leases ran for a decade or more. Now, the average lease length spans between just three to six years. “Trading conditions are now so unpredictable for businesses that they’re unwilling to take on long-term commitments,” explains Kevin Benson, head of commercial at Fisher German.

“Even national companies have shifted to much shorter leases.”

This isn’t necessarily bad for property owners, especially in an improving market.

Owners may need to manage their building or portfolio more actively, but there will be more opportunities to increase their income. Agreeing a short lease can be an effective way of avoiding the unpopular empty property rates (EPR) legislation, which affects all commercial properties, including rural buildings that have been converted, such as stables.

“It’s worth considering any offer – when you take into account potential EPR liability the deal may be better than it first appears,” advises Kevin. “Bear in mind that the landlord no longer has to pay EPR as soon as a building is occupied, so it can pay to allow a tenant in on a licence while the formal lease documents are drawn up.”

(See case studies opposite)

Break with the past Lease lengths are only part of the story.

For all types of property landlords may be asked to agree break clauses and rent-free

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commercial property

lease terms periods. At first glance break clauses may seem particularly problematic for owners as they can affect capital values and are often perceived to be a useful bargaining chip for occupiers. However, the reality is that they are rarely used in practice – Kevin estimates that up to 70% of breaks are never actioned: “A lot of tenants forget that they have an option to break – there is no need for the landlord to remind them!”

Another reason why tenants may not actually want to serve a break clause is that it can be costly for them, both in terms of money they have invested in fitting out their space and in the amount owed to the landlord for dilapidations (money to cover wear and tear of the building), which could add up quickly, making any break option uneconomical.

Canny landlords may well link break clauses with rent-free periods – so that, for example, a tenant who breaks a six-year lease in the third year incurs a penalty of three months’ rent that they were given free at the start of the lease.

As lease lengths shorten, stepped rents

(where, for example, the rent rises in £2 per square foot increments every two years in a six-year lease) are increasingly useful for landlords, especially those with more than one property in a given location. Most rent review clauses are upwards only (meaning the rent cannot

Trading conditions are now so unpredictable for businesses that they’re unwilling to take on long-term commitments.” fall below its current level), as such a low rent in year one may be increased annually and by the time the rent review is due, it’s actually at or even above the market rent.

Strategic thinking With the market gradually improving landlord confidence is returning and the position for many tenants is weakening.

Nevertheless, Kevin believes that property owners should still think very carefully to get the best return. “The key is to consider all the options well in

The changing market in practice Avoiding EPR On a 465 square metre modern industrial unit empty property rates (EPR) could total £8,000 a year.

Although the target rent is £2,000 a month, it may make sense for the owner to agree £1,000 for the first six months to ensure that the building is occupied.

Stepped rents – a comparison Owner A: Agrees a six-year lease on his property, with a rent review at year three, with no rent-free period, but a rent of £15,000 per annum. He wants to achieve a rent of £20,000 by the rent review, but may only get £17,500 depending on market conditions at the time of the review.

The landlord has offered a £15,000 incentive.

Owner B: Agrees a six-year lease on his property, with a rent review at

advance,” he says. “Experience helps with this strategic thinking.”

Taking a long-term view also means considering the quality of covenant when agreeing a new lease, another area where expertise can prove invaluable.

Kevin points to the recent case of a retail

year three, with no rent-free period, but the rent is stepped for the first two years at £10,000, £15,000 and £20,000 per annum. Owner B has offered the same incentives as Owner A, but has guaranteed £20,000 per annum for the duration of the term. In this example Owner B may receive £7,500 in additional rent over the lease period.

Stepped rents – an empty property An owner has a parade of 11 shops in a provincial town each of around 140 square metres each. One unit, previously let on a ten-year lease, with a break at year five, is empty and has been for some time. Although the previous tenant was paying £296 per square metre per annum the company ceased trading. The other shops are currently let at rents of £215 to £2458

unit: “I advised the landlord to accept Enterprise Rent-A-Car as the tenant at a slightly lower rent than a local plumbing merchant had offered, as the landlord may want to sell the property in three or four years’ time and so the Enterprise covenant is likely to be worth much more.”

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

per square metre Zone A. By carrying out a modest refurbishment and then letting the empty unit on a six-year lease, with no break, on a rent stepped in two-yearly intervals at £25,000, £27,500 and £30,000 per annum the landlord will be able to achieve an average rent of £296 per square metre Zone A allowing potential increases on many of the other units. The average increase achieved on the three deals achieved subsequently is £1,500 per annum which, over the course of the leases, far outweighs the cost of refurbishment.

Stepped rents and avoiding EPR A retired landlord owned the vacant premises of his former business. The 186-square-metre warehouse stood on an industrial estate where onequarter of properties were empty. As the landlord’s unit had been vacant for nine months he was paying empty

property rates (EPR), although he was not liable to pay for the first six months, the business rates were costing £285 per month.

Fisher German introduced a tenant to the landlord and agreed a new sixyear lease on his behalf, with a break and rent review at year three, and the rent stepped at yearly intervals at £6000, £8,000 and £10,000, totalling £6,000 of incentives. The new tenant is a small engineering firm, which has invested in the premises, so is unlikely to move.

The landlord has to consider how long the building could remain empty for, as on top of business rates there will be costs of insurance and standing charges for utilities.

Consider if the building remained empty for another nine months, that’s £2,565 in rates plus insurance and other holding costs which could easily top £3,000, as such this can be off-set against any incentive package.

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Making a

historic house pay Owning a historic house is expensive. Many owners are increasingly using their property as a wedding location. With some careful thought, other opportunities can be explored, including short holiday lets and corporate events.

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rchers fans will recall that after Nigel Pargeter spectacularly fell off the roof of his stately home, his widow Lizzie was compelled to step up her marketing efforts and find new ways to hang on to the family pile.

She has been a one-woman whirlwind selling off a parcel of land on which to build houses, investing heavily in improved facilities for weddings and developing the conference side of the business.

While the Archers is clearly not real life, the storyline does echo the issues involved in owning and running a large country estate. Creativity, energy, drive and time are all required to avoid turning

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the rural idyll into a millstone.

Weddings are an obvious choice for those with photogenic settings. But there are plenty of other potentially untapped ways to get the most out of a historic building.

Joined up approach “It’s about having a vision for the future and keeping an eye on the day-to-day,” says Neil Hogbin, partner at Fisher German. “We work with the client and, depending on their aim, will look forward – on a year by year and on a five or ten year rolling plan. Fundamentally it’s about having a long-term vision of asset preservation and being able to hand on

an estate to the next generation – if that’s what they want.”

An estate is made up of different business departments, Neil says, so owners and managers should look at ways of streamlining the system. “The best management of assets involves sensitively maximising income and sensibly minimising expenditure.”

Different estate owners have different criteria, he adds. “Some want to keep the estate as their holiday home, while others may want to maximise the capital value and prepare it to sell on. An owner might also see it as an investment which they will keep as long as it provides them with an income.”

historic houses

Seeing the potential A familiarity with what is going on in the marketplace is needed to see where opportunities for innovative ways of generating new income streams may lie.

Sometimes owners can be too close to their

property to have a wide enough perspective.

The Glenmuick Estate in the Cairngorms is a fine example of making the most of a traditional Scottish sporting estate.

“We have helped the owner turn Glenmuick from a traditionally managed Scottish sporting estate into something that appears the same but beneath the surface has a slick and efficient business structure,” says Neil, adding that estate cottages are not just rented to residential tenants, but to holidaymakers to increase income. “We look at all component

The best management of assets involves sensitively maximising income and sensibly minimising expenditure.”

parts of the estate and look at ways of adding additional income and increasing the capital value.”

Glenmuick’s owner, Sir Andrew Walker Okeover, says that Fisher German have helped him keep control of costs and enabled informed decisions. “They can tap into their knowledge and expertise to make the best use of the estate,” he says. “They helped me change it from an entirely private estate into a viable business. Their suggestion that we rent the main house on a week-by-week basis has proved very successful to ensure the long-term survival of the estate and the continued employment of those who work here, which is highly important.”

For further information contact Neil Hogbin on 01530 410841 or neil.hogbin@fishergerman.co.uk Find out more about Glenmuick at www.glenmuick.com

Holdenby holds its own As co-founder of advertising giant M and C Saatchi, the owner of Northamptonshire’s 16th century Holdenby House, James Lowther, has a bit of head start when it comes to promoting his estate as a venue for corporate entertainment.

Nevertheless, Fisher German’s ability to look at the potential for income from a different perspective is proving invaluable in finding new markets for the property which was built by one of Elizabeth I’s favourites, Sir Christopher Hatton.

Gilly Wrathall, Commercial Manager for the house, says that, working in the office on her own can make it difficult to brainstorm ideas herself. “Fisher German provides a wonderful way of enabling me to talk through ideas. While I am here all the time they can approach it with an external perspective.”

She says such assistance has been crucial in helping maximise a beautiful asset with a unique and long history, capitalising on what Holdenby already does well. “The house is used as a location for photoshoots and product launches, and was spectacularly transformed by the BBC into Miss Havisham’s house in the recent adaptation of Great Expectations.”

Fisher German suggested that Holdenby build on the popular clay pigeon shoots they run to raise money

for the air ambulance. “They suggested we offer this as a corporate day, and include a smart lunch in the house,” says Gilly. “We have a beautiful dining room which is already used for private dinners, so it made sense to offer this to businesses. It also makes a splendid backdrop for awards evenings. In the summer we can have drinks on the lawn and then go inside to enjoy the beauty of the house. They also suggested expanding our corporate offering to include events such as drinks receptions – and in fact have hosted one here themselves.”

The dining room is also a popular venue for auctions and other events, while the ballroom lends itself – unsurprisingly – to dancing!

Education is big business too – with Holdenby offering a range of national curriculum-related hands-on activities involving ‘real life’ characters playing the part of butlers, housemaids, land army girls and herbalists as youngsters explore the Middle Ages, the Tudor and Victorian periods, and World War II in the estate’s splendid surroundings.

For further information about Holdenby House contact Gilly Wrathall on 01604 770074 or email gilly@holdenby.com www.holdenby.com

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The restoration of windows at Fisher German’s Retford office offered both energy efficiency and an aesthetic update

Repairing timber windows instead of using modern alternatives preserves the unique feel of period properties

Modernising heritage In the rush to replace timber windows with modern PVC we are throwing away our architectural heritage, but are we throwing away our money too? Evidence shows restoring and upgrading our original windows is both more appealing and more cost effective.

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im Shuldham, partner at Fisher German, faced this problem with the windows at the 1928 Retford office, the town’s former post office. The windows had decayed, were draughty to live with and hard to use.

Yet, as someone whose job – indeed life – revolves around protecting our architectural heritage, replacement didn’t sit comfortably with Tim. So he was relieved when he read a report by English Heritage that offered a solution.

English Heritage’s research into the thermal performance of traditional windows saw energy efficiency experts at Glasgow Caledonian University investigate the best methods to employ to make old sash windows more energy efficient. The report’s findings are clear: with simple and sensible

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adjustments, historic windows could be as energy efficient as their 21st century counterparts.

“It is very encouraging to see that more buildings are being refurbished to meet modern energy requirements,” says Dr Simon Thurley, Chief Executive

century,” he points out. “Research provides the hard evidence that shows how easy it is to upgrade them.”

“We welcomed English Heritage’s findings,” says Alison de Roeck, Director of Kierson Sash Window and Timber Restoration. “As an architectural

There is no reason at all to rip out the soul of a building to save money or energy – because the exact opposite is true.” of English Heritage, “but all too often a drastic and insensitive approach has led to the degradation of our streetscapes.”

“Many original timber sash windows have lasted more than two hundred years and are capable of lasting another

conservation company we try to show clients what they have is precious and should be looked after for the future.

Installing double-glazed units has proved to be uneconomic, but we should also be considering that a large proportion of an

architectural heritage Dormer windows on part of the Railway Offices, Altrincham, part of a 400-window restoration

Revitalised timber windows explained

Above: Rotten and decayed windows like these are the typical job Kierson is asked to help with. The fully restored windows (top right) in this Grade II* property contributed to Kierson’s recent Civic Society Heritage Building Award

original window is hand-blown glass and yet people want to take it out and throw it away. If we call this glass an antique it helps people to realise that throwing an antique in the skip just isn’t done.”

The Nottinghamshire-based company has also just been awarded The Civic Society Building Award for their contribution to retaining and improving Retford’s street scene.

Cheaper, better “It’s important that as much as possible of the original joinery is left intact, for example we will not replace a sill if we can possibly repair it,” says Alison. Using a mixture of traditional and modern techniques Kierson can restore all rotten and damaged timber. “The careful use of top quality repair compounds means that even small sections of mouldings and beadings can be replicated in situ without disturbing any of the original.”

Draughtproofing again is a modern addition to traditional joinery. But The Kierson Draughtproofing System is subtle and sympathetic and is tailored to each individual window. “Our draughtproofing system is the best compromise between retaining original features and enhancing the experience of living with them.”

Keeping your original windows doesn’t just give you a cosy feeling, repair and improvement generally costs only

“The mixture of modern and traditional techniques used in restoring original windows mean they are likely to last longer than their modern equivalents”, says Kierson’s Alison de Roeck. “We use traditional splicing along with modern compounds to retain as much of the existing wood as possible. When we restore, it is very

between one-quarter and one-third of replacement. Restoring rather than ripping out means there is less damage to interior walls and decoration.

Clear benefits Tim has been delighted at the results of Kierson’s work on his office and the work carried out for his estate owning clients.

Kierson has also restored windows for properties belonging to Trinity Hospital Estates in Retford, another of Fisher German’s clients. And its skills have been exercised further afield too, Kierson works

Proven benefits Tests carried out by Glasgow Caledonian University for English Heritage show: 30% reduction in draughts by repairing windows nearly 90% reduction in draughts through draughtproofing more than 40% reduction in heat loss by installing heavy curtains or close-fitting rollers Wooden shutters perform as well as modern double glazing more than 60% of heat loss can be saved by secondary glazing

important we keep the original glass. It is unique, and part of the original features. We can also repair or replace all the mechanisms within the sash window to get it working exactly the way it should.

The installation of our own draughtproofing system means you can start to love to live with your beautiful old windows again.”

nationwide: it recently restored no fewer than 400 windows at Stamford House, a Grade II listed building in a conservation area in Altrincham, restored the windows for The Old Police Station in Keighley and has a number of privately owned Grade I and II* properties listed among its clients.

But your property doesn’t have to be listed to have this kind of work undertaken. Tim stresses the affordability of such repairs for more ordinary properties: “The general perception is that only those with unlimited budgets can afford to pay for heritage restoration. But whether you own a two-bedroom Victorian terraced house, a country estate or a vast iconic public structure like Kings Cross, the work will cost a lot less than replacing windows and the building can be cosy and fuel efficient. In fact, there is no reason at all to rip out the soul of a building to save money or energy – because the exact opposite is true. You’ll save money on the work itself and on fuel bills – and will be playing your part in preserving Britain’s architectural heritage.”

For more information contact Tim Shuldham on 01777 860 755 or email tim.shuldham@fishergerman.co.uk For more information about Kierson please visit www.kierson.co.uk or call 07711 718 601

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peoplenews

Firm expands further with new hires Fisher German’s expansion continues with new hires in both estate management and mineral extraction.

J

ames Brown, an experienced figure in estate management, has returned to Leicestershire after being appointed partner at Fisher German.

James is now happily settled into the Market Harborough office and his focus is on private clients in the estate management sector.

James has been involved in estate management for the whole of his career, gaining wide experience in dealing with private clients, large institutions and government agencies. “Fisher German has the experts to provide a full management service or advice in one particular area of rural property to ensure customers receive the best possible estate management guidance as we continue to move forward in an ever-changing industry.”

James is excited about the opportunity of carrying out more work on his home patch and across the wider East Midlands.

“I am quickly getting to know clients in the area I am now covering. It is good to be back on familiar territory.”

The firm has also appointed a leading mineral specialist to its expanding rural

James Brown has returned to Leicestershire

department. William Gagie has joined the firm’s Ashby office after 20 years with CEMEX, one of the world’s largest building materials suppliers and cement producers.

The chartered surveyor has been recruited to expand Fisher German’s capacity to support existing clients but also expand the firm’s portfolio of customers in the minerals sector. “I think the experience I have gained in the minerals sector will help Fisher German strengthen and expand in this area,” he says. “The firm is growing and has potential to expand further. It also has a national reputation for its expertise in estate management and that is the perfect foundation for expanding in the minerals sector.”

William Gagie joined the Ashby office

William’s experience includes estate management, general professional acquisitions and disposals of freehold and leasehold property with a recent emphasis on sale and leaseback transactions.

David Merton, head of rural consultancy, said: “William is one of the leading specialists in his field and his expertise will not only help strengthen our offer to existing clients, but will allow us to attract more landowners.”

For further information contact James Brown on 01858 410200 or William Gagie on 01530 412821

CLA Game Fair

T

he first CLA Game Fair was held in 1958 at Newmarket and attracted 8,500 visitors. This year, over 3 days in July, The CLA Game Fair attracted 130,000 visitors to Ragley Hall in Warwickshire.

Fisher German was pleased to be invited to assist The Duchess of Rutland on the Belvoir Castle stand at this year’s Game Fair. David Merton, head of rural consultancy, joined the afternoon panel to take part in the young persons’ debate.

This was hosted by none other than Mrs Moneypenny, columnist for the Financial Times and presenter of the Channel 4

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Guests enjoy the Belvoir Castle drinks reception

show Superscrimpers.

Friday’s debate was followed by an evening drinks party on the Belvoir Castle stand where everyone was able to catch up with many friends, clients and contacts.

For further information contact David Merton on 01530 412821

PARTNER SPOTLIGHT

Liberty Stones: bringing opposites together Liberty Stones, local partner at Fisher German’s Ashby de la Zouch office, says her nterest in planning and construction comes from her upbringing, although from a more contrary rather complimentary experience: “I grew up on a farm in the middle of rural Leicestershire which seemed to lead me to develop a fascination with towns.”

T

his interest led Liberty to look for an urban-related degree. After studying town planning for four years at Sheffield she joined a planning consultancy working predominantly for national house builders. “I was mainly involved in promoting strategic land through the local planning framework and submitting applications for large urban extensions on behalf of the national housebuilders,” she recalls.

Four years later when the opportunity to join Fisher German presented itself, she saw a chance to reconcile her passion for planning with her rural background. “I thought that the job would take me back to my roots and offer a wider client base whilst still being able to work on strategic projects,” she says.

Liberty’s speciality is land promotion and larger scale planning applications; she works regularly with Ben Marshalsay, Fisher German’s development surveyor to take sites forward for clients.

Visits to rural clients involve providing advice on development potential, from small infill plots to strategic development sites. Depending on the site, and the clients’ needs, feasibility assessments are often

Career 2002–06 studied Town Planning at Sheffield University 2006–10 worked at SSR Planning for four years 2008 becomes a member of the Royal Town Planning Institute (RTPI)

undertaken and identify a clear strategy to maximise land value. Other work includes making representations to emerging planning policy documents, planning applications and, when needed, appearances at examinations and appeals.

“I am on-site frequently and co-locate in the other Fisher German offices”. Working from the other offices provides the opportunity to work across a wide geographical area on a broad range of projects and engage with the whole firm; it also ensures that each office has access to dedicated planning support; good team

Engaging role

The varied nature of her responsibilities is a real bonus, Liberty says. “There is no typical day. I can be on a rural estate one day, a sewage treatment works the next, and undertaking public consultation for a controversial project the following evening. I work on a variety of schemes and it is great not to be pigeonholed. Whilst I prefer larger housing sites and the strategic thinking involved in land promotion, equally there are lots of engaging challenges through the smaller applications. There isn’t anything I don’t like, although working with local planning authorities can sometimes be challenging.”

As the firm evolves and expands Liberty looks forward to greater involvement with housebuilders and promoters alongside the new development surveying team; taking advantage of emerging opportunities whilst generally keeping up with the changing market. The growth of Fisher German and the planning team is working and making sure the right person is providing further opportunities for doing the right job. All of this is essential to continued progression and new provide the best support and advice to challenges. clients.

Outside of work, Liberty enjoys keeping “I joined Fisher German as a planner and fit, making regular visits to the gym and have been fast tracked through to local partner” she says. “This experience swimming, as well as spending time with friends and family. She is also a keen baker, and the associated training time turning out delicious cakes. Liberty assists has enhanced my people management skills”. Liberty is now with organising activities within the Ashby Nov 2010 joined Fisher Office to raise money for the nominated a key senior member of the German as a planner planning team. Well-respected in charity of the year; this year’s charity is the April 2013 promoted to British Heart Foundation. her field, Liberty is a chartered local partner member of the Royal Town Spring 2013 made Junior Planning Institute (RTPI) and Vice Chair of the East currently junior vice chair of the For further information contact Midlands RTPI Regional Liberty Stones on 01530 567478 or email East Midlands RTPI Regional Management Board liberty.stones@fishergerman.co.uk Management Board.

I saw a chance to reconcile my passion for planning with my rural background.”

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Sector insight Tangible growth

Fighting red tape

Open playing field

Stuart Flint, head of property agency

David Merton, head of rural consultancy

Richard Benson, head of planning & construction

I am pleased to be in buoyant mood as we move towards the end of 2013 against the backdrop of improved property market performance. Our own statistics for rural and residential sales show strong growth through the year and an optimistic trend. Our property sales volume is up 27% on the preceding year.

The farmland market has once again been robust and many of our bare land, farm and estate sales have exceeded our predictions a year ago for 8–10% price growth. At last it seems safe to state that the long-troubled residential market has finally turned a corner with much-improved market sentiment.

However, the performance of the Midlands counties falls well short of the booming markets of London and prime Home Counties locations.

Our growth is going to be far steadier and in my view modest price rises of 2–4% will be witnessed as an average across the Fisher German region. Government initiatives such as Help to Buy are already having positive impact and partly due to this, I expect transactional volume to rise significantly with a 15 to 20% increase in 2014.

I have never been melancholic about the market as we have been expanding our agency business significantly in recent years, but I have to confess to a certain relief to be witnessing some gradual, but tangible recovery.

It never ceases to amaze me the level of red tape and bureaucracy that both farmers and landowners are expected to understand and adhere to. Current topical issues amongst so many include the badger cull through to rural taxation, whilst still trying to comply and understand the latest legislation on single farm payment to cross-compliance.

The latter is before even trying to get one’s head around future changes to the system and what impact this might have on one’s future business and its structure. Just for good measure many are impacted with HS2 or similar schemes and the complicated and long-winded process of claiming due compensation.

Those who have been lucky enough to be involved as advisors to the rural sector for not that many years will remember when a rural agent/consultant was a jack of all subjects and master of some. That was the way, and a farmer or landowner normally had their trusted advisor who provided a full and comprehensive role to their clients every business need. Those days have sadly gone and professionals have to have other professionals who advise them of every detail and angle for each and every wide-ranging issue, and these issues themselves so often interlink and impact on each other.

With the complexity of modern life I am afraid this is unlikely to simplify but please be assured at Fisher German we take this subject seriously, with a view to cutting to the key facts and providing clients with concise, straightforward, quality advice but with modern innovative thinking. We hope this allows you as the client to focus on delivering your business and lifestyle objectives.

As another round of local planning authorities fail to get their local plans over the line to adoption (or in some cases, fail to get out of the starting blocks) and the five-year housing land supply continues to fall short in many areas of the UK, the playing field remains wide open for housing development.

At the same time government policy on the need to deliver more housing remains steadfast. This, combined with the growing flex in the housing market, has seen a surge of developer interest.

Landowners on the edge of towns and villages continue to sit in a strong position to maximise development value, be this through independent promotion or with a developer taking the site forward.

With the elections just over 18 months away, the open season for development may not extend too far into 2014 and therefore a review of any development potential is wise sooner rather than later.

Construction companies, over recent weeks, have enjoyed an increase in business at a rate not seen since September 2007 due to the rising confidence in the property market and a brighter economic outlook. However this, together with a shortage of skilled labour and the increasing global demand for steel and other construction materials, could lead to a surge in building costs.

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

Positive signs

Winter of discontent

Hot topic

Kevin Benson, head of commercial

Andrew Bridge, head of utilities & infrastructure

Mark Newton, head of renewable energy

The commercial property sector continues to see the positives of a recovering economy. Agency activity is still above levels of where we were this time last year with smaller investments going well and manufacturing requirements increasing. The office market also shows tentative signs of recovery. This all leads to looking at supply and when rents and capital values will increase. I suspect that we will start to see pressure on values during 2014 and only then will the developers start to consider speculative schemes.

As such we may see some lag in supply which could lead to further pressure on available space.

This activity will start to filter through other sections of the market, particularly in the rent review and lease renewal work and may for the first time see landlords able to consider increases in rent.

Whilst the market remains challenging, perhaps one area that will not fair so well is the retailing sector.

Changes in the way we shop, what we buy and consolidation of stores may see the high street looking less prosperous than in previous recoveries.

Our telecoms team continues to see quality instructions with many site relocations and lease renewals helping to generate good amounts of transactional activity. The team has also won work from major national chains of both hotel and retail groups. Rents in the telecoms sector remain steady but are starting to show signs of real growth, especially in the major cities or where sites are key to the operators networks and are attracting premium rents. Network consolidation between the various operators continues at a pace with the latest round of consolidation going on between Telefonica and Vodafone through their joint venture agreement.

With the backdrop of energy hikes as we head into winter, speculation regarding enforced blackouts and energy security, one has to ask: has any progress been made in the last three or four years? Renewable/green energy remains high on the agenda, alongside the announcements supporting nuclear power with Hinkley Point C and the government giving a clear green light to shale gas.

Investment in infrastructure is clear, no matter what the solution looks like in respect of the means of creating the energy. The ability to effectively transport the energy to the point of use is critical and this will require upgrades on existing networks and supplemental schemes to meet our growing demands. The requirement to get new connections to the energy transmission grid will grow as the diversity of energy creation opportunities expands.

Will the initiatives currently being progressed actually meet the growth in demand and the timetables set? Only time will tell, however the thought of flicking the switch and the lights not being turned on will strike fear into the hearts of all politicians. As such activity in the sector continues to build, the challenge for those working in the sector will be the having ability to meet the growing expectations. Challenges create opportunities.

The cost of electricity has suddenly become a ‘hot topic’ since the party conferences and all parties vying on how they can reduce the cost of the public’s electricity bills.

The current idea is to take the ‘green’ payments, which amount to £1 billion, out of electricity bills, and into the general taxation pot.

This will take green support under George Osborne’s radar screen. He is keen to cut the renewables payments, but the Department of Energy & Climate Change (DECC) have announced that renewables support will continue.

The UK is currently at 12% renewables and the country is on target for 20% by 2020, and we do not want to undermine the green market which has created thousands of jobs in the UK. There is the threat of 20% digression in the Feed In Tariff (FIT) rates after 31 March 2014, but if the project has planning and a grid connection by 31 December 2013, then it can be ‘preaccredited’ so the current higher rate of FIT can be locked into.

Solar parks have taken off in a big way, and developers are now looking as far north as southern Scotland; compared to wind turbines the planning has been quite easy, but like all renewables projects, available grid capacity is one of the biggest issues.

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

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

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

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

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

Worcester agency

Bromsgrove

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

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

sectors and underlying services

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commercial

planning & construction

property agency

renewable energy

landlord & tenant property management sales & lettings telecommunications

applications & appeals architectural design building surveying development & promotion environmental management project management

auctions development equestrian estates farms and land residential

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

fisher german magazine

sector spotlight

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

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

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

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

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

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

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

rural consultancy

utilities & infrastructure

compulsory purchase estates expert witness farms rural valuations sporting

electricity fibre optics gas Linesearch.org oil & chemicals water

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

For more information visit:

www.fishergerman.co.uk

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0800 1075522 www.fishergerman.co.uk