Racing Stables / Racing Yards are a Group co-ordination class and, as such, responsibility for ensuring that the appropriate co-ordination takes place lies with individual Groups. As the useful rental evidence for this class is variable, it is important that Groups co-ordinate across boundaries, using fully the procedures described in RM Vol. 2: Section 1 and Practice Note 1 - Revaluation 2010.
The Special Category Code 229 should be used. As a Group Class the appropriate suffix letter is (G).
The purpose of this Practice Note is to set out costing information and other valuation material appropriate for this class of property in respect of the R2010Revaluation. This PN should be read in conjunction with the main Section.
Some limited discussions took place with the National Trainers Federation and their property adviser, W H (“Bill”) Simpson of the Tyto Consultancy, prior to the publication of the R2010 rating lists. However they did not progress to much more than an exchange of views and information.
Based on the experience of previous revaluations, it is possible that Messrs Marriotts, Chartered Surveyors, of Faringdon, Oxfordshire, are also likely to be instructed by a large number of trainers.
The basis unit for the valuation of racing yards is the price per box [£/box]. This box price will include associated tack rooms; feed rooms; hay barns; a small office used by the trainer and workshops or garaging used for horse transport or maintaining the yard and its facilities.
The box price does not include offices other than that used solely by the trainer; hospitality suites or other accommodation used by visiting owners and others; veterinary facilities; farrier’s facilities; locker or mess rooms; indoor or outdoor schooling facilities; swimming pools; horse walkers and gallops. These should be treated as ancillaries and valued separately.
As these are included in the devaluation of passing rents, so should they be included in valuations. This is a reversal of the practice that has evolved by default over past Revaluations.
From limited information, the following costings have been derived:
1. Sand
2. Wood Chip
For these, pricing in the range £12,000 – 18,000 per furlong may be adopted for basic tracks using these two coverings. However, new developments in the use of these materials may well increase the pricing to the £24,000 - £30,000/furlong range.
3. Fibresand/Equitrack
4. Polytrack
Whilst these surfaces are superior to sand/woodchip, the costings evidence is variable. A recent contract at Middleton for the installation of a 5-furlong track (apparently to a normal width, with a base and topping courses, using an equitrack/ polytrack surface, comprising oiled chopped rubber fibres and other materials in a silica/Vaseline coating) was costed out at £12,000/furlong (or around £54 per linear yard or around £18/m2).
In contrast, other information suggests that by varying the specifications and quality of the top covering, the cost could rise to as much as £42/ m2 for the very best all weather gallop.
The concrete base should be costed at around £63/m2. For surrounding fencing, adopt £22-24/m for three-rail timber and £25-30/m for plastic rails and posts.
The electric motor and turning frame are not rateable.
For a circuit of 1 furlong [220 yards, or approximately 201m], 3-5m wide, with lighting and access gates:
Type 1 - circular, about 15m diameter and 3m depth with central island and ramped access, tiled sides to pool and painted base, non-slip rubberised surface to ramp slope and walls and dwarf walls at the sides of the ramp. With all necessary pumps, fill gear, filters, drainage sumps, safety rails and covers adopt £120,000 (plus fees at 10%), with a suitable location factor adjustment.
Type 2 - semi circular with ramps in and out, fully tiled walls and base [but otherwise as type 1] adopt £90,000 (plus fees at 10%), with a suitable location factor adjustment.
A further addition will be required if the pool has a permanent cover or is situated within a building or structure.
A tiled floor finish around the pool, in lieu of concrete, will add around £55/m2 to the costs of the flooring.
Solariums and heating/drying areas for the horses will need to be considered separately.
Advice on building costs can be obtained from John Gresham, the Building Surveyor in Cambridge.
Although any decision on valuation levels must be decided on local evidence, the following background snippets of information may be helpful:
For devaluation of rental evidence, in addition to the notes contained in paragraph 3 [above] and remembering the maxim “as you devalue, so you value”, the following guidelines should be adopted: