What are the Welsh Government's medium to long term goals for Gileston Farm near Talybont-on-Usk?
The Welsh Government purchased the property to support the growth ambitions of the Green Man festival and the potential additional positive contribution of the festival to local businesses, the community and the Welsh economy.
The medium to long-term goals for Gilestone Farm will be determined once we have reviewed the business plan to be submitted to the Welsh Government by Plant Pot Limited (Green Man) by June 2022.
The purchase price was £4.25m (no VAT to be charged). This is below the market value independently certified by our consultant surveyors. The future letting of the property will be subject to standard business plan and due diligence exercises.
The existing short-term lease was part of the overall commercial transaction agreed. Any future letting of the property will be subject to standard business plan and due diligence exercises together with market value considerations.
The previous owners have leased back the property from the Welsh Government until the end of October 2023 at a peppercorn rent to maintain and manage the property, harvest existing crops and honour existing bookings. The peppercorn rent has been independently certified as reflecting value for money in these circumstances.