Property • Land • Projects • People 2013 SPOTLIGHT ON Residential DIVERSIFICATION Farming ENERGY EFFICIENCY Land Management Planning MAKES THE GRADE Development MARKET TRENDS Resources & Energy AND ANALYSIS Valuations struttandparker.com A QUESTION OF INDEPENDENCE pp01-12_&Scotland_Cover_desFIN.indd All Pages 25/03/2013 09:52 INSIGHT Welcome to &Scotland by Strutt & Parker e live in exciting times. With an evolving political and economic landscape, Scotland is in the spotlight as never before, taking centre W stage on both domestic and international fronts. With a changing agenda come opportunities and challenges, and we know the importance of never standing still to offer our clients the soundest advice and assistance to stay one step ahead. We are in a strong position. Strutt & Parker’s dedicated teams have huge experience in a wide range of services – from residential sales in the city to managing some of the country’s finest farms and estates. Our levels of expertise are unrivalled, as is our commitment to bespoke customer service. We hope the following pages give you a flavour of the services we offer across Scotland and globally, and show you how our teams can give clients the knowledge, tools and skills they need to ensure that their properties and land remain invaluable assets, today and in the long term. We look forward to working with you. Contents Page 04 & First foremost: hot properties Peter Sandground and projects in the spotlight Page 06 Trends & analysis: expert views Page 08 A family affair: the Burnetts of Leys Estate on facing the future Page 11 Energy on the agenda OGIE ESTATE) OGIE ESTATE) L Page 12 A day in the life: with Strutt & Parker town and country experts Page 14 A question of independence Page 15 Contacts: our services and teams The Partners team Andrew Rettie Robin Maitland Andrew Smith Andrew Hamilton Partner, Estate Partner, Land Partner, Estate Partner, Land PHOTOGRAPHY (COVER, LEYS ESTATE; THIS PAGE, THIS PAGE, PHOTOGRAPHY (COVER, LEYS ESTATE; Agency Management Agency Management struttandparker.com 03 pp02-03_&Scotland_Intro_desFIN2.indd 2 22/03/2013 15:20 pp02-03_&Scotland_Intro_desFIN.indd 3 11/03/2013 13:31 AROUND SCOTLAND First & foremost FLYING IN THE £260m FACE OF TRADITION combined budget of our registered estate purchasers A ROOM 27 WITH A VIEW Scottish hydroelectric schemes brokered by Strutt & Parker The Links, St Andrews Probably the finest view in the golfing world. Such bold statements rarely feature £3,795,000+ The Control Tower, on property particulars. Then again, for the sale of a 667-acre arable Clathymore, Perthshire properties like this rarely come to market. and livestock farm in the Borders Increasingly, the Strutt & Parker teams The Links, a traditional double upper are turning their expertise to unique, apartment in historic St Andrews, modern projects. The Control Tower, commands extraordinary views of the an exciting redevelopment on a former world-famous first fairway and 18th 18 ,000 airfi eld in Perthshire, is a perfect acres of farmland entered the green of the Old Course, the West Sands example. The Category C listed market in Scotland in 2012 and the Royal & Ancient Golf Club. building is to be restored and In the face of competition, one lucky transformed into a stunning American buyer sealed the deal. contemporary home by local Offers over £1,750,000 SOLD £760,000 architect James Denholm for The average value of transactions, Stephen Country Homes. The four- Edinburgh City Residential storey house has been designed to maximise the stunning views of the MORAy’s historical surrounding countryside, which is famous for its beauty and the wealth MASTERPIECE FARMING REAPS REWARDS of recreational opportunities on offer. Asking price £1,250,000 Blervie House, Moray In 2011, the sale and purchase of estates was the dominant Contact 0131 226 2500 FOR SALE Secluded, picturesque and ideally located just south of Forres, trend. What a difference a year makes. ‘The focus was fi rmly historic Blervie House is in many ways the perfect country home. on the sale and purchase of farms in 2012,’ says Robert ‘The area is well known for its mild climate and varied landscape, McCulloch, Partner in the Edinburgh offi ce. ‘The star of from an attractive coastline interspersed with traditional fishing the show was Chapel Mains Farm, a 667-acre arable and villages and beautiful beaches to the rich farmland that rises up livestock farm in the Borders. Launched to market as a to the Cairngorms National Park,’ says Kevin Maley, Partner in the whole or in lots for a combined asking price of £3,795,000, BEST PRACTICE PAYS OFF Inverness office. ‘Designed by eminent Scottish architect JM Dick it attracted 30 viewings and was sold as a whole well in The use of up-to-date moorland management techniques is Peddie, the house is considered to be an Edwardian masterpiece.’ excess of the asking price. This is hugely encouraging for proving to be a sound investment across a growing number Offers over £2,500,000 BYPASS SUCCESS 2013. Correct pricing and good marketing will attract buyers.’ of grouse moors in Scotland. Recent Game and Wildlife Contact 0131 226 2500 / 01463 719171 FOR SALE struttandparker.com/rural/farming Conservation Trust research has shown that grouse shooting When plans for the proposed Aberdeen in Scotland generates income of over £23 million per annum bypass resulted in the relocation of the and provides more than 1,070 full-time jobs. Hamiltons’ thriving cattery and equestrian ‘Clients who have invested in their moors are seeing a return business, Ian Thornton-Kemsley, Consultant on their investment by having a shootable surplus of in the Banchory office, took up the cause. grouse to let,’ says Ralph Peters, Partner in Land Staying one step ahead in the minefield Management in the Banchory offi ce. ‘Sound of compulsory purchase legislation, management resulting in a grouse surplus environmental health legislation and brings in income, benefi ts wildlife, boosts planning consent rules and regulations, local employment and attracts visitors Ian secured suitable compensation and to remote rural areas.’ the Hamiltons’ business opened in its The managed burning of heather, new location last year. Ian has recently tick control and the legal control of been appointed to the RICS Scotland vermin not only help to improve Compensation and Compulsory Purchase grouse habitat and health, but Forum, which is looking to make also promote biodiversity and recommendations for legislative change in enhance the populations of this complex area to the Scottish Parliament. many other moorland birds. 04 &Scotland struttandparker.com 05 pp04-05_&Scotland_F&F–desFIN.indd 4 07/03/2013 12:53 pp04-05_&Scotland_F&F–desFIN.indd 5 13/03/2013 10:17 MARKET OVERVIEW Trends & analysis Following a challenging year and ongoing economic uncertainty, Renewables report Land development Strutt & Parker’s Scottish experts ‘Renewables is perhaps the fastest more certain future for Always a hot topic, land take stock. Dave Flanagan reports moving area of land management fragile communities. The development is currently facing at the moment,’ says Nigel Fraser, major stumbling block is a host of additional pressures. Eyes on Edinburgh’s Inverness-based Partner in Land funding, with most banks ‘Persuading developers to residential market Management. ‘You can’t afford still reluctant to finance part with their cash is hard,’ not to think about it because schemes against projected says John Wright, Head of Traditionally buoyant, the you’ll get left behind.’ Feed-in-Tariff income. Planning & Development based Edinburgh residential market According to Nigel, small- ‘The banking issue is the in Edinburgh. ‘There’s an hasn’t entirely escaped the to medium-scale wind and most challenging factor in increased emphasis in the Farms and estates update fallout from the global economic hydro-electricity generation the industry, which is quite Taxing times planning system on the crisis, with fi nance availability schemes offer a lifeline for incomprehensible in my opinion,’ effectiveness and deliverability Farm sales remain fi rm as persuade buyers from around the the burning issue for buyers in estates looking to diversify says Nigel. ‘Renewable energy A minefield at the best of times, of the land supply and issues agriculture continues to buck world to invest in Scottish estates 43% the capital. But this hardening of and secure a reliable, long-term has the potential to preserve the Inheritance Tax system has and difficulties associated the economic trend, but an despite these short-term YEAR-ON-YEAR a tough and competitive market source of income. our natural resources and countless added pitfalls for with the delivery of affordable uncertain fi nancial climate challenges and perceived threats.’ INCREASE IN may actually benefi t those agents ‘Renewables projects facilitate environments. It is a very estates failing to get their housing. In addition, major in Europe and the Scottish While Robert is keen to avoid SCOTTISH FARM with more experience. development that just wouldn’t important part of our future.’ house in order. house builders are focusing SALES BY STRUTT independence debate are causing being drawn into the politics & PARKER IN 2012 ‘In terms of the number of happen otherwise,’ says Nigel. ‘For landowners it has become more on flagship sites and banks ripples in the estates market. of the independence debate, he transactions handled, 2012 was ‘From new buildings and housing far more favourable to ensure, are reluctant to lend to small ‘Although the economy’s does sense that uncertainty over similar to 2011, which was one to improvements to property and where possible, that they are and medium-scale developers not in brilliant shape, some Scotland’s future is infl uencing of our record years,’ says Blair maintenance of roads, it changes seen to be carrying out a trading in peripheral areas.’ farmers are making money potential buyers.