23 July 2016 – by Sheka Vyas Three senior members of Land Securities’ London portfolio team are leaving the company. Head of investment Tom Elliott, West End portfolio director Ben Ridgwell and head of development management Oliver Gardiner are joining other firms. Elliott leaves LandSec after more than 11
Sales of existing homes in the United States bounced back in March with big gains in the Northeast and Midwest, according to the latest index data to be published. Total existing sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, increased by 5.1% to
Equity release provider Pure Retirement, the fastest growing company in Yorkshire, will be taking 12,575 sq ft of office space in Paradigm at Thorpe Park Leeds, a regeneration scheme that is being developed by partners Scarborough International Properties and Legal & General. It has agreed on a 10-year lease to
The first students to graduate from PlanBEE scheme, an innovative training programme designed to tackle construction skills shortage, have all secured full-time positions in the industry. They received offers from some of the sector’s leading companies, such as Bowmer & Kirkland, 3E Consulting, Sir Robert McAlpine, Ryder Architecture, Patrick Parsons,
As domestic boilers are a fundamental part of homes across the UK, manufacturer of domestic gas boilers Ravenheat is encouraging customers to take care of their boilers by ensuring they have an annual service to extend the operational life; therefore saving homeowners money. The company has even offered a few
An annual average of £16,000 is being lost by each subcontractor as a result of bad debts and collectively they are forced to write off £2.8 billion each year. Research by Bibby Financial Services (BFS) found that three fifths of subcontractors have written off sums over the past year. Moreover,
A new study commissioned by Foxtons estate agent has revealed that after viewing a property online, it takes home hunters an average of just eight minutes to decide whether to physically view the home[1]. As first impressions are important to purchasers, the interior design within the show home is a
When an innovative new access solution was required for a major office accommodation development in Cambridge, construction access specialists SGB was quick to answer the call and provide a solution which combined mastclimber units with a special monorail system. The resulting access solution provided maximum flexibility for the site construction
BDC 319 : Aug 2024
23 July 2016 – by Sheka Vyas Three senior members of Land Securities’ London portfolio team are leaving the company. Head of investment Tom Elliott, West End portfolio director Ben Ridgwell and head of development management Oliver Gardiner are joining other firms. Elliott leaves LandSec after more than 11 years, first overseeing the City portfolio and then investment for all of London. He is joining McKay Securities as head of property and will oversee the investment, asset management and development of the McKay portfolio in London and the South East. Elliott succeeds Steven Mew, who is joining Great Portland Estates. All the content from this weekís magazine, including this article, is available in the new app. Ridgwell will become head of asset management and property development at Derwent London after six years at LandSec. He said the move was not driven by a change in strategy at LandSec, adding that he had been offered a “fantastic opportunity” at Derwent. Gardiner was unavailable for comment on his exit from the firm. It is understood that LandSec intends to replace those leaving. Source link
Sales of existing homes in the United States bounced back in March with big gains in the Northeast and Midwest, according to the latest index data to be published. Total existing sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, increased by 5.1% to a seasonally adjusted annual rate of 5.33 million in March from a downwardly revised 5.07 million in February. The data from the National Association of Realtors also shows that overall sales rose in all four major regions last month and were up 1.5% compared with March 2015. Lawrence Yun, NAR chief economist said the rebound was welcome after an uncharacteristically large decline in February. ‘Closings came back in force last month as a greater number of buyers, mostly in the Northeast and Midwest, overcame depressed inventory levels and steady price growth to close on a home,’ he explained. ‘Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures,’ he added. The index also shows that the median existing home price for all housing types in March was $222,700, up 5.7% from March 2015 when it was $210,700. March’s price increase marks the 49th consecutive month of year on year gains. Total housing inventory at the end of March increased 5.9% to 1.98 million existing homes available for sale, but is still 1.5% lower than a year ago when it was 2.01 million. Unsold inventory is at a 4.5 month supply at the current sales pace, up from 4.4 months in February. ‘The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly,’ said Yun. ‘Additionally, a segment of would be buyers at the upper end of the market appear to have been spooked by January’s stock market correction,’ he explained. Matching the lowest share since August 2015, properties typically stayed on the market for 47 days in March, a decrease from 59 days in February and below the 52 days in March 2015. Short sales were on the market the longest at a median of 120 days in March, while foreclosures sold in 50 days and non-distressed homes took 46 days. Some 42% of homes sold in March were on the market for less than a month, the highest since July 2015 when it was 43%. The data also shows that the share of first time buyers was 30% in March, unchanged both from February and a year ago. First time buyers in all of 2015 also represented an average of 30%. ‘With rents steadily rising and average fixed rates well below 4%, qualified first time buyers should be more active participants than what they are right now. Unfortunately, the same underlying deterrents impacting their ability to buy haven’t subsided so far in 2016. Affordability and the low availability of starter homes is still a major barrier for them in most markets,’ Yun pointed out. All-cash sales were 25% of transactions in March, unchanged from February, and are up from 24 percent a year ago. Individual investors, who account for many cash sales, purchased 14% of homes in March, down from 18% in February and unchanged from a year ago while 66% of investors paid cash in March. Distressed sales, that is foreclosures and short sales, fell to 8% in March, down from 10% both last month and a year ago. Some 7% of March sales were foreclosures and 1% were short sales. Foreclosures sold for an average discount of 16% below market value in March compared with 17% in February, while short sales were discounted 10% compared to 16% in February. Single family home sales increased 5.5% to a seasonally adjusted annual rate of 4.76 million in March from 4.51 million in February and are now 2.6% higher than the 4.64 million pace a year ago. The median existing single family home price was $224,300 in March, up 5.8% from March 2015. Existing condominium and co-op sales rose 1.8% to a seasonally adjusted annual rate of 570,000 units in March from 560,000 in February but are still 6.6% below March 2015. The median existing condo price was $209,600 in March, 4.6% above a year ago. A regional breakdown of the figures shows that March existing home sales in the Northeast increased 11.1% and are now 7.7% above a year ago. The median price in the Northeast was $254,100, which is 5.8% above March 2015. In the Midwest, existing home sales were up 9.8% and are now 0.8% above March 2015. The median price in the Midwest was $174,800, up 7% from a year ago. Existing home sales in the South rose 2.7% to an annual rate of 2.25 million in March and are 2.3% above March 2015. The median price in the South was $194,400, up 4.6% from a year ago. Existing home sales in the West rose by 1.8% but are 2.5% lower than a year ago. The median price in the West was $320,800, which is 5.9% above March 2015. BOOKMARK THIS PAGE (What is this?) Source link
Equity release provider Pure Retirement, the fastest growing company in Yorkshire, will be taking 12,575 sq ft of office space in Paradigm at Thorpe Park Leeds, a regeneration scheme that is being developed by partners Scarborough International Properties and Legal & General. It has agreed on a 10-year lease to occupy the top two floors of the building. “Pure Retirement continues to enjoy major growth targeting a quarter of the UK market share in 2019 with £1bn in lending. During the last five years we have quadrupled in size to £21m in turnover with a team soon to total 91. We are forecasting similar growth over the next three years to become one of the UK’s top providers,” said Paul Carter, CEO at Pure Retirement. “To achieve this, we require suitably prestigious headquarters and Paradigm at Thorpe Park Leeds perfectly matches our aspirations. Despite some pressure to relocate to the city centre, we felt that Thorpe Park Leeds delivers the best in terms of accessibility whilst also offering the quality of office space usually restricted to prime plots in the city,” he added. Thorpe Park Leeds is located off junction 46 of the M1 motorway and it consists of 800,000 sq ft of development built and occupied to date. Over 60 blue chip businesses occupy space at Thorpe Park, employing around 4,500 people. “It is good to see that the business, like many before it, has chosen to remain at Thorpe Park Leeds which is testament to the quality of space, environment and business support on offer,” commented on the news Paul Holcroft, head of commercial leasing at Scarborough International Properties. Following a £162 million investment deal with Legal & General Capital, Scarborough International Properties and Legal & General are progressing a transformational 1.35 million sq ft mixed-use expansion at Thorpe Park. Phase two is currently underway and it includes a new 350,000 sq ft retail and leisure park due for completion this autumn. The plan also includes a further 900,000 sq ft of Grade A office accommodation, 300 new residential homes by Redrow and a 113-acre public park with sports facilities.
The first students to graduate from PlanBEE scheme, an innovative training programme designed to tackle construction skills shortage, have all secured full-time positions in the industry. They received offers from some of the sector’s leading companies, such as Bowmer & Kirkland, 3E Consulting, Sir Robert McAlpine, Ryder Architecture, Patrick Parsons, Tolent and Brims and will be employed in various roles, including surveying, civil engineering, design, and project management. Launched in September 2016, PlanBEE is an alliance between Gateshead College, Ryder Architects and a network of architects, designers, contractors and engineering specialists. Together they developed a unique, flexible training programme designed to attract and retain the brightest new talent in the region, plug skills gaps, and create a more flexible workforce capable of working across various disciplines in the construction and built environment sectors. The first group to have ever enrolled onto the programme has just completed it and a second group of students embarked on it last September. The plan is to enrol a new group every year so that construction firms can continually recruit people equipped with the skills they need. “I always wanted to go into construction but I didn’t want to specialise in any particular discipline. That’s why PlanBEE was so appealing; it allowed me to learn about several different elements of the industry,” said Madeleine Lees from Teeside, who landed her dream job as an assistant structural engineer at full-service consultancy Patrick Parsons. “While on the programme I completed work placements at 3D Consulting, Ryder and Tolent – a consultancy, an architect and a civil engineering specialist – so I got to work on all sorts of projects. This is really important because in my new role at Patrick Parsons many projects cover more than one discipline.” Rather than following a traditional training model where students complete their qualifications while working in one company, PlanBEE gives trainees the chance to work across several companies and therefore gain a more rounded understanding of the built environment industry. “It’s well known that the sector has suffered from serious long-term skills shortages. This makes it even more important that companies have access to a skilled pool of talent that enables them to become more productive and competitive, both now and in the long run,” said Chris Toon, deputy principal at Gateshead College. A report by the Construction Skills Network said an extra 179,000 UK construction jobs will need to be filled from 2017-2021 to meet rapid growth in demand for infrastructure and housebuilding across the country.
As domestic boilers are a fundamental part of homes across the UK, manufacturer of domestic gas boilers Ravenheat is encouraging customers to take care of their boilers by ensuring they have an annual service to extend the operational life; therefore saving homeowners money. The company has even offered a few suggestions on the topic of servicing and boiler health. Explain the benefits of servicing One of the easiest ways to talk to your customers about why they should get their boiler serviced, as well as what they should do with it during summer, is to discuss it when you are there for other work. Whether you are reminding them to get their boiler serviced annually before you leave or just having a chat over a cup of tea, make sure you break down the reasons why it is good for them. Of course, that includes lower chances of breakdowns in the winter and a longer serviceable life. Leave a card Put the stack of business cards you have to good use and write down the date of a recommended service on the back. That way, the customer has your details and can call you when the date comes around. Alternatively, service reminder stickers on the boiler itself with your contact information on them are another good option. Use social media to let them know Social media is a valuable tool to promote your business and services, but it is also a great way to share your knowledge with your customers. Ravenheat use their own social media to share tips with homeowners, like how to defrost their condensate during the winter, which prove to be very popular. A Facebook business page is ideal for sharing advice on why and how often customers should get their boilers serviced and also to recommend they turn on their boiler at least once a month to keep everything in working order. Let them know about manufacturer FAQs Like many companies, Ravenheat has a list of frequently asked questions for both installers and homeowners on its website, including advice on why annual servicing is important and how to organise a service. If homeowners are looking for manufacturer advice on what to do, refer them to the FAQs. Over the summer, Ravenheat will be using its own social media channels to share tips and information on the importance of services and boiler health. Engineers are welcome to share their posts to help raise awareness among homeowners.
An annual average of £16,000 is being lost by each subcontractor as a result of bad debts and collectively they are forced to write off £2.8 billion each year. Research by Bibby Financial Services (BFS) found that three fifths of subcontractors have written off sums over the past year. Moreover, findings from the Subcontracting Growth 2018 survey found that the average firm waves goodbye to £16,149 worth of bad debt each year. Undertaken following the collapse of Carillion, the study found that almost a fifth of subcontractors (17%) said the most common reason for not receiving the full amount billed was due to a customer going out of business. A change in the scope of work part way through a project (8%), queries over the quality of work (6%) and disputes over contracts (6%) were also among the top reasons firms would lose money. “Bad debt is a serious issue for many construction businesses and, across the entire sector, more than £2.8bn is written-off each year, representing a significant economic leakage,” said Kash Ahmad, specialist finance director at BFS. “Bad debt occurs due to insolvency in the supply chain, protracted default or dispute and the issue is particularly challenging for smaller firms that have already footed the bill for raw material and labour costs. This places a massive strain on these businesses, sometimes even causing viable firms to fold. For many, bad debt is the hidden cost of doing business,” he continued. Helen Wheeler, managing director for Construction Finance at BFS also added: “Making full and correct payment in accordance with contracts is a fundamental pillar of the Government’s Construction Supply Chain Payment Charter, but it is clear that this simply isn’t happening. Unless something more tangible is done, the growth of tens of thousands of small construction firms will continue to be stifled.”
A new study commissioned by Foxtons estate agent has revealed that after viewing a property online, it takes home hunters an average of just eight minutes to decide whether to physically view the home[1]. As first impressions are important to purchasers, the interior design within the show home is a crucial element to selling homes. However, what about the interiors and use of marketing suites? In the last 10 to 15 years, there has been a huge shift in the use of the marketing suite, with developers keen to add value to the customer experience. With 20 years’ experience, Suna Interior Design, a boutique design consultancy based in London, have witnessed first-hand this change – and have been instrumental in moving developers away from a portakabin to a fully immersive experience for potential buyers. Helen Fewster, Director at Suna Interior Design comments: “Fifteen years ago, most marketing suites were simply sales offices and were often in a cabin on site or in the dining room of the show home. The sales offices were generally designed to be functional, providing a practical space rather than considering the potential aesthetic impact. However, in recent years there has been fundamental changes to this and today we are seeing the residential property sector recognise that marketing suites are an important part of the customer journey. When a purchaser views a development, their experience in the marketing suite is often their first impression. This presents house builders with an opportunity to give the purchaser an insight into the aspirational lifestyle that comes with the homes they are selling and it is important to make this first impression count. We have seen lots of clients investing in state of the art, purpose-built marketing suites in order to deliver a bespoke customer experience.” “At Suna Interior Design some of the main questions we ask ourselves before we begin work is ‘who are our clients selling to?’, ‘what do they want their purchasers to see and feel’ and ‘how does that affect the customer journey?’ From high end luxury to modern urban locations, all our marketing suites combine the developments own unique brand, with the aspirations and unique requirements that reflect the local market. Meanwhile, we also ensure all functions are considered to make sure the end result is a practical working environment. For example, plan in enough storage space, plentiful desk areas with room to hide things away, meeting rooms or offices for private conversations, even down to the back of house considerations such as kitchens and WC facilities. Depending on the nature of the Marketing Suite this can all be achieved in an informal and relaxed environment, more akin to a nice café than a sales office or it could be more like the ambiance of a high-end hotel entrance and residents lounge.” For example, Helen continues: “We created a bespoke two-storey statement marketing suite at London Square’s The Star and Garter development on Richmond Hill, which was designed to reflect the luxury brand and lifestyle being offered to purchasers. Once completed the developer even used some areas of the marketing suite to hold events such as art gallery exhibitions, which encouraged potential purchasers to revisit the development. We even incorporated a champagne bar into the design which provided an impressive focal point and came in handy during these events!” Helen concludes: “Tech has certainly influenced marketing suites, rather than plans on walls which would you have seen 10 years ago, everything is interactive including models and fly through CGIs. In the future we expect to see this develop even further with virtual reality headsets in suites, so purchasers can enjoy a fully immersive experience.” For more information on the work of Suna Interior Design, please visit www.sunainteriordesign.com.
When an innovative new access solution was required for a major office accommodation development in Cambridge, construction access specialists SGB was quick to answer the call and provide a solution which combined mastclimber units with a special monorail system. The resulting access solution provided maximum flexibility for the site construction personnel, while helping reduce both costs and installation times. “The Station Road development comprises two 8-storey blocks which now offer luxury office accommodation,” explains SGB site manager, Mark Newton. “We were approached to become involved by façade installation specialists Dane Architectural. Their teams were going to be installing glass reinforced concrete columns and large areas of external glazing, and so would require an access solution that combined maximum flexibility with maximum safety.” Responding to the challenge, the SGB team worked closely with Dane Architectural to develop a bespoke solution that would satisfy Dane’s specific requirements. The result was a system based on a series of mastclimber base units surrounding each building, which were then connected together at the top to create a unique monorail system. This allowed the Dane teams to use hoists positioned on the working platforms to raise materials up. The individual platforms were then able to move horizontally along the monorail, thus providing the teams with far better access to the building’s facades than would have been the case with alternative solutions. “The flexibility and enhanced level of access made the installation process far easier and faster than it might otherwise have been,” adds Mark. “By providing simultaneous access to different parts of the buildings the system shortened the installation schedule and so helped reduce costs. Having hoists positioned on the platforms also meant that façade materials could be lifted into position without needing to tie up any the main site cranes.” “The SGB solution proved to be both innovative and very effective,” adds Gary Redhead of Dane Architectural. “One of the main attractions was that it offered access to multiple areas of the facades at the same time. That degree of access speeded up the proceedings and it certainly made life easier for our installation teams.” For more details, visit www.sgb.co.uk, call 01372 381 300, follow ‘SGB a BrandSafway Company’ on Linkedin, or @SGB_Brand_UK on Twitter.
