ABSTRACT
It is common practice for enterprises of all types to submit for external scrutiny an account of the resources they utilize. Land and buildings are normally presented as assets. Indeed, the value of property may account for a substantial proportion of the ‘book’ value of an enterprise. Sometimes, however, managers consider land and buildings to be a liability: ostensibly, they make no direct contribution to the production of goods or services, yet give rise to fixed costs in the form of a rent charge, rates, repair and maintenance, insurance and management. At the other extreme, managers involved in the production of primary commodities, notably, agricultural produce, timber and minerals, consider land to be their primary asset. Land used for recreation seldom has a tangible product such as timber in the case of woodland: it gives rise to a service commodity. The features of the site manifestly contribute directly to the attraction and, therefore, to the continuing success of the venture. The site is in every respect an asset and must be managed accordingly.
