Maximising the value of traditional agricultural buildings at Hospital Farm

Location

Project summary

• To advise the Governors of Rothwell Hospital charity, following the end of a lifetime agricultural tenancy at Hospital Farm.
• The charity holds investment assets with the aim of providing accommodation to the elderly residents of Rothwell.
• The key aims were to increase the income from the assets and maximise the value.
• Hospital Farm included a farmhouse, c.45 acres of agricultural land and a range of redundant traditional buildings.
• Project phases included presenting the strategy, cashflow budgets, pre-application planning advice, agreeing final details, submitting planning application, reviewing strategy, marketing the site, sale conclusion.

Solution

• When the lifetime tenancy terminated, the house and land would be let separately with planning permission obtained on the traditional buildings for residential accommodation.
• Once planning was obtained, various options were presented and the traditional buildings were sold as a development project in 2019.

Benefits

• 50% increase in rental income together with capital receipts in excess of £300,000, to be used to meet the charity’s needs.
• 200% increase in capital value of redundant agricultural buildings.
• Family connection to the estate, with previous tenant’s grandson agreeing to let the farmhouse on a residential tenancy.
• Fisher German provided full, multi-service solution including strategic advice, tenancy matters, planning permission, building consultancy, site marketing and sale, and continues to act as agents for the charity. This provoked joined-up thinking and enabled Governors to make informed decisions throughout.