From: James Dennis
Dear Malcolm Please find attached for information the final brochure as issued. Total guide is £31.25 million. I look forward to seeing you shortly. Regards James James Dennis FRICS Director Rural York House, Blackbrook Business Park , Taunton, TA1 2PX Tel :+44 (0) 1823 446 987 Mobile :+44 (0) 7768 708 252 Email :JDennis@savills.com Website : www.savills.co.uk
Attachments: x2 PDFs ‘The Taunton Estate’ and ‘The Taunton Estate A2 Plan’
From: Malcolm Burns
Thanks v much James – that is all really helpful.
Kind regards
Malcolm
Malcolm Burns Head of Rural
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5290 | Mob: +44 (0) 7850 652 426 www.thecrownestate.co.uk
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LEGAL DISCLAIMER - IMPORTANT NOTICE The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
From: James Dennis [mailto:[email protected]] Sent: Tuesday, June 19, 2018 3:46 PM To: Field, Clare Cc: Burns, Malcolm; Back, Lucy; Louise Rose Subject: RE: Crown Estate update - Taunton
Look good to me.
Thanks
James
From: Field, Clare [mailto:[email protected]] Sent: 19 June 2018 15:39 To: James Dennis
Thanks James, hugely helpful.
Have receive the photos too – and will send the main shot across.
If all are happy – I’ll send the below information
• The South Estate is comprised of 9 equipped farms
• Across the rest of the estate, we have completed 3 sales to tenants, and are progressing discussions with a number of others.
Clare Field Media Relations Manager
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5076 | Mob: +44 (0) 7471 033 190 www.thecrownestate.co.uk
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The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
From: James Dennis [mailto:[email protected]] Sent: Tuesday, June 19, 2018 3:20 PM To: Field, Clare Cc: Burns, Malcolm; Back, Lucy; Louise Rose Subject: RE: Crown Estate update - Taunton
Hi Clare
Comments as follows:
• There are 9 equipped farms (ie land with farmsteads) within the sale • There are three farms that will remain subject to tenancy after the sale, the majority of the remaining land becomes vacant at the end of September save for two small bare land lettings. There are also some commercial and residential tenancies which will continue. • Negotiations with tenants relate predominantly to other farms on the wider estate which are excluded from this sale although we are in discussions with three tenants within the estate being sold. I would try to steer clear of this if possible however as I feel we should not be commenting on that in public (in relation to the estate being sold rather than the wider approach). • We are in discussions with tenants on 11 other farms on the estate being sold and the wider estate over sales to them of all or part of the farm or surrender as well as discussions with some tenants of bare land. 3 other sales to tenants have already completed.
As you say you need to consider how much of this you pass on. Happy to chat this through.
I will try to send a couple of high resolution photos separately however they are very large so we need to see if they get through your firewall (up to 20MB). I will send those in the next couple of minutes.
Regards
James
From: Field, Clare [mailto:[email protected]] Sent: 19 June 2018 14:42 To: Lucy Back
Hi all,
A couple of questions by way of follow up from Farmers Weekly on Taunton.
Would welcome a summary of the facts that relate to the questions below (we can then decide how much we share)
Could you also send over one or two of the images shot for the marketing brochure?
As soon as possible would be great – she’s going to publish in the morning.
Many thanks in advance.
Clare
Clare Field Media Relations Manager
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5076 | Mob: +44 (0) 7471 033 190 www.thecrownestate.co.uk
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From: Malcolm Burns
Lucy
Many thanks for the update. I agree that we should not accept any offers at this early stage in marketing.
I look forward to hearing about further interest as we go on. Please note I will be away from the office next week, so will not be available for the mid-week catch up or for any other queries, but Ken will be available should anything arise.
Kind regards
Malcolm
Malcolm Burns Head of Rural
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5290 | Mob: +44 (0) 7850 652 426 www.thecrownestate.co.uk
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From: Lucy Back [mailto:[email protected]] Sent: Wednesday, July 18, 2018 7:05 PM To: Burns, Malcolm Cc: Folkes, Emma; Dennis, James; Jones, Ken Subject: Taunton Update
Dear Malcolm
Just a quick update on how matters are progressing with sales at Taunton. Emma’s team has now received comments back from Clarke Willmott on the overarching document for Quantock Farm so this has stopped the “blockage” this was causing with other deals and matters are progressing fairly well on all deals with tenants. We are still pushing for responses from purchasers at Philpotts, Taunton Racecourse and Hestercombe but the tenant/their agent is being prompted directly in these cases. Hestercombe boundary issues still to be resolved and although this currently rests with both third parties, we are actively pressing a response to resolve this.
For Orchard Portman surrender, Burges Salmon has asked the tenant to respond to a full list of enquiries but has sent the Agreement for Surrender out for signature in the meantime so hopefully all of this can be completed swiftly.
In terms of Taunton south sale, access to the data room is now open and Emma has sent out the invitations to all those who have requested it. Hard copies of the particulars are now available so we will send you some copies. Since the launch on 21 June details have been sent to 320 applicants with 15 viewings carried out and 3 offers now received as follows: Redactions for personal information and commercial data Lot 1E: Offered £ (Old Estate Yard) (s40(2), s43(2)) (at guide price) Cash buyers.
OBO his client Lots 9a and 9b and parts of 9c and lot 8: £3.25m (Bickenhall & Park Farm)
Lot 7: Offered £ (Hewetts Farm)
At this stage we would not recommend accepting any of them. There is due to be a viewing at the Old Estate Yard (Lot 1e) next week with several interested parties and for the rest, although we would not rule out selling Hewetts Farm separately, partly due to concern over interest in AHAs and partly because it sits slightly separately to the south of the estate, we would not advise picking off parts at this stage of the marketing in case parties are more interested in the whole. As the offer is from the neighbour, we don’t think it likely he will withdraw his interest. Our agency team suggests looking to draw offers to a conclusion early-mid August so we should have a better feel for levels of offers and interest in specific areas by then.
Please let me know if you have any other questions.
Kind regards
Lucy Back MRICS, FAAV Director Rural
York House, Blackbrook Business Park , Taunton, TA1 2PX Tel :+44 (0) 1823 445 035 Mobile :+44 (0) 7595 106 612 Email :[email protected] Website :www.savills.co.uk
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From: Malcolm Burns
James
Thanks for this – noted. I have now returned unscathed from the south west! We had a great week.
Regards
Malcolm
Malcolm Burns Head of Rural
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5290 | Mob: +44 (0) 7850 652 426 www.thecrownestate.co.uk Please think - do you need to print this email?
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The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
From: James Dennis [mailto:[email protected]] Sent: Friday, July 27, 2018 2:45 PM To: Burns, Malcolm Cc: Jones, Ken; Back, Lucy Subject: Taunton Estate sale
Malcolm
For the record, I am reporting two further offers for part: Redactions for personal information and commercial data Lot 1 (in entirety) (s40(2), s43(2))
Lot 1e (estate yard industrial units)
I met with the local agency team yesterday, there are various other discussions ongoing so we remain on the track of drawing it to a head in the next week or two. As such these are to note only at this stage.
Regards
James
James Dennis FRICS Director Rural
York House, Blackbrook Business Park , Taunton, TA1 2PX Tel :+44 (0) 1823 446 987 Mobile :+44 (0) 7768 708 252 Email :[email protected] Website :www.savills.co.uk
Before printing, think about the environment From: Malcolm Burns
James
Thank you for your email below. TW interest noted, and I agree that we should decline the offer for the small area of Lot 2.
As I mentioned on Wednesday, I will also be away for the office next week, but back on Monday 3 Sept.
Best wishes, and have a good holiday,
Malcolm
Sent from my iPhone
Malcolm Burns Head of Rural
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5290 | Mob: +44 (0) 7850 652 426 www.thecrownestate.co.uk
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The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
On 24 Aug 2018, at 09:02, James Dennis
Dear Malcolm
One interest which I did not mention on Wednesday but where there has been further activity since is from Taylor Wimpey who are interested in Lot 1. They did enquire about a promotion agreement only which we rebuffed so they are now looking at a possible freehold bid with an uplift retained by the Crown. They have to go through an approval process internally but should be able to make our indicative timeline of providing clear proposals by 14 September. I do not think they will bid much more without uplift so it seems sensible to keep a stake in case they get a major new urban extension or (perhaps more likely) garden community or equivalent. In the meantime, can I report one minor offer for the record being £40,000 plus legal costs for the 5.5 acres coloured blue on the plan below. This is pretty unexciting so we recommend refusal on the grounds that we can go back to them if we are looking to raise cash from a break up in due course. I would be grateful if you could please confirm.
As mentioned, I am away for the next fortnight but can be roused if matters get exciting (at Taunton or elsewhere), Lucy will hold the fort here in the meantime.
Regards
James
James Dennis FRICS Director Rural
------
From: James Dennis
Dear Malcolm
Further to our conversation earlier, attached is the schedule of principal offers (leaving aside offers for individual fields etc). We are continuing to undertake due diligence on the offer for the whole and will report back as soon as we have been able to form a view.
In the meantime I look forward to our weekly catch up tomorrow morning.
Regards
James
James Dennis FRICS Director Rural
York House, Blackbrook Business Park , Taunton, TA1 2PX Tel :+44 (0) 1823 446 987 Mobile :+44 (0) 7768 708 252 Email :[email protected] Website :www.savills.co.uk
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Attachment: Excel spreadsheet Best and Finals Offer Schedule 14.09.18 – main offers only
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Burges Salmon LLP
T: +44 (0) 117 307 6975 M: +44 (0) 7794 030 891 F: +44 (0) 117 378 6217
Secretary/PA: Katie Loader T: +44 (0) 117 307 6186 www.burges-salmon.com
From: Wheeler, Sean [mailto:[email protected]] Sent: 16 October 2018 14:40 To: Emma Folkes Cc: Pyrah, Danielle; Mills, Iain; Dennis, James Subject: FW: Sale of Lot 1, Taunton
Emma
Terms have been agreed for the sale of Lot 1 at Taunton for £12.5 million plus VAT where applicable.
Lucy’s email below and attachments provide the supporting detailed information for this sale.
Please could you advise on both fee and allocation arrangements.
For the purpose of the legal case report and TAC please can this be allocated to Malcolm Burns.
Thank you Sean Redactions for personal information (s40(2)) P.S.
Sean Wheeler Asset Manager
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5206 www.thecrownestate.co.uk
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The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
From: Lucy Back [mailto:[email protected]] Sent: Tuesday, October 16, 2018 12:38 PM To: Wheeler, Sean; Mills, Iain Cc: Dennis, James Subject: Sale of Lot 1, Taunton
Dear Sean
Please find attached the following information in order to instruct Burges Salmon for the sale of Lot 1:
• Agricultural sale checklist • Memorandum of Sale • Property Information form for Orchard Portman Farmhouse • Draft sale plan
The rest of the tenancy documentation and compliance information is already in the data room set up so I have not sent this again.
A sale plan and corresponding sales and easement plan has been requested.
Kind regards
Lucy Back MRICS, FAAV Director Rural
York House, Blackbrook Business Park , Taunton, TA1 2PX Tel :+44 (0) 1823 445 035 Mobile :+44 (0) 7595 106 612 Email :[email protected] Website :www.savills.co.uk Before printing, think about the environment
-----Original Message----- From: James Dennis
Malcolm
That is very helpful, many thanks and understood re Taylor Wimpey.
Regards James
Sent from my iPad
> On 30 Oct 2018, at 16:12, Burns, Malcolm
From: Malcolm Burns
James/Lucy
Many thanks for your emails last week on the offers received for this sale. For ease of reference, I have attached your emails with recommendations to this email. I have also attached a basic summary sheet with the offers listed.
I have discussed these with Hannah, and can confirm our approval of the offers as follows:
Lot 1: Taylor Wimpey Homes: £12,500,000 Lot 6: Redactions for personal information and commercial data (s40(2), s43(2)) Lot 7: Lot 9 + pt Lot 8:
Please note that approval is given on the basis that the sales are underpinned by the sale of Lot 1 to Taylor Wimpey Homes, and this sale must complete to provide the performance above market value, as the other sales are slightly below valuation. We will therefore expect to see the sale to Taylor Wimpey complete first.
Please let me know if you have any questions or concerns, but otherwise please go ahead and prepare instructions for solicitors in the usual way.
Kind regards
Malcolm
Malcolm Burns Head of Rural
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5290 | Mob: +44 (0) 7850 652 426 www.thecrownestate.co.uk
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The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
Attachments
From: James Dennis
Dear Malcolm
Please find attached a report for sale of Lot 6 of the Taunton South sale for your approval.
Regards
James
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Please note any advice contained or attached in this email is informal and given purely as guidance unless otherwise explicitly stated. Our views on price are not intended as a formal valuation and should not be relied upon as such. They are given in the course of our estate agency role. No liability is given to any third party and the figures suggested are in accordance with Professional Standards PS1 and PS2 of the RICS Valuation – Global Standards 2017 incorporating the IVSC International Valuation Standards issued June 2017 and effective from 1 July 2017. Any advice attached is not a formal ("Red Book") valuation, and neither Savills nor the author can accept any responsibility to any third party who may seek to rely upon it, as a whole or any part as such. If formal advice is required this will be explicitly stated along with our understanding of limitations and purpose.
COMMENTARY: • A sale of Hewetts Farm, being Lot 7 of Taunton south, extending to 30.45 acres as shown in purple on the attached plan has provisionally been agreed to for £ . • Whilst this is below valuation, it is felt that, having carried out full marketing of the property, it has found its market value. The property received a great deal of interest and a number of offers were received, of which, the offer from was comfortably the highest. • We understand that the purchasers are
RECOMMENDATION: To proceed with the sale of Hewetts Farm to as outlined above. We feel that, having had property marketing, the property has found its value.
AGENT: Lucy Back DATE: 17 October 2018 CROWN ESTATE DATE: AUTHORISATION:
Separate PDF: Lot 7
From: Lucy Back
Dear Malcolm
Please find attached our sales recommendation for Lot 9 and part of Lot 8 to . This is to confirm our previous discussions for this sale and the in principle approval you have already given.
I would be grateful if you could please confirm for our records.
Kind regards
Lucy Back MRICS, FAAV Director Rural
York House, Blackbrook Business Park , Taunton, TA1 2PX Tel :+44 (0) 1823 445 035 Mobile :+44 (0) 7595 106 612 Email :[email protected]
Website :www.savills.co.uk
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Lot 1, Taunton South, comprising: • Orchard Portman Farm 0000298 • Broughton Farm 0000297 • Land at Shepherd’s Bush 0000297 • Netherclay Farm 0000299 • Greenway Farm 0000300 • Land at Church Farm 0000302 • Land at Thurlbear Straight 0000300 • Land to the rear of Polo Cottage 0000300 • Polo Ground 0000448 Redactions for personal • Sloe Cottage Paddock 0019274 information (s40(2)) and • Pt Phillpotts Farm 0000301 (pt) commercial interests (s43(2)) • Units 1&2 Old Estate Yard 0000447 • Higher Broughton Farm 0000296
TENANT: LEASE REF: 01000508, 02000509, 04000803, 00014076, 00018941 LOCATION: South Estate PLAN ATTACHED: YES TENANCY TYPE: AHA, FBT & 1954 Act UNEXPIRED TERM: Various leases MARKET VALUE: £9,420,000 VP VALUE: £12,458,000 Blended Value: £11,356,000 PROPOSED SALE £12,500,000 % OF MV: 132% % OF VP: 100% % OF BV 110% PRICE: TARGET 4 weeks from receipt of TARGET Within 4 weeks of EXCHANGE: documents COMPLETION: exchange KEY SPECIAL CONDITIONS/COVENANTS: • The sale will be subject to the existing AHA, FBT and 1954 Act tenancies in place • The sale will be free of other restrictions or uplift. • The details of the transaction will remain confidential • Tenant Right will be payable for the growing crops on inhand land
COMMENTARY: • Following the marketing of the whole estate for sale in Lots, agreement has been reached with Taylor Wimpey Homes for the sale of Lot 1, extending to approximately 1,144 acres as shown indicatively in pink on the attached plan, for £12,500,000 (twelve million five hundred thousand pounds). • Best and final offers were sought with the offer from Taylor Wimpey being the highest for the whole of Lot 1. We are encouraging those who offered on parts to consider other areas of the estate. • Due to some areas being vacant and some being subject to tenancy, a blended value has been calculated to attribute both VP and MV figures for the respective parts, particularly now that a number of tenancies have ended since the S&P 2018 valuation. The sale figure agreed achieves just over 100% of VP but 110% of the blended figure which is considered to be a more accurate reflection at this time. RECOMMENDATION: To proceed with the sale of the whole of Lot 1 of Taunton South extending to approximately 1,144 acres to Taylor Wimpey Home for the sum of £12,500,000 as this exceeds valuation and this provides the lowest risk option for whole sale.
AGENT: Lucy Back DATE: 17 October 2018 CROWN ESTATE DATE: AUTHORISATION:
Malcolm Burns Head of Rural
1 St James's Market, London, SW1Y 4AH Tel: +44 (0) 20 7851 5290 | Mob: +44 (0) 7850 652 426 www.thecrownestate.co.uk
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The information in this message, including any attachments, is intended solely for the use of the person to whom it is addressed. It may be confidential and subject to legal professional privilege and it should not be disclosed to or used by anyone else. If you receive this message in error please let the sender know straight away. We cannot accept liability resulting from email transmission. The Crown Estate's head office is at 1 St James's Market London SW1Y 4AH
On 21 Dec 2018, at 22:23, James Dennis
Well done Tom, awesome effort.
Regards
James
Sent from my iPhone
On 21 Dec 2018, at 22:22, Thomas Mark-Bell
Dear all,
I am pleased to say that we have exchanged and completed on Lot 1 just now.
Kind regards, Tom
Thomas Mark-Bell Associate Burges Salmon LLP
T: +44 (0) 117 902 7720 M: +44 (0) 7791 894 512 F: +44 (0) 117 378 6243
Secretary: Amy MacCallum T: +44 (0) 117 307 6265 www.burges-salmon.com
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