Lot: Pittodrie Estate, Chapel Of Garioch, Inverurie, Aberdeenshire, AB51

Introduction

Pittodrie Estate is a mixed-use rural estate incorporating a diverse range of commercial, residential, agricultural, forestry, natural capital and recreational assets. There is significant potential for further commercial and residential
development of derelict properties on the estate, as well as woodland creation and carbon sequestration.

Lot 2 ? Bedehouse and East Bennachie Forest (about 931 acres)

On the slopes of Bennachie and incorporating the fort located at the peak of Mither Tap, this lot comprises of a large block of productive conifer woodland and open hill dominated by heather.

Land:
The land is a mixture of hill and forestry, extending to approximately 931 acres (377 hectares) in total. It can be analysed as follows:

285 acres Hill
646 acres Woodland
931 ACRES TOTAL

The land rises steeply in a southwesterly
direction, lying between 210 metres and 518 metres above sea level. It is classed as grades
4, 5 and 6 by the James Hutton Institute. The hill is capable of use as improved grassland and
rough grazings. In terms of forestry potential, the land is classed as F5, F6 and F7. At its highest, it is
unsuitable for planting and the remainder has limited suitability.

Existing Woodland and Forestry

A prominent feature of the landscape on the lower slopes of Bennachie is the extensive and
productive coniferous woodland, which reaches about 380 metres above sea level, wrapping around Mither Tap to the northeast, and creates a picturesque outlook from Pittodrie House and the
surrounding area.

The woodlands extend to some 646 acres (261 hectares) in total and provide an excellent variety
of high yielding conifer crops and assortment of attractive broadleaves.

The main species are Scots pine, Sitka, Norway spruce and larch, generally planted in single species blocks, of varying age classes.
The table withim the sales brochure summarises the current crop structure.

The majority of the Sitka was planted in 1980 and is exhibiting excellent growth rates throughout,
providing a purchaser with a high volume of maturing timber with opportunity to benefit from
immediate tax free timber income. The earliest planting of the Scots pine and mixed conifers dates back to 1930 and 1950 respectively with growth rates variable in correlation to elevation. It is anticipated that the amount of Sitka spruce could be increased following felling.

A Long Term Forest Plan (LTFP) has been approved by Scottish Forestry with phased felling and replanting of the current crop planned to
start immediately, including approximately 56 acres (23 hectares) of bare land awaiting replanting, which was felled in 2019. The first
and second phase is scheduled to start over the next 5 years and includes felling of the mature Sitka and Norway spruce crop.

The forest has suffered from some storm damage caused by Storm Arwen, and subsequent storms,
which has not been cleared. It is estimated that approximately 20 hectares of timber has been affected.

An amendment to the Long Term Forest Plan has been approved by Scottish Forestry to allow the
clearance of the windblown trees in 2022. A copy of the full LTFP and Arwen amendments can be provided upon request from the selling agent.

Access for timber haulage has previously been taken via the rear drive of the estate. A timber transfer point was recently created to the east of Lot 2, south of Kennels Cottage. There is a further potential route for timber extraction from the north via the track from the end of the public road at Rowantree car park, which would require
upgrading. A third party right of access from the south via Braeside exists; however, this does not
lend itself to timber haulage but is suitable for management purposes.

The public road from the A96 to Chapel of Garioch, and then onto the Bennachie Centre, is an
?Agreed Route? on the Timber Transport Forum Agreed Route Map. The section beyond this
junction is not classified on the map but is treated as a ?Consultation Route? and has been used for timber haulage previously.

Sporting, Woodland Creation and Amenity

As a whole, the topography of the estate, with its undulating nature, mixture of high and low land, and woodland blocks is well suited for the
establishment of a driven pheasant and partridge shoot, as well as walked-up days and rough shooting.

Bedehouse and East Bennachie Forest with its coniferous woodlands and open heather hill also provide opportunities for roe deer stalking.

The estate and Bennachie in particular are extremely popular with dog walkers, trail runners, cyclists and horse riders. There are two marked
trails crossing the estate: Mither Tap Causeway and the Turnpike Trail, and a number of unmarked paths and trails which criss-cross throughout the estate and woodland, allow easy access to nature for those who love the great outdoors.

Woodland Creation and Carbon

The forestry and land across the estate offer extensive opportunities for habitat restoration, biodiversity enhancement and carbon
sequestration, either through restructuring of the existing productive forest or new woodland creation.

John Clegg & Co carried out a Carbon Sequestration and Woodland Management Appraisal in October 2021 on behalf of the
current owners. It concluded that approximately 98 acres (40 hectares) of hill ground may have
afforestation potential that could sequester up to 16,000 tonnes of carbon dioxide.

Should woodland creation meet the requirements of the Woodland Carbon Code, the sale of Woodland Carbon Units could provide
significant additional revenue, or opportunities for emmission offsetting purposes.

Listings and Environmental Designations

According to Historic Environment Scotland, the following designations exist on the estate:

? A large pre-historic fort at the summit named Mither Tap is a Scheduled Monument (Lot 2).

? Maiden Castle - a prehistoric fort ? is a Scheduled Monument (Lot 2).

According to Nature Scot, the following designated feature exists on Pittodrie Estate:

? Pittodrie Site of Special Scientific Interest (SSSI) (Lot 2). The site measures 0.4 acre (0.16 ha) and is important for deeply weathered bedrock.

Timber, Sporting and Minerals

All standing and fallen timber, the sporting and the mineral rights are included in the sale insofar as they are owned.

Rights of Access and Title

The property will be sold with the benefit of, and subject to, all existing rights and burdens within
the title.

In the event of the sale of the estate in lots, interested parties should note that the sellers will reserve required rights of access across Lot 1 for the purchaser of Lot 2.

In terms of pedestrian access, there are Core Paths to Bennachie forming part of Lot 2.

Prospective purchasers should be aware, however, that there is a right of responsible access to the Scottish countryside (subject to various
exemptions) in favour of the public throughout Scotland.

The owner of Dower House benefits from a right of access over part of the access route.

A water supply is located within the south east section of the forest. A right of access will be reserved by the purchaser of Lot 1 for all
management and maintenance purposes.

Situation

Located within the Don Valley between the River Don and River Urie, Pittodrie Estate enjoys a
remarkable setting on the eastern edge and foot of Bennachie hill range. Bennachie (meaning ?home?) is a prominent feature of Aberdeenshire?s skyline. It has nine summits, of which Mither Tap is the
most iconic, and is where the estate peaks at 1,699 feet (518 metres) above sea level.

At the base of the hill, the topography and surrounding landscape is contrastingly flat and it is here that the residential assets are located; sheltered and taking in the views of the dramatic landmark above.

Chapel of Garioch, the closest village, is one mile distant and provides primary schooling. Approximately six miles southeast of Pittodrie Estate is the affluent town of Inverurie, known locally as the Capital of Garioch. The market
town provides a wealth of services including secondary schooling, health services, banking, shops, restaurants and bars.

Agriculture is a key industry in the area and the livestock market at Aberdeen and Northern Mart?s
Thainstone Centre is located on the outskirts of the town. In addition, Inverurie hosts a monthly farmers market in the town centre. The other dominant industry is oil, with Aberdeen (the oil capital of Europe) a short drive south on the A96.
Inverurie train station runs services north to Inverness and south to Aberdeen and beyond. The
closest airport with domestic and international flights is Aberdeen International Airport, 17 miles
southeast of the estate.

Comprehensive services are available in the city of Aberdeen, which provides a range of administrative, retail, recreational, educational and cultural facilities. Private education in Aberdeen
includes Albyn School, Robert Gordon?s College and St Margaret?s School for Girls. In addition, the
well-known Gordonstoun School near Elgin is 50 miles to the north.

Aberdeenshire offers an abundance of activities, including fishing, sporting, whisky tasting, golf, winter sports, walking, climbing and cycling. The River Don is one of Britain?s best regarded wild brown trout fisheries alongside a well-established
reputation as a productive salmon and sea trout
river. The River Dee is one of Scotland?s big four salmon rivers with picturesque and productive
fishing for salmon and sea trout.

There are a number of renowned golf courses on the North Sea coast at Royal Aberdeen, Cruden Bay and the Trump International Golf Links. More locally, there are enjoyable 18-hole parkland courses, the closest being Inverurie Golf Club.

Aberdeenshire and Moray are well known for the production of whisky ? and malt whisky in particular. The Malt Whisky Trail is a collaboration
of distilleries offering enthusiasts the opportunity to visit nine local distilleries in order to meet those who play key roles in this multinational industry. It is popular with tourists and adds significantly to the variety of activities available within striking range of the estate. For historians and admirers of
architecture, Aberdeenshire is also home to 260 castles, stately homes and ruins. With more castles per acre in the county than anywhere else in the UK, a route known as Scotland?s Castle Trail covers 311 miles, highlighting 19 of the best examples.