A Norfolk estate is planning to start "farming for the environment" rather than growing food - funded by a new system of biodiversity payments from developers.
The Langley Abbey Estate, near Loddon, aims to create 600 acres of "nationally significant landscape recovery and habitat creation" alongside the River Yare.
Starting this autumn, 500 acres of arable fields will be taken out of food production and converted into wildlife-rich habitats including hay meadows, traditional orchards, ponds and scrub, connected by a network of hedgerows and watercourses.
Meanwhile, 100 acres of existing peat marshes, wet woodland and reedbeds will be further enhanced for nature.
The Langley Abbey Environment Project (LAEP) aims to fund much of this work by selling credits to housebuilders and developers under new Biodiversity Net Gain (BNG) rules which became mandatory this week.
The estate has been owned since 2001 by Chris and Rebecca Townsend, who continued arable production as well as starting government-funded stewardship schemes, which introduced them to the potential environmental and wildlife gains on the land.
But Mr Townsend said the risks and variables associated with "traditional farming" - including volatile weather, costs and commodity markets - prompted the radical change of approach.
"Traditional farming is a risky business," he said. "I don't sleep well with a lot of risk.
"At 600 acres, even with the best land in the world, you haven't really got sufficient [to be profitable].
"So I think what we are doing here is enabling us to sell our environmental uplift to others that need it because they may be building houses that the country needs, and we've got a more risk-free income stream.
"With the monetisation of environmental benefits coming about through the BNG scheme we have looked at turning all of the farm over to a nature-recovering habitat bank, which allows us to stop traditional farming - what we are doing now is farming for the environment, not for food."
The project is expected to boost numbers of pollinating insects, moths and butterflies, small mammals and birds of prey - and the first phase alone is expected to benefit 12 species of bat.
Mr Townsend said the benefits to landowners included managing nature as a single "specialised crop", under a 30-year deal, paid up front, without being at the mercy of the weather or commodity markets.
Mrs Townsend added: "It has to fit with your conscience as well. We could get planning for housing, but we don't want to do that. We are country people at the end of the day.
"We do see a lot of new housing, but there needs to be a good balance."
Under BNG, developers are required to replace habitats and biodiversity lost during building projects - plus a net gain of at least 10pc - either by ringfencing wildlife areas on site, or by paying nearby landowners to create equivalent BNG units for them. If neither option is possible, they can buy statutory credits from the government at a much higher cost.
LAEP project lead Henry Parkinson, a former planning lawyer, believes specialist off-site BNG provision is the best option.
He said: "I think it is far preferable, because you can aggregate funds and land, and deliver it in a strategic location, so the biodiversity benefits are far more tangible and meaningful than smaller - although very well-intentioned - piecemeal, isolated pockets that are hampered by where they are located and what they are located next to, which is often residential development, without the skillset of being able to manage and maintain that."
The LAEP's location gives it the potential to link up with many designated wildlife sites alongside the River Yare - including 10 Sites of Special Scientific Interest (SSSI) within 5km.
The first phase of the project will see about 75 acres of arable land planted with wildflower seed and half a kilometre of hedgerows this autumn. Depending on demand for BNG units, it is hoped all 500 arable acres will be converted within the next 12-18 months.
"By delivering an uplift in biodiversity and habitat, you are improving the state of affairs for all kinds of pollinating insects and mammals and invertebrates that feed into the ecosystem in which the crops grow," said Mr Parkinson.
"It is actually very complementary, and we are fortunate with our location as we are close to a real abundance of wildlife.
"So in terms of the cessation of farming, no two sites are identical, and actually this is a good one on which to focus conservation efforts rather than cropping."
The project is expected to bring the added benefits of helping protect the site's many historical earthworks and monuments, while hay cut from the new flower meadows could be sold as organic, environmentally-friendly horse feed through Mr Townsend's Feedmark business.
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