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Retirement living & days out Bet the farm


If friends or family aren’t willing to take over your farm when you retire, Fred Redwood looks what you could do with land instead


I


t’s often said that farmers, like writers, never retire — they just stop working too hard. So how does a farmer make enough


money from his land to enjoy a comfortable retirement? Selling some of the land is an


option, and a good one according to estate agent Knight Frank’s Rural Report 2019, because demand for farmland in the south west is strong, thanks to ‘amenity and lifestyle buyers’. Consequently, prices are holding up well. Many farmers prefer to receive a


steady income from letting out fi elds. “Traditionally, small parcels of land might be rented to a local farmer or horse owner to use for grazing,” says Jessica Waddington, senior director with estate agents Strutt & Parker. “However, this is a low risk option that will generate only a small


Diversifi cation opens up a multitude of possibilities. Fields could be let for weddings, festivals, gymkhanas or shows


amount of income. Many prefer to diversify and set up a side business, which is higher risk but off ers the chance to make more profi t.” Diversifi cation opens up a


multitude of possibilities. Fields could be let for weddings, festivals, gymkhanas or shows. Glamping is all the rage now, as are solar or community energy projects. For those who enjoy interaction with the public, planting an orchard and selling fruit as ‘pick your own’ may be satisfying. Changes in legislation off er


yet more options. Many farmers may prefer to give some of their land back to nature to provide a habitat for wildlife. Natural England off ers funding through the Countryside Stewardship Scheme for environmental improvements, though money isn’t guaranteed. Some more entrepreneurial


Chapel Meadow


farmers may even try their hand as property developers. Since April 2018, the government has amended Class Q of the General Permitted Development Order (2015) to allow the conversion of agricultural buildings into residential dwellings. T at means that run-down old outbuildings can be turned into up to fi ve houses, providing they aren’t in a protected landscape, such as a National Park. T e profi t-making


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Chapel Meadow


potential is obvious. Alternatively, it could be a way of living nearby while passing on the farm and farmhouse to a younger generation. So how does the farmer choose which is the best way to fund his retirement? “Find an expert who knows the area and the market to carry out a


feasibility study,” says Ian McKenzie, agribusiness adviser for chartered surveyors, Fisher German. “Holiday cottages may be an excellent idea in one village whereas fi ve miles away you’ll get no bookings. Only when you have the facts and fi gures in front of you should you make your decision.”


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6 OCTOBER 2019 • SOUTH WEST LIVING


Chapel Meadow CALLINGTON | CORNWALL Seventeen 3-bed


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Bradleys Estate Agents - Callington Office Tel: 01579 382999


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