Development & Diversification

Development and Diversification can play an important role in securing the future of an estate. With the traditional estate business coming under increasing pressure from the diminishing returns of mainstream agricultural income upon which it has traditionally relied, Davis and Bowring have primarily, through management, become involved with identifying and implementing rural development opportunities. The main aim of such work is to broaden the income base of the estate so that it becomes less reliant on a narrow income stream and can obtain revenue growth from other sectors of the market to maximise the returns from estate assets. 

We are aware that there is no quick fix and that diversification does not work in every situation. One of our main objectives is to identify alternative uses that are not just sustainable but integrate within the long term management objectives of the client, as well as fitting into the day to day management structure. As we are often responsible for the ongoing management of such developments we need to take a long term view to ensure that the solution does fit within the estate context. Our approach to development and diversification is generally to:

• Review all estate assets
• Identify potentially suitable property to support an alternative use consistent with the planning strategy set out in the Local Plan 
• Prepare a shortlist of alternative uses together with feasibility studies to identify potential costs and associated returns 
• Identify potential grant aid available and factor this into the feasibility study 
• From the feasibility study decide with the client on a preferred option 
• Obtain drawings where necessary 
• Submit applications for planning permission 
• Upon receipt of planning permission submit grant aid applications where appropriate
• Send out tender documents for conversion works 
• Through liaison with client and project manager where appropriate, instruct contractor to carry out work 
• Supervise building contract and submit interim and final grant claims 
• Implement marketing strategy 
• Agree letting terms and advise up to completion of lease 
• Commence management of property