Glen Massan Estate Cowal, Argyll and Bute

A spectacular commercial forestry, residential and sporting estate in a beautiful, secluded yet easily accessible part of Argyll’s Cowal Peninsula.

• Attractive and productive forestry investment – much of it in second rotation. • Good quality, well proven internal road infrastructure. • Two cottages in spectacular settings. • Accessible yet private Estate. • First class amenity with sporting rights included – varied and productive red deer stalking with a 5 year average of: 35 stags; 45 hinds; and 38 calves.

In all approximately 3279 hectares (8103 acres) Dunoon 10 miles Glasgow 40 miles (distances approximate) For sale as a whole or in three Lots.

Sellers Agents: Solicitors: Bidwells Gillespie Macandrew LLP 5 Atholl Place 5 Atholl Crescent Perth Edinburgh PH1 5NE EH3 8EJ +44 (0)1738 630666 +44(0)131 2251677 www.bidwells.co.uk www.gillespiemacandrew.co.uk

INTRODUCTION The Glen Massan Estate is a first class landholding tucked away between Loch Fyne and Loch Long on the Cowal Peninsula, on the West Coast of Scotland. It offers a top-end quality, ongoing commercial forestry investment, together with a tranquil hideaway, exciting and challenging deer management opportunities and a small farming operation (currently operated under a straightforward contract arrangement), all set in some of the most outstanding scenery the West Coast of Scotland has to offer. Readily accessible yet very private, it is almost unheard of to find such a varied landholding where so much of its value is vested in highly productive commercial forest (1611ha including integral open ground). Recently renovated four-bedroom cottage, further cottage with permission to extend - creating a magically located principal dwelling, attractive open hill ground and small scale, in-hand agricultural interests in the floor of the glen. A Highland “gem”. DIRECTIONS FROM THE SOUTH Glen Massan from Dunoon take the A815 Strachur road, through B836, signposted for Glendaruel. Follow this road for a further 3.7 the village of Sandbank, passing the junction of the B839 road miles and the entrance to Glen Lean is on the right, directly off the to Colintraive. After a further 750m, turn left onto a minor road, public road. Continue for a further 2 miles, past Loch Tarsan, and signposted Glen Massan. Follow this road, past the west side of the access track to North Tarsan can be found on the right. Benmore Gardens, and approximately 6km (4miles) after having left An alternative access from the north is from leaving the A815 from the A815, the estate is reached. A good quality forest road system Strachur, following the A886 through Glendaruel turning left at leads through Glen Massan, into Glen Lean then on to the B839. Auchenbreck on to the B836, signposted for Sandbank. Follow this Glen Lean/North Tarsan from Dunoon take the A815 Strachur road for approximately 4.7 miles until reaching the entrance for North road, through the village of Sandbank, after 1.6 miles turn off onto Tarsan on the left, and a further 2.2 miles reaching the entrance to the B839, signposted to Colintraive. Follow this road for 3.7 miles Glen Lean, also on the left, and directly off the public road. and the entrance into Glen Lean is on the right. Continue for a further 2 miles, past Loch Tarsan, where an access track leads into North Tarsan. FROM THE NORTH Glen Massan turn off the A83 onto the A815, signposted for Dunoon, passing through Strachur and along the shores of Loch Eck. Continue on this road for approximately 23 miles, passing the Benmore Botanic Gardens, after another 2.3 miles turn right onto a minor road, signposted Glen Massan. Follow this road, past the west side of Benmore Gardens, and approximately 6km (4 miles) after having left the A815, the Estate is reached. Glen Lean/North Tarsan turn off the A83 onto the A815, signposted for Dunoon, passing through Strachur and along the shores of Loch Eck. Continue on this road for approximately 23 miles, passing the Benmore Botanic Gardens, after another 2.8 miles turn right onto the SITUATION The Estate occupies a substantial part of the Cowal Peninsula, which is bordered on three sides by wonderful sea lochs and, in the north, by mountain, forest and glen. This is a truly unique part of Scotland, renowned for its scenic beauty and cultural heritage, and has provided many artists and photographers with inspiration for their work. There is an abundance of outdoor activities on offer as well as a number of annual events, such as: world class Highland Games, food and walking festivals, concerts and community ceilidhs. Cowal is the perfect retreat for both individuals and families looking for all that is good about accessible West Highland life. DESCRIPTION Glen Massan Estate comprises three constituent parts: Glen Massan itself; Glen Lean and; North Tarsan. The mountainous landscape and the mild west coast climate have created a unique and substantial forestry and sporting estate, with a title area extending to approximately 3279.3 hectares (8103 acres). The Forest compartment schedule details: 1611 hectares (3980.86acres) as stocked forestry and associated open hill, 46 hectares (113.67acres) as permanent pasture, 1570 hectares (3879.55 acres) as open hill. Please note that the Estate will be sold to the areas covered by the Titles. There are minor differences between the Title and the forestry compartment/IACS maps, as is often the case in properties of this size. Areas given in the tables within these particulars relate to those in the forestry compartment schedules.

Area Land Type Hectares Acres Commercial Forestry and associated Open Land 1611.00 3980.86

Felled land awaiting replanting 50.00 123.55

Open Hill 1570.00 3879.55

Improved Grassland 46.00 113.67

Water 3.50 8.65

Total 3280.50 8106.28 SPORTING The Estate offers a fascinating and challenging mixture of open hill and woodland stalking opportunities. A high level of deer management is an important part of the ongoing maintenance and protection of forestry and, to date, this has been undertaken by a professional deer manager under a leasing agreement, the current agreement being due to terminate on 31 March 2017 but with a break clause exercisable on 20 October 2016. Parts of Lot 1, Glen Massan, could lend themselves well to the establishment of a winged game shoot – there being several excellent examples in the area. The last five years’ deer return for the whole Estate are detailed below:

Red Roe Year Stag Hind Calves Buck Doe Kid 2011/12 46 52 40 8 8 2 2012/13 38 59 47 5 4 3 2013/14 34 34 36 9 2 7 2014/15 31 44 31 3 5 5 2015/16 25 37 35 2 5 1 5 year average 35 45 38 5 5 4 FORESTRY Cowal is an extensively forested part of quality of wood produced in its forests, and roads to provide access to all parts of the Scotland, and is a significant component an excellent infrastructure has developed property. The Forest Plan documentation, of the country’s forestry sector, which now in respect of forestry managers and timber together with compartment schedules and contributes about £1 billion each year to transport. forestry maps, is available within an online the national economy and directly employs data room, access to which is available via The Glen Massan Estate benefits from having over 25,000 people. the selling agents. an up to date Forest Plan covering the period Large scale woodland creation commenced 2016 – 2035 which has been entered into in the area shortly after World War 1 and has by the sellers. This provides permissions continued through to the present day. Cowal for ongoing felling and replanting as well as is well regarded by timber purchasers for the authority for the construction of further forest

Area Breakdown of Whole Estate by Landuse/ Tree Species and Planting Year (areas in hectares)

Planting Year Whole Estate 0 1960 1970 1971 1972 1974 1980 1985 1986 1987 1989 1990 1991 1992 2000 2005 2009 2011 2012 2013 2014 2015 Grand Total DF 8.95 8.95 FELLED 50.04 50.04 LARCH 23.12 4.11 10.26 3.04 4.47 2.00 1.29 0.70 48.99 LP 11.91 0.30 1.79 14.00 MB 1.13 1.56 1.93 5.62 6.52 4.11 0.57 1.06 3.05 0.76 3.80 30.11 MB/UP 1.83 0.36 2.19 MC 18.78 7.55 30.76 7.28 7.88 0.86 1.74 1.40 7.13 5.49 1.81 90.68 MC/UP 1.01 1.38 2.39 NS 2.59 6.97 0.64 10.20 SP 0.60 0.60 SS 189.85 116.76 91.58 10.84 9.81 132.25 93.67 166.10 57.78 71.08 44.98 5.52 9.94 62.96 9.65 28.04 7.80 12.49 29.16 1150.25 UP 252.91 252.91 FARM 46.29 46.29 HILL 1569.61 1569.61 Water 3.47 3.47 Grand Total 1922.33 1.13 257.79 124.30 99.45 10.84 9.81 180.62 104.29 179.04 67.16 85.19 47.46 0.57 5.52 12.40 73.14 10.41 37.97 7.80 12.49 30.96 3280.68 Key: DF Douglas fir NS Norway spruce FELLED Harvested sites awaiting replanting SP Scots pine LARCH Larch SS Sitka spruce LP Lodgepole pine UP Unplanted land associated with forest MB Mixed broadleaves (streamsides, designed open space, rock outcrops etc) MB/UP Mixed broadleaves with open space FARM Land in floor of glen MC Mixed conifers HILL Open Hill land, above tree line MC/UP Mixed conifers with open space Water Ponds

GLEN MASSAN – LOT 1 Glen Massan forms the core of the estate, extending to a Title Residential area of 2299.01 hectares (5681.2 acres), it includes two residential There are two residential properties located within Glen Massan (Lot properties, agricultural land and 1221.74 hectares (3018.98 acres) of 1): Garrachra and Corrie Massan. Forestry. Garrachra is a two-bedroom cottage, with converted loft space, of Access is gained via a section of private road shown A – B on the traditional stone construction under a tiled roof with mains electric sale plan which connects the Estate with the public road running and private water and drainage. Planning Permission exists to build from the A815 through the main glen. The neighbouring property an extension, which would create a wonderful principal dwelling enjoys a right of access over points B-C and the right to use a turning with open plan kitchen and living area, four bedrooms, two en-suite circle at point C. In the event that the Estate is sold in lots, a right bathrooms, office, boot room, further bathroom and double garage. of access will be retained for all purposes in favour of Lot 1 (Glen This spectacular setting faces directly down the glen and overlooks Massan) over the existing forestry road running through Lot 2 (Glen an attractive man made lochan providing the opportunity to create Lean) to the B836, with maintenance to a forestry standard being on your own Highland Lodge. Garrachra is currently uninhabited and an according to a user basis. This route provides excellent access would require renovation in order to be suitable as a dwelling. for timber haulage. Corrie Massan is a traditionally built cottage under a slate roof with mains electric and private water and drainage. Since recent renovation to a high standard, the cottage has been utilised as a four- star holiday let. Accommodation includes a large open plan kitchen/ dining room/living space, four bedrooms, two en-suite bathrooms and shower room. House contents are available to purchase at separate valuation. Farming Forestry Approximately 46 hectares (114 acres) of improved grassland Tree crops on Lot 1 (Glen Massan) were largely established in the early situated on the floor of Glen Massan is currently farmed for stock 1970s – with some later additions but timber harvesting operations under a simple Contract Farming Agreement, details of which are have been ongoing for some time and a significant part of the forest available via the data room. is now in its second rotation. Replanting works have been carried out to a high standard and the majority of crops are demonstrating The current agreement comes to an end on 1 September 2017 but excellent growth rates. A well proven system of forest roads has there is the opportunity to terminate the contract earlier if so wished, been constructed and the recently upgraded B836, reached via Lot subject to the relevant notices being served. A small fold of Highland 2 (Glen Lean), is classified as an agreed route for timber haulage. Cows is owned by the Estate and these, together with farming equipment, are available to purchase at separate valuation.

Area Breakdown of Lot 1 (Glen Massan) by Landuse/ Tree Species and Planting Year (areas in hectares)

Key: As per whole Estate breakdown.

GLEN LEAN – LOT 2 Glen Lean is located at the southern end of the estate and extends to a Title area of 884.2 hectares (2184.9 acres). Access is gained directly off the B836, as shown on the sale plan. In the event that the Estate is sold in lots, a right of access will be retained over Glen Lean for Glen Massan (Lot 1). Part of Glen Lean lies to the south of the public road and this has a separate access, again taken directly off the B836, also shown on the sale plan. This section of Glen Lean is further subdivided by an aqueduct, with the right to construct bridges at specific points if required. A radio mast site, leased to Airwave O2 Limited and generating an annual rent of £5012.70, is also present on Glen Lean. The lease terminates on 15 May 2020 and further details are available within the data room. Forestry Lot 2 (Glen Lean) was principally developed as an investment forest (545.2 hectares) gives an additional element of diversity and interest property and was planted in 1986 and 1987. At this stage, no to this lot. Access to the main forest block is excellent being over a harvesting has yet taken place. The majority of crops are growing well constructed forest road (which also serves Lot 1), use of which well on ground which is well suited to the commercial production of by timber lorries has been well proven over recent years. timber, although parts of the forest lying to the south of the B836 do present some access challenges. A substantial area of open hill

Area Breakdown of Lot 2 (Glen Lean) by Landuse/Tree Species and Planting Year (areas in hectares)

Planting Year Glen Lean 0 1986 1987 Grand Total LARCH 3.04 4.47 7.52 LP 0.30 0.30 MC 7.28 7.88 15.15 SP 0.60 0.60 SS 83.59 166.10 249.69 UP 67.94 67.94 HILL 545.20 545.20 Water 0.16 0.16 Grand Total 613.29 94.21 179.04 886.54

NORTH TARSAN – LOT 3 Forestry Lot 3 (North Tarsan) is a compact block of coniferous forest harvesting would best be gained via Glen Massan (Lot 1) and which, according to Titles, extends to 96 hectares planted in Glen Lean (Lot 2 ) Winged game shooting rights (no deer) 1985. To date, no timber harvesting has taken place. Access have been retained by the former owners until 2038, with a right is via a section of shared track leading off the B836 as shown to extend for a further five years. A right of pre-emption over Lot D-E on the sale plan, although long term access for timber 3 also exists in favour of the former owners.

Area Breakdown of Lot 3 (North Tarsan) by Landuse/Tree Species and Planting Year (areas in hectares)

Planting Year North Tarsan 0 1985 Grand Total LARCH 10.26 10.26 MB 0.27 0.27 MB/UP 0.36 0.36 MC 30.76 30.76 MC/UP 1.38 1.38 SS 52.61 52.61 UP 2.72 2.72 Grand Total 2.72 95.64 98.37

CONTACT Movables/ Household contents Available by separate agreement. Raymond Henderson or Rebecca Boswell VAT Bidwells, 5 Atholl Place, Perth, PH1 5NE The business is registered for VAT but there has been no election to Tel: 01738 630666 • Fax: 01738 627264 opt to tax over the land or buildings. [email protected] Council Tax and Rates [email protected] Garrachra: Council Tax Band E TAXATION Corrie Massan: Rateable Value of £2,600p.a Energy Performance Certificates Investors should be aware that timber income from commercial Available on request from the Selling agents forestry is currently exempt from Income Tax and that forestry businesses currently attract 100% relief from Inheritance Tax. In Planning Permission addition, forests have a low exposure to Capital Gains Tax because Garrachra currently has planning permission to extend the existing the value of the growing crop is excluded from the assessment. dwelling, this permission running until the 15 Feb 2019. Planning reference number: 2015/0396/HAE Prospective purchasers are strongly advised to consult their Financial Authorities Advisor to ascertain how these tax concessions may be of benefit Forestry Commission Scotland GENERAL REMARKS Perth and Argyll Conservancy Upper Battleby, Redgorton, Perth, PH1 3EN Solicitors Tel: 0300 067 6600 Gillespie Macandrew LLP Argyll and Bute Council 5 Atholl Cresent, Edinburgh, EH3 8EJ Kilmory, Lochgilphead, Argyll, PA31 8RT Tel: 0131 225 1677 • Fax: 0131 225 4519 Tel: 01546 605522 Loch Lomond & The Trossachs National Park [email protected] Carrochan, Carrochan Road, Balloch, G83 8EG Data Room Tel: 01389 722600 Further information on specific elements, such as: title deeds; forest Travel Arrangements plan; compartment schedule; planning documentation, will be Airports available via an online data room. Details on how to access this are Glasgow Airport Tel: 0844 481 5555 available from the selling agents. Edinburgh Airport Tel: 0844 448 8833 Entry points D-E, which provides access to North Tarsan, Lot 3. Entry is available by arrangement with the seller • Scottish and Southern Energy has a servitude right of access to the Balliemore Tunnel, Glen Tarsan – Lot 1. Listings/Environmental Designations • There is a radio mast Lease to Airwave O2 Limited, terminating Lot 1 (Glen Massan) lies within the Loch Lomond and the Trossachs on 15 May 2020 with an annual rent of £5012.70 on Glen Lean – National Park, otherwise the Estate is not affected by any listings or Lot 2. designations. • There is a right of Pre-emption to the former owners over North Sporting Rights Tarsan, Lot 3. Shooting rights over the whole Estate are currently let to a • Should the property sell as separate lots, Lot 1 (Glen Massan) professional deer manager until 31 March 2017, but with a break will be sold with the benefit of a servitude right of access for all clause exercisable on 20 October 2016. The only exception to this purposes over the existing road on Lot 2 (Glen Lean) to the B836, being a lease to the former owners of Lot 3 (North Tarsan) for winged with maintenance to a forestry standard on an according to user game and waterfowl only, which runs until 2038, with the right to basis. extend for a further five years. Viewing Basic Payment Scheme Viewing is strictly by appointment through the Selling Agents. The whole Estate is registered by the Agricultural, Food and Rural Method of Sale and Closing Date Committee in Rural Payments and Inspection Directorate (AFRC- RPID) under code 140/0024. The property is offered for sale either as an asset or, if desired, the purchaser may acquire 100% of the issued share capital in Arkady Timber and Minerals Rights Ltd. Glen Massan Estate is the sole asset of Arkady Limited. All standing and fallen timber and the mineral rights, except those provided for by Statute, are included in the sale so far as the Seller A closing date may be fixed and prospective purchasers are has rights thereto. advised to register their interest with the Selling Agents. Prospective purchasers should note that unless their interest in the property is so Third Party Rights & Burdens registered, no guarantee can be given that notice of a closing date The property will be sold subject to and with the benefits of all will be advised and consequently the property may be sold without servitude rights, burdens, reservations and any other third party notice. For parties interested in acquiring the Share Capital further rights howsoever constituted, however the following matters are of enquiry should be made of the Selling Agents. particular note • The property benefits from a right of access over the road between points A-B, which provides access to Glen Massan, Lot 1. • The property benefits from a right of access over the road between Offers Formal offers in acceptable Scottish legal form, should be submitted in writing to the Sellers Solicitors at their Edinburgh office. Parties are asked to satisfy themselves that they fully understand the implications of offering under Scottish Law. Any offers received are required to be apportioned between the individual lots, unless an offer is made to acquire 100% of the issued shared capital in Arkady Ltd. The Sellers are not obliged to accept the highest, or any, offer and may at any time accept an offer or withdraw the property from the market. Neither the sellers nor Bidwells LLP will be responsible for any costs incurred by interested parties. Deposit A deposit of 10% of the purchase price will become payable to the seller within 7 days after conclusion of missives. Interest at 4% above the Bank of Scotland base rate shall be payable on the purchase price from the date of entry until paid and that notwithstanding that the purchaser may not have taken entry. If the purchaser fails to make payment within 14 days of the date of entry with all accrued interest the Sellers shall be entitled to resile from the missives and resell the subjects of sale without prejudice to their rights to recover damages from the purchaser. Titles The Title Deeds are available for inspection by a prospective purchaser or his agent by prior arrangement via an online data room. Should there be any discrepancy between these particulars, stipulations, special conditions of sale and missives of sale the last shall prevail. Agents Note For clarification we wish to inform prospective purchasers that we have prepared these sales particulars as a general guide. We have not carried out a survey, nor tested the services, appliances and specific fittings. Room sizes should not be relied upon for the measuring of fitted carpets. It should be noted that corrugated fibre cement sheeting used in agricultural buildings may contain forms of asbestos fibre. If communications, condition of the property, situation or other such factors are of particular importance to you, please discuss these priorities with us before arranging an appointment to view. This should avoid a wasted journey. Any photographs displayed in these particulars depict only part of the property and it should not be assumed that any contents/furnishing/furniture, etc are included in the sale, nor that the property remains as displayed in the photographs. No assumptions should be made regarding other parts of the property that have not been photographed. The property being open to inspection the Purchaser(s) shall be deemed to have full knowledge of the state and condition thereof and as to the ownership of any tree, boundary or part of the property. These particulars do not constitute an offer or contract or part thereof. Bidwells neither make or give in these particulars or during negotiation or otherwise, any warranty or representation whatever in relation to this property. All measurements are given as a guide and no liability can be accepted for any errors arising therefrom. No responsibility is taken for any omission, error or mis-statement in these particulars. Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC344553). Registered head office is Bidwells, Trumpington, Cambridge CB2 9LD, where a list of members is available for inspection. Particulars prepared May 2016. Photographs taken May 2016/ September 2015.