Increasing legislation affecting long and short-term lets combined with a new planning framework, can be seen as an opportunity to diversify and look at all options to enhance revenue income. If you are considering maximising return from your rural property in Scotland, there are a few things to consider.
Nowadays it is rare to see an estate rely exclusively on residential tenancies and agricultural grazing licences. Savvy operators embrace modern farming methods, carbon capture, renewable energy, glamping and camping sites, motorhome storage, sporting, fishing and support for afforestation and/or rewilding. If your property is reliant on oil or gas it’s always beneficial to explore the costs of renewable energy.
As to repurposing, the relevant NPF4 policy includes “brownfield, vacant and derelict land and empty buildings” and permitted development rights. The policy ensures development is directed to the right locations, maximising the use of existing assets and minimising additional land take. And while the repurposing of agricultural buildings requires investment, the rewards are there.
It is also worth noting the recent change in Local Development Plans (LDP). As a result of NPF4, the development planning system changed from a 5-year to 10-year review cycle. Very recent changes in business rates, with many exemptions now lost, may also encourage landowners to look at market value or to repurpose the lands or empty buildings.
Find out how to Get A Return From Your Rural Property and download the Member Guidance below
Author of Guidance: DM Hall
Contact Details: Caroline Wayte, caroline.wayte@dmhall.co.uk
Date of Guidance: October 2024
Version Number: V1
Disclaimer – Guidance Sheets are written by experienced Members of the ASSC and other experts. The information in the ‘Guidance Sheet’ is provided by the ASSC for use by Members in support of their own independent business decisions. It does not constitute advice or instruction for which the ASSC can be held liable in any way whatsoever. All Members and other readers remain responsible for the consequences of any decisions taken whether in the light of information gained from this Guidance Sheet or not.