When done well, a legacy development approach has the potential to create a valuable asset whilst also adding considerable value to a community.
In our last Rural Outlook, we set out our approach to advising rural landowners on the planning process and how to select the right developer/promotion partner. With the right partner and clear design objectives, it is possible to turn a landowner vision into a viable and deliverable development, both in the short and longer term, to benefit the next generation whilst delivering a development a local community would be proud of. A legacy of which to be proud.
This emerging approach can improve the quality of life in your community. By creating green spaces and conserving natural resources, you’ll be helping to create a more sustainable community. Not only will this make your community a better place to live, but it could also make it more attractive to future home buyers or renters.
The creation of green spaces, parks, and other natural areas is also moving up homeowners’ wish lists. These types of spaces not only provide valuable habitat for wildlife, but also recreational and educational opportunities for the community. As a landowner, you might work with your community to transform your property into a beautiful park or nature preserve. This can not only benefit the community, but it could also increase its value.
Realising this type of vision requires advice from rural, planning and development specialists. You’ll need tax and legal specialists early on in the process so you can ensure financial and legal implications are properly considered from the outset. At Bidwells we are launching a Landowner Led Legacy Development Initiative (LLLDI).
Last year we participated in a series of webinars with Farmers Weekly magazine during which we presented to hundreds of interested landowners. The subject is gaining wider interest as rural landowners look to diversify land portfolios. The development approach is becoming accessible to all landowners with a sliding scale as to what might be achievable, depending on individual circumstances.
Legacy Development benefits both the natural environment and the community and this impact can be large or small.
