WWW.THEFIELD.CO.UK 33
Landownersandhousebuilderscanprofitablyworktogether
to create a proper new-home legacy, says Rupert Bates
IFweparktheBrexitdebate– preferablyin
anundergroundcarparkbelowtheredearth
ofAustralia’sNorthernTerritory–thenone
oftheburningissuesattheheartofpoliticsis
land.Labourwishestoredistributeit,while
theConservativeswanttobuildonmoreof
it toaddressthechronichousingshortage.
There is a lazy assumption in some
quarters that wealthy landowners sit on
theiracresadmiringtheviews,withtheonly
drivescoveredbysportinggunsnotfreshly
laid Tarmac. The smarter landowners
recognisethatnewhomesarea profitable
exercise, as well as helping their local
councilsdeliveronhousingtargets.
“Many landowners, particularly those
committed to future multi-generational
ownership, are naturally concerned that
poorlydesignedordelivereddevelopments
couldhavea negativeimpactonboththeir
properties and surrounding communities,”
says Knight Frank’s Charlie Dugdale.
KnightFrank,in itslatestRuralReport,talks
oflandowners’housebuildingopportunities
withoutlosingcontrolbysellingoutrightto
a developer;a ‘patientcapital’approachthat
candeliversignificantupliftinvalues.
“Thisdoesnotneedtobeattheexpense
ofquality.A patientapproach canrealigna
developmentpartner’sprofitmotivetowards
buildinggood-qualityhousing,”saysDugdale.
Knight Frank cites the example of
planning permission for2,350 homes and
25 acresontheBathurstestateatChesterton
outside Cirencester,with EarlBathurstset
to be involved in the project through to
completionandbeyond.
“Itmightsounda niceproblemtohave,but
whatkeepsmeupatnightis howwegetthis
right forthe futurecommunity,”saysLord
Bathurst.“Wehavetakengreatcomfortina
deliverystrategywhichallowsustokeepthe
freeholdandmaintainqualitycontrolforthe
residents of Chesterton. This will be achievedalongsidea CommunityManagementTrust
that will maintain and manage the green
infrastructure and amenities of the new
sustainabledevelopment.”
Dugdale advises bringing in a
development partner via a building lease
arrangement,withthelandownerreceiving
an upfront premium followed by further
funds calculated as a percentage of each
unit sold. He says,“Such anarrangement
allowsthelandownerandthedevelopment
partner to share in house price inflation
andthereforefavoursa businessmodelthat
focusesonfindingwaystobuildvalue.”
Volume housebuilders have long been
lambasted for the soulless uniformity of
theirestates.A partnershipwitha landowner
who believes in custody and legacy, and
wantstocontinuedrinkinginthelocalpub
oncethenewhomesarebuilt,coulddeliver
much-needednumbers andmuch-needed
improvement in design quality.TAKE 3 – YORKSHIRE FARMHOUSES
AGradeII-listedfarmhousewithintheNorth
YorkshireMoorsNationalPark,LowHouse
datesbackto 1673 andhasfivebedrooms.The
propertycomeswith 14 acres,includingsix
paddocks,woodland,a barnandstables.The
property is 10 miles from Guisborough.Agent:Savills
Tel: 01904671820
Guide price: £725,000LOWHOUSEFARM
BURLEYWOODHEAD,ILKLEY
WESTENDFARM
RUSTONPARVA,DRIFFIELD
LOWHOUSE
WESTERDALE, WHITBY
1 2 3
SetintheYorkshireWolds,justovereightmiles
fromthecoast,WestEndFarmhassixbedrooms
andthereis alsoa one-bedroomapartment,as
wellasplanningpermissionfora two-bedroom
bungalow.Thelandextendstojustover 24
acres with views over open farmland.Agent:Savills
Tel: 01904671820
Guide price: £1.85mThisfour-bedroomfarmhouseextendsto 28
acresincludingpaddocksandgardens,with
viewsovertheWharfedalecountryside.There
arestablesandoutbuildingswithplanningfor
residentialconversion.LowHouseFarmis 17
miles from Leeds and 18 miles from Harrogate.Agent:CarterJonas
Tel: 01423586785
Guide price: £2.5mA partnership to provide
quality homes of the future