A County Durham farm is set to be converted into a “best practice” forest following a deal aided by a finance package from Virgin Money.
Virgin Money has helped Herefordshire based forestry enterprise and woodland consultancy Pryor & Rickett Silviculture to buy Edder Acres, a 180-acre green-belt farm near Shotton Colliery. The farm had been on the market with an £850,000 price tag with Young RPS, together with a three-bedroom farmhouse and 12 outbuildings.
The progressive woodland and forestry business wanted to utilise their skills to plant a forest for themselves, saying forestry represents a unique asset class, yielding high returns in a tax-free environment. With annualised returns of 15% over the past five years, it ranks as one of the best performing assets available in the UK.
