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Following the sobering news of changes to Agricultural Property Relief as part of the Autumn Budget, you might be wondering what you can do to generate additional revenue streams from your farm.
Whether your property is currently underutilised or no longer fit for farming purposes, there is an opportunity for some rural landowners to lease their empty barns for commercial storage.
Businesses in need of an additional storage space are drawn to rural areas since Covid. The rates and higher level of security where the landowner lives in the farmhouse has attracted many companies. Traditionally, the greatest demand for storage space has come from the construction industry, however the growth of e-commerce has contributed to the sustained demand for these units to support the supply chain distribution network.
Seeking advice from a qualified commercial surveyor in the early stages is always highly recommended. At Robinson & Hall, we can help you navigate the letting of your barn.
Below is a client case study for the letting of an empty barn:
Location: Newport Pagnell
Size: 4,400 to 10,000 sq ft
The case: The client owns a farm with several agricultural barns and stables. When the previous tenant of the buildings relocated, the client was left with empty units and no income.
The result: After inspecting
the vacant open-fronted storage units, our commercial property surveyors recommended that the client undertook improvements, subject to prospective tenants’ requirements. This included installing roller shutter doors and cladding to ensure the units were secured and structurally sound. We were successful in identifying four tenants in the span of two months.
When you consider letting your barn for commercial purposes, it’s important to consider the following:
For more information or to find out how we can help you, please contact me.
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