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Original poster

Offer of land and buildings...WWYD?

39 replies

Lemontwist · 31/03/2019 21:58

I along with my DH are in the very fortunate position to have been offered farm buildings and/or land to do with what we can for a potential business opportunity.
The land is part of my parent's farm and they are nearing retirement age. Although one sibling is planning to take over the farming aspect my parents want to allow myself and my other sibling use of land/buildings where possible. We both have full time jobs at the moment but would like to consider what we could make of this opportunity. We live just a few miles away.
There would be a necessity to renovate buildings for certain uses but they are all solid and of varying sizes.
It's very vague but we've been banding round ideas and not coming up with much. One of them is for example holiday cottages. We have a certain amount of capital but would potentially have access to more for something worthwhile.
I know its cheeky to ask but what would you do if you were handed this?

OP posts:
HennyPennyHorror · 31/03/2019 22:08

I would like to know more about the area you're in.

Is it completely rural or is there a town nearby?

CheeseCakeSunflowers · 31/03/2019 22:12

Renting lock up storage units is popular in my area.

tectonicplates · 31/03/2019 22:14

Is it in an area where people would go on holiday? Is there a demand for holiday cottages in your area? Have you checked out the competition?

Troels · 31/03/2019 22:17

You'll have the use of them or they will belong to you? If another sibling is running the farm can they take them over?
If you don't own them and put lots of money into renovations/improvement what happens as you don't own them?

Cherrysoup · 31/03/2019 22:48

If it’s touristy, then holiday cottages are the most profitable, probably. Renting out buildings for businesses is shit income comparatively. If you can afford to make it luxury cottages, very high end, then you will maximise profit.

onedayallthiswillbeyours · 31/03/2019 22:53

Storage units or secure caravan storage seem to be popular farm side-businesses round here.

parietal · 31/03/2019 22:54

glamping? together with fruit trees / nut trees that can give a crop but don't need too much attention.

SeventhWave · 31/03/2019 22:58

I'd start a plant nursery I think, with a holiday cottage or two on the side.

Original poster
Lemontwist · 31/03/2019 23:00

Thanks everyone.
To answer some questions, yes we would be given ownership. It is a rural area, a couple of miles from the nearest village with 3 towns all in a 10-15 mile radius. All quite touristy.

OP posts:
PersonaNonGarter · 31/03/2019 23:03

You sound like you know the potential pitfalls but if the ownership of the buildings is not coming to you then do not do this. Don’t.

Unless you sell on, it is very hard to make money from a building requiring refurbishment - and the costs of running the business disproportionately go into the fabric of the building.

Al2O3 · 31/03/2019 23:17

Without knowing exactly what buildings, what the area is like eg touristy or green belt, how much money is involved, what your risk profiles are how can we possibly give sensible commentary.

Palominoo · 31/03/2019 23:21

Glamping pods?

Example

www.campsites.co.uk/search/camping-pods-in-wales/carmarthenshire/llanelli

HennyPennyHorror · 01/04/2019 03:18

I live in a chichi area in rural Australia. We're only 45 mins from the CBD but you wouldn't know it. Rolling hills, farms, farmers markets and beautiful restaurants and cafes plus B&Bs/

The people doing the best are doing things like roasting their own coffee, growing herbs and veg for use in local restaurants and making tea blends or trendy juice drinks.

brizzlemint · 01/04/2019 03:24

I'd go for the glamping option as well, maybe a shepherd hut or two and great facilities like a pizza oven and bbq plus a farm shop.

3luckystars · 01/04/2019 03:53

This might be a totally stupid idea but there is 2 places I can think of, they are called a craft centre. They are several little buildings for artists. One is a pottery studio, one is a framers, there is a florist, a children's clothes shop and a goldsmith, a restaurant all together and they also rent spaces to artists.
There is also a similar place near it that do classes and pottery parties for children and they are doing very well. They rent space to painters too and it's all very peaceful.
I'm not saying to take up pottery/art, but it would mean that you just gather the people and take rent, your job would be marketing the place to the tourists (and having a space to persue your own business in amongst the others, if there is anything you have always wanted to do.)
There might also be grants available for an art business.

Best wishes, I hope it all goes well whatever you decide.

TheGirlWithGlassFeet · 01/04/2019 04:06

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:06

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

HennyPennyHorror · 01/04/2019 04:06

Stars idea is good....there's a place near us like that. They split up an old wine storage building and made it into artists' studios and a gallery. They run classes etc. It doesn't make a lot of money though and they had to seek funding from the local council.

It is an important local resource though. It is a full-time job for the owner...marketing and management take a lot of work. She is there daily in the shop.

TheGirlWithGlassFeet · 01/04/2019 04:06

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:07

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:07

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:07

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:08

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:08

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.

TheGirlWithGlassFeet · 01/04/2019 04:08

Holiday club/forest school type thing? Don't know anything about the financial side of things just an idea.

Definitely ask your parents to see a solicitor beforehand for some tax advice as it may mean that agricultural property relief is lost. There will be options around this but it need sorting.