Tom Hudson, Middleton co-founder, describes a new trend in the country estate sector.
“More buyers are looking at UK country estates through a commercial, rather than residential, lens. Babington House in Somerset – a private Georgian manor until Soho House converted it in 1998 – was probably the original example, and it’s a good model for what’s happening now.”
A slow-burn trend.
“It’s been a slow-burn trend – but the increased cost of owning, restoring and running an estate along with the erosion of tax advantages has given it real impetus. At the same time, the desire to own a classic British manor is as strong as ever and, with the influx of US buyers, there is more competition than ever.”
“A parallel trend is for like-minded buyers to group together to share an estate as a private residence/club. Others simply ‘sweat’ their asset via wellness retreats and similar ventures.”
Move fast. Mend things.
“The likes of Babington, Estelle Manor, Aynhoe Park, Avington Estate and Freelands Hampshire don’t come to the market often – and even when they do, you could be competing with a residential buyer, making a heart over head decision.”
“They will move quickly, whereas if you’re assessing an estate for commercial development, your due diligence will be of an entirely different order.”
“Ideally, offer on this type of property before it comes to the open market, giving you some breathing space to front-load your business planning and due diligence.”
“Start building relationships with the people you’ll need – a planning consultant, a conservation architect, an operator. Our ‘Little Pink Book’ is a good starting point.”