RICS Modus, Global edition — October 2012

MOD

US 10.12 // R

ICS.OR

G /MO

DU

STH

E BIG ISSUE

rics.org/modus

FORWARD THINKING 10 experts predict the next big thing p16ON THE MAP Opportunities in the world’s largest country p22 BIG SOCIETY How volunteers are helping their communities p26

10.12 //

MODUS_Oct_p01_Cover.v3.indd 1 17/09/2012 13:27

Ensuring your Ordnance Survey data is correctly licensed can help reduce risk to your organisation, meet legal obligations and help to protect your professional reputation. Contact your supplier to find out more and make sure that you are correctly licensed.

Alternatively visit us online to find out more about being up-to-date.

www.ordnancesurvey.co.uk/licensing

The face of Britain changes up to 10 000 times a day. Make sure

your licence is up-to-date.

MODUS_Oct_P2_OS_ad.indd 6 17/09/2012 13:34

NO 2110.12 //

THE BIG ISSUEWe’re thinking big this month, with 10 ideas and innovations that could change the

shape of surveying, from online retailers entering the physical realm to a circular

economy where waste is no longer wasted (page 16). We go from the top of Europe’s

tallest building, in the company of the Shard’s commercial manager (page 40), to

the world’s largest country, looking at the potential for professionals to relocate to

Russia in preparation for a decade of sport (page 22). Elsewhere, we round up 10 of

the biggest global city masterplans (page 32), and consider how London’s property

market is being distorted by a huge infl ux of overseas investment. Finally, we meet

some chartered surveyors who are doing their bit for the Big Society by offering their

services to charities and vulnerable individuals in their local communities (page 26).

VICTORIA BROOKES EDITOR

10.12 // MODUS 03

Contents

Regulars04_FEEDBACKYour views on Modus and the profession, and the latest poll

06_INTELLIGENCEGlobal news, plus opinions, reviews and reactions

29_BUSINESS ADVICEHow small fi rms can compete successfully for big contracts

39_LAW ADVICEUnderstanding the tax changes aff ecting high-value property

Features16_WHAT’S THE BIG IDEA?Ten ideas and innovations that have the power to revolutionise the surveying profession 22_BIG COUNTRYOpportunities and challenges in Russia’s construction market

26_THE BIG SURVEYING SOCIETYThe volunteer surveyors who are helping deserving causes

32_10 BIG CITY PROJECTSThe masterplans behind some of the world’s largest urban redevelopments

36_LONDON CALLINGLooking at the impact of the overseas investment boom on the capital’s volatile property market

40_10 MINUTES WITH...Edward Cini MRICS on working on Europe’s tallest building

In formation43_RICS NEWSNews, updates and a message from the RICS President

51_EVENTSTraining and conference dates

54_RECRUITMENTThe latest job opportunities from across the industry

58_THE MEASUREThe largest and deepest properties worldwide

4022

16

10.12 //10.12 //10.12 //ContentsContentsContentsContentsContentsContentsContents

MODUS_Oct_p03-5_Content & Letters.v1.indd 3 18/09/2012 09:43

FOR SUNDAYEditor Victoria Brookes // Art Director Christie Ferdinando

// Contributing Editor Brendon Hooper // Sub Editor

Samantha Whitaker // Creative Director Matt Beaven //

Account Director Stephanie Hill // Commercial Director

Karen Jenner // Commercial Manager – Display Lucie Inns

// Commercial Manager – Recruitment Charlotte Turner

// Senior Sales Executive Faith Ellis // Recruitment Sales

Executive Angus Sharpe // Managing Director Toby Smeeton

// Repro F1 Colour // Printers Woodford Litho //

Cover illustration Jing Zhang // Published by Sunday,

207 Union Street, London SE1 0LN sundaypublishing.com

FOR RICSEditorial board Ian Fussey and Jaclyn Dunstan

RICS, Parliament Square, London SW1P 3AD

Feedback//

04 r ics.org

The MODUS team//

JOIN THE DEBATE

:EMAIL YOUR FEEDBACK TO [email protected]

Views expressed in Modus are those of the named author and are not necessarily those of RICS or the publisher. The contents of this magazine are fully protected by copyright and may not be reproduced in any form without the prior permission of the publisher. All information correct at time of going to press. All rights reserved. The publisher cannot accept liability for errors or omissions. RICS does not accept responsibility for loss, injury or damage or costs that result from, or are connected in any way to, the use of products or services advertised. All editions of Modus are printed on paper sourced from sustainable, properly managed forests. This magazine can be recycled for use in newspapers and packaging. Please dispose of it at your local collection point. The polywrap is made from biodegradable material and can be recycled.

94,896 average net circulation 1st July 2011 – 30th June 2012

Join the RICS group at linkedin.com now to vote in our next poll: ‘What is your biggest cyber crime-related concern?’

Due to the volume of correspondence we receive, we regret that we are unable to print all letters or respond to every one individually.

MODUS READER SURVEY‘As someone new to the profession, I feel that Modus gives me a valuable insight into the issues that surveyors face, as well as well rounded knowledge of the opportunities that are available and where I can take my career.’

WHO’S THE DADDY?When referring to surveyors, there seems to be a trend to mention ‘their father was a surveyor’ or the like. Why is this relevant? When I passed my APC some years ago, and attended the certificate-giving ceremony, people were being introduced to the president as: ‘This is x, his father/grandfather was a surveyor’. It made me feel very uncomfortable. Was this how they passed their APC? I know I got there on merit.

I’m sure this is all well-meaning, but we have to be very careful that we don’t give the impression that it is ‘jobs for the boys’. Mark Pundsack MRICS, London

Agree? Disagree? Share your views on nepotism within UK professions by emailing the editor or tweeting @modusmag

HAT IN HANDIn response to the Secret Surveyor column on selecting a suitable outfi t for surveying on page 47 of the July/August issue: As a young chartered surveyor, my letter of engagement (at £600 per annum) from Richard Ellis & Son in 1955 left no room for doubt. It concluded, ‘We belong to the bowler hat and rolled umbrella brigade’. Life has moved on!David Yorke FRICS, Cornwall

FeedbackFeedbackFeedbackFeedbackFeedbackFeedbackFeedbackFeedbackFeedbackFeedbackFeedback

THE MODUS POLL :WHAT DO YOU THINK IS THE BIGGEST CHALLENGE FACING THE SURVEYING PROFESSION?Total votes: 142

5%Support for SMEs

43%Economic downturn (access to fi nance)

3%Red tape

38%A lack of

understanding of surveying

11%Professional indemnity

insurance (PII)

Half-price mature Gran Reserva

Mil Cepas Gran Reserva 2005 is a deliciously rich blend of tempranillo and garnacha aged in oak barrels for 26 months. With more than four years bottle age it shows lovely maturity, whilst still offering seamless pure fresh fruits.

Powerful red fruit aromas with background spice. Full bodied, yet beautifully balanced and fresh with layer upon layer of red berry fruits, spices and smoky, toasty oak. Enjoy with barbecues or chorizo and chicken paella

This exclusive parcel is made from hand-picked grapes from vineyards in Terra Alta, a region just down the road from the famous vineyards of Priorat and hotly tipped to be Spain’s ‘next big thing’. If you want to stay one step ahead of the crowds, now is the time to buy.

To order your half price case of Gran

Reserva call us today on 0843 224 1224

or visit www.averys.com/1193001

TERMS AND CONDITIONS: Customers must be over 18 years of age. Goods are offered subject to availability. Prices shown include VAT and are correct at the time of printing but may be subject to change. No other discounts may be taken. Calls may be monitored or recorded for training purposes. UK delivery only (excluding the Channel islands). Current delivery is charged at £7.99 per address, but may be subject to change, please allow 5 - 7days for delivery. Offer valid until 31st December 2012.

- Save more than £65 £5.49ONLY

PER BOTTLE

Mil Cepas Gran Reserva 2005, Terra AltaOffer: C1483905 12 bottles

Now only £65.94 (£5.49/bottle) Save £65.94RRP £131.88 13% alc Drink now to 2014

Order now, 0843 224 1224 quoting 1193001 or www.averys.com/1193001

Plus £7.99 p&p

@RICSnews // @modusmag

@woodenstreets Sad to see the obituaries in @modusmag but testament to our industry that 14 of those who passed away were nonagenarians.

@linsey_black Another beautifully designed edition of @RICSnews Modus magazine!

@woodenstreets Great article in @RICSnews Modus on Shanghai. Can’t wait to experience it myself with @knightfrankCN next week thanks to @SocialSurveyors

news // @modusmag

Shanghai is, by anyone’s definition, a leading global city. At 6,340km2, its land area is 60 times that of Paris, and it has twice as many

skyscrapers as New York. The Shanghai Tower, currently being built by the state-owned Shanghai Construction, is due to become the second-tallest building in the world on completion in 2014. Shanghai has the world’s first commercial passenger Maglev transit system, the fastest train and the largest container port, and its metro network is set to double in length by 2020, to 550 miles, to meet the demands of a predicted 30m inhabitants. Mayor Han Zheng has pledged to invest RMB100bn (around £10bn) in support of

the city’s key industries: IT, biotech, high-end equipment manufacturing, new energy and new materials.

There are clear opportunities in the construction and property sectors, too, with high-rise apartment blocks and even higher-rise five-star hotels forming the mainstay for the industry. With such a dynamic market, it’s easy to assume that the streets are paved with gold. Yet tales of frustrated surveyors, architects and engineers returning to Europe are common. ‘The idea that you get projects handed to you on a plate is far from the reality,’ says Chris Hardie of architects Schmidt Hammer Lassen, who has lived in Shanghai for 12 months. ‘The scale of development is so large and complex

Shanghai//

AS THE WORLD’S FASTEST-GROWING METROPOLIS, SHANGHAI PRESENTS GREAT OPPORTUNITIES – AND

CONSIDERABLE CHALLENGES, SAYS AUSTIN WILLIAMS

HEAD OF THE DRAGON

but the process of getting a project built is often equally convoluted.’

Commissions can be difficult to come by unless you have been formally introduced into the fold. Steve Willett, Greater China operations manager at Lend Lease, says that not speaking Chinese ‘can be very challenging as it slows you down and messages can be lost in translation at times. However, the language barrier is probably not as great as the need to be culturally sensitive.’ This sensitivity finds expression through formal etiquette and informal networks. Most importantly, it is common for clients to give favourable business opportunities to family and friends. Known as guanxi (gwan-shee), this is a complicated system of personal >>

Photography by H&D Zielske

of members think Modus is a good way for RICS to communicate with them (up 28% on last year)

76%

FOR MORE results from the 2012 Modus reader survey, see P49


Half-price mature Gran Reserva

Mil Cepas Gran Reserva 2005 is a deliciously rich blend of tempranillo and garnacha aged in oak barrels for 26 months. With more than four years bottle age it shows lovely maturity, whilst still offering seamless pure fresh fruits.

Powerful red fruit aromas with background spice. Full bodied, yet beautifully balanced and fresh with layer upon layer of red berry fruits, spices and smoky, toasty oak. Enjoy with barbecues or chorizo and chicken paella

This exclusive parcel is made from hand-picked grapes from vineyards in Terra Alta, a region just down the road from the famous vineyards of Priorat and hotly tipped to be Spain’s ‘next big thing’. If you want to stay one step ahead of the crowds, now is the time to buy.

To order your half price case of Gran

Reserva call us today on 0843 224 1224

or visit www.averys.com/1193001

TERMS AND CONDITIONS: Customers must be over 18 years of age. Goods are offered subject to availability. Prices shown include VAT and are correct at the time of printing but may be subject to change. No other discounts may be taken. Calls may be monitored or recorded for training purposes. UK delivery only (excluding the Channel islands). Current delivery is charged at £7.99 per address, but may be subject to change, please allow 5 - 7days for delivery. Offer valid until 31st December 2012.

- Save more than £65 £5.49ONLY

PER BOTTLE

Mil Cepas Gran Reserva 2005, Terra AltaOffer: C1483905 12 bottles

Now only £65.94 (£5.49/bottle) Save £65.94RRP £131.88 13% alc Drink now to 2014

Order now, 0843 224 1224 quoting 1193001 or www.averys.com/1193001

Plus £7.99 p&p


Intelligence :NEWS :REVIEWS :OPINIONS :REACTIONS

Imag

e Cr

aig

Shep

pard

MODUS_Oct_p06-7_Intel_opener.indd 6 18/09/2012 17:04

Six years in the making, the first phase of Singapore’s immense Gardens by the Bay project opened to the public in June. The entire scheme will ultimately total around 101 hectares, and phase one alone has seen 54 hectares of reclaimed land transformed into a giant ‘educational entertainment experience’. Conceptualised by a British design team including Grant Associates, Wilkinson Eyre, Atelier Ten, Atelier One, Thomas Matthews and Land Design Studio, the S$980m (£500m) project features a cluster of 25-50m-high ‘supertrees’ that double up as rainwater collection tanks to supply water to the vast shell-shaped greenhouses. For the masterplanners, the biggest challenge was reconciling the enormous scale of the project with its location, explains Andrew Grant of Grant Associates. ‘We had to determine the appropriate scale, locations and relationships of the key features so that they work as landmarks within the city, while also creating a comfortable experience for people. The site is built on reclaimed land and much of the detailing has been influenced by the constraints and technical issues related to the ground conditions.’ gardensbythebay.com.sg

:GARDENS BY THE BAY SINGAPORE

MODUS_Oct_p06-7_Intel_opener.indd 7 18/09/2012 17:04

08 r ics.org

Intelligence//

08 rics.org

Siemens Real Estate has appointed Colliers International on a three-year deal to provide building surveying services across the whole of its UK portfolio. The fi rm will work across 200,000m2 of Siemens’ offi ces and industrial buildings, mostly in the north of England. Colliers’ service department is already involved

with Siemens Energy’s proposed £210m wind turbine at Alexandra Docks in Hull. Leader of the project, Paul Scourfi eld MRICS, director of building consultancy at Colliers International in Leeds, said: ‘Our long-term relationship with Siemens has enabled us to understand its business aims, objectives and core values.’

In response to repeated incidences of glass falling from high-rise buildings, Canadian entrepreneur Filip Sobotka has developed a robot that can perform rapid and detailed photographic inspections of windows. Named SAM, the robot ‘climbs’ up two metal cables to inspect a building with a high

level of detail, and in possibly less time than a traditional human inspector. Controlled by a wifi connection to an iPad, engineers can quickly fi nd defects such as poor caulking or cracks in the cement or brickwork. Watch a video of SAM in action at bit.ly/LVGMDw.

UK // ESTATE AUTHORITY Canada // ROBOT INSPECTOR

Opinion

BUILDINGS LIKE THE SHARD WON’T BE LEFT ON THE SHELF

On 1 May 1931, the Empire State Building opened in the midst of the Great Depression. It was the tallest building in the world – an instant icon – but it was

empty. The Shard, soon to open in the middle of the toughest economic conditions since the Great Depression, will redefi ne London’s skyline. But will it be full?

So far, occupancy rates for the capital’s modern towers are below expectations. A combination of economic slowdown, funding diffi culties and future uncertainty means that fl oors remain empty. In some cases, developers have stopped building until they secure prestigious tenants prepared to sign pre-lets for substantial space. But this doesn’t mean the next generation of skyscrapers will lie vacant, as occupier requirements are changing. For some, the rise of cloud computing, home working and mobile workforce mean that many occupiers require less offi ce space. Some large corporate occupiers can, therefore, centralise their staff in one smaller location rather than spreading them across the city. For others, gaining unique views of London to wow clients alone will justify the move, although numbers wishing to parade wealth have reduced as many get in step with the environment of austerity.

Despite economic uncertainty, many businesses are still expanding, but they are faced with an increasingly limited choice in central London. New energy-effi cient developments in prime locations (particularly in the City) should always fi nd tenants, regardless of the market, but what if they don’t? What innovations will we see to tempt tenants upwards? Traditionally, developers and investors in the UK seek multi-fl oor lettings to household names

in the FTSE 100 or global professional services fi rms. They may offer a rent-free concession or a premium payment to help fi t-out costs, but in return they expect a premium rent. However, elsewhere in the world, developers take a different view and skyscrapers are often occupied by smaller companies taking up only part of a fl oor to ensure full occupancy.

In London’s secondary locations, landlords have already adopted a more innovative approach to secure lettings. Just as the retail sector has seen the rise of pop-up shops, landlords are introducing pop-up offices with shorter leases, more frequent break options, fl exible rents and inducements to bring new tenants into previously unfashionable areas. As well as offi ce space, the Shard features luxury fl ats and will be home to the UK’s fi rst Shangri-La hotel. It’s meant to be viewed as a ‘virtual town’, and it’s this kind of thinking and continued innovation that will help ensure London’s trophy buildings are not left on the shelf.

IAIN LINDSAY is a partner in the real estate team at Dundas & Wilson. dundas-wilson.com

Iain Lindsay Dundas & Wilson

FRESH IDEAS An innovative approach by landlords will ensure London’s skyscrapers are fully occupied

MODUS_Oct_P08-13_Intel.indd 8 18/09/2012 10:05

01.11 // MODUS 09

:ONE BIG QUESTION WHAT ARE THE TRENDS SET TO CHANGE THE SURVEYING PROFESSION?

10.12 // MODUS 09

Take part in discussions by joining the RICS group at linkedin.com.

Somerset We’re using the smart kykloud condition surveying iPad app, which has reduced time on site by 60%, allows data to be collected and checked in real time, and automatically compiles reports.

South East As a small independent geomatics company, we are always expected to provide more for less, so the big change for us will be processing, with more advanced on-site coding.

Gloucestershire With a diffi cult job market, a high number of graduates with little or no work and a greater appreciation of entrepreneurship, I see more interesting small business start-ups in the future.

Darren Talbot MRICS, Davis Langdon

Mike Holiday AssocRICS, R L Surveys Ltd

Richard Jones, Cotswold District Council

Fife Surveying students should be taught, not just the mechanics of professional work, but also the softer skills of persuasion, negotiation, successful lobbying and identifying long-term needs.

Hampshire I think we’ll move away from a point-of-service (a home survey) approach to acting for clients ‘whole of life’. We also need to separate home valuations from any other surveyor service.

Stuart Parrett FRICS, Inspection4 Ltd and PROinspect Consultancy

Geoff rey Robotham MRICS, Geoff Robotham Property Consulting

UKTECH CITY

Media and IT companies have doubled their uptake of offi ce space in London’s Square Mile, according to Knight Frank. Comparing data for the fi rst six months of 2012 to the same time in 2011, the fi rm found a sizeable shift as companies such as Skype and Oracle take on space previously occupied by banks. ‘In the future, more City tenants may have to compete against tech and media fi rms for space, even in the more traditional locations,’ said Bradley Baker at Knight Frank.

FrancePERFORMANCE SPACEDesigns have been unveiled for a huge multi-agency arts centre in Bordeaux, France. The MÉCA (Maison de l’Économie Créative et de la Culture en Aquitaine) will be positioned along the Garonne waterfront, built to house three regional visual and performing arts agencies. Danish architects BIG and French fi rm FREAKS freearchitects will collaborate on the design of the 12,000m2 building, with the Conseil régional d’Aquitaine as the client. Both the building and the waterside promenade will be clad in limestone to match the city’s architecture. 90

The number of days Chinese company Broad Sustainable Building aims to build

the tallest building in the world

10%The subsidy for onshore wind

developments is to be cut by 10%, according to the UK government

PhilippinesBIG PRESENCEConstruction has begun on the Trump Tower Manila, set to become the tallest tower in the Philippines when completed in 2016. The 250m-high tower, designed by Broadway Malyan, is a centrepiece for Century Properties’ four-hectare mixed-use development in Manila’s fi nancial district of Makati City. The designers have based the building’s exterior around a ‘peeled façade’ concept, whereby a series of shading systems will react and change according to its orientation to the sun’s path during the day.


08 r ics.org10 r ics.org10 rics.org

FIRED UPMembers of RICS matrics lit a beacon at Edinburgh Castle to celebrate the Queen’s Diamond Jubilee

Can surveyors light up Britain? You bet they can. To mark the Queen’s Diamond Jubilee, RICS coordinated the lighting of many beacons across

the UK, 47 of which were organised by RICS matrics. It must be one of the few occasions when it’s a triumph to see your good work go up in fl ames! But volunteering in the local community isn’t always so high profi le and is often slower to show results. And, in an increasingly busy work and home environment, who has the time? For those whose lives revolve around the adrenalin rush of the deal, or the ability to act as a committee of one, it may feel frustrating to move in convoy, operating with limited powers and few resources. It doesn’t suit everyone and, particularly when it comes to volunteering, you shouldn’t do things you don’t enjoy. It has to be a labour of love.

However, the upside of volunteering is huge and can give immense satisfaction as well as benefi t the day job. Many surveyors are members of Rotary, Lions or other bodies that do great work at home and abroad. But there are many other opportunities to use your professional background, as well as your general enthusiasm. If you are a land agent, your local Farming and Wildlife Advisory Group wants to hear from you. If you are an auctioneer, you only have to mention that you can carry out valuations for a host of invitations to arrive. For many surveyors, a building preservation trust at either local or national level would provide plenty of hands-on interest, and the Campaign to Protect Rural England and National Trust are always on the

lookout for fresh blood on their committees. Helping an organisation respond to a government white paper, interpreting a plan for lay committee members, getting stuck in with tree planting or, inevitably, assisting with fundraising is all on offer.

And it’s not all one way. Volunteering is not only good for your CV, but it’s also brilliant for networking. The Big Society is made up of many small actions, and surveyors have much to offer and much to gain from getting involved.

GRAEME BELL OBE FRICS is a past member of RICS planning and development divisional council. He is a trustee of Welwyn Garden Heritage Trust and a vice president of the Town and Country Planning Association. tcpa.org.uk

Imag

e Ch

risto

pher

Fre

deric

k Jon

es; H

S2

Each bird migration season, it’s estimated that thousands of birds are being killed by fl ying into glazed buildings. Now, a specialist glass company has launched an innovative glazing system that could solve the problem of bird strikes. Developed by Arnold Glas in Germany, the glass has been installed for the fi rst time in a lookout tower in Lindisfarne, Northumberland, recently opened by the Prince of Wales. Called Ornilux, the glass uses ‘bio-mimicry’ technology. Birds, unlike humans, perceive ultraviolet light, so the glazing uses a web of lines – similar to spiders’ webs – coated onto the glass. While barely discernible to the human eye, the lines refl ect ultraviolet light and alert birds to the danger.

UKBIRD STRIKES

Insight

SURVEYORS HAVE MUCH TO OFFER TO THEIR COMMUNITIESGraeme Bell OBE FRICS TCPA

Intelligence//

TOP 5 BIGGEST EUROPEANHOUSE-BUILDERS(turnover 2010-11)Vinci, France €33bnBouygues Pole Construction, France €23bnHochtief, Germany €20bnACS, Spain €15bnEiff age, France €13bn

FOR MORE about volunteering opportunities for surveyors , see p26


01.11 // MODUS 09

Books :REVIEWS

This practical guide for use on site provides a thorough methodology to identify and diagnose structural cracks and movement in buildings.19300 // £29.99

Order from rics.org/shop

A user-friendly guide for all built environment students, from choosing a topic to structuring and writing the dissertation.19295 // £21.99

This fully updated third edition presents the safest and most up-to-date way to word a letter contract for very small projects.19292 // £18.95

Updated for 2013, this book provides accurate, detailed and professionally relevant construction price information. 19231 // £145

10.12 // MODUS 11

RIS

ING

FALL

ING

Aust

ralia

Res

iden

tial

cons

truc

tion

fell

a fu

rthe

r 2.

4% in

Q2

(RIC

S Gl

obal

Rea

l Est

ate

Wee

kly)

US

Cons

truc

tion

spen

ding

in

crea

sed

by 0

.4%

and

bui

ldin

g pe

rmits

by

7% in

Jun

e (R

ICS

Glob

al R

eal E

stat

e W

eekl

y)

USUNION FOREVER

Washington Union Station is more than 100 years old and one of the US’ busiest railway stations. It is currently operating beyond its capacity by serving around 100,000 passengers a day. A new renovation masterplan released by Amtrak, and developed with architects HOK and Parsons Brinckerhoff , is set to revitalise the station to increase capacity and renew commercial activity. As well as an upgrade to accommodate more tracks, platforms and concourses below the existing track level, a new train shed will bring natural light into the station, fi tted with a green roof to retain rainwater and cool the interior environment. The estimated cost is US$6.5bn-US$7.5bn (£4.1bn-£4.7bn).

GermanyCULTURE CHANGETurner & Townsend has been appointed to assist in the renovation of the Gasteig cultural centre and concert hall in Munich. ‘We’ll be identifying technical and construction measures to keep the Gasteig alive for the next 10 years and beyond,’ said Thomas Hertlein, project manager at Turner & Townsend. The venue hosts more than 1,700 events a year, such as lectures, theatre productions and concerts.

GlobalSHIFTING LAND

Emerging markets are dominating capital value growth in farmland, according to Savills’ Global Farmland Index. Over an eight-year period, Savills found growth was most signifi cant in the emerging markets of South America and Central Europe, such as Brazil, Argentina, Poland, Romania and Hungary. ‘Capital growth is rarely the only determining factor for farmland investment, so these signifi cant growth rates need to be set in the context of the opportunities to maximise income return,’ said Ken Jones, director of international farmland markets at Savills. Read the report at bit.ly/RvFW72.

34,000The number of people employed by the construction sector in Q2 2012 – the fi rst rise in over a year (ONS)

5,500+The number of UK construction fi rms that have gone into insolvency since

September 2010 (PwC)

Imag

es C

orbi

s; A

lam

y


08 r ics.org

XL expoJones Lang LaSalle (JLL) and Mace have been appointed to support the development of the masterplan for the Dubai Trade Centre-Jebel Ali, a proposed site for the 2020 World Expo in Dubai. Mace will assist with cost management and planning, while JLL will produce a legacy masterplan review.

Big resortGleeds has been awarded a contract extension for its role on the 1,544- acre Marassi resort at Sidi Abdel Rahman Bay in Egypt. The firm will deliver pre-contract services until next May, and post-contract services until June 2014. The £2.4bn resort includes hotels and apartments, a marina and a golf course.

Major dataThe Indian government has set up a central registry of all properties mortgaged with financial institutions. The Central Electronic Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) will help prevent frauds involving multiple lending by different banks on the same property.

Metro winEC Harris has been chosen to provide commercial risk management on a section of the £6.3bn 300km-long metro system for Qatar’s capital Doha. The firm will work on the planned £1.5bn ‘red’ metro line, as part of a project management team led by US-based Jacobs Engineering.

12 rics.org

Opinion

WITH ITS NEW BOND-BUYING PLAN, THE ECB IS FINALLY TALKING BIG Simon Rubinsohn RICS Chief Economist

Big problems call for big ideas. And I can’t think of one much bigger than the euro sovereign debt crisis. Sadly,

until now, the response to the ongoing turmoil has been quite inadequate. But perhaps we’re finally turning a corner. Mario Draghi’s bold initiative to buy unlimited quantities of short-term bonds in the secondary market has the potential to be a game changer.

Let us be clear: the European Central Bank (ECB) is not going soft. The ‘outright monetary transactions’ plan comes with strict conditions. Governments will have to apply to Europe’s rescue funds for help and accept the resulting fiscal and structural reforms before the ECB begins to intervene. This initiative is not a substitute for change, but it should help address the negative feedback loop, which is pushing bond yields even higher.

Of course, there are concerns about the programme, with the German Bundesbank the most sceptical about its merits. It’s not just the ‘monetising’ of debt that’s a worry, but also the ‘risk transfer’ and moral hazard. Will the ECB risk pulling back on a

bond-buying programme if a specific country begins to row back on agreed policy measures? Perhaps, but if the ECB’s balance sheet is already top-heavy with bonds previously acquired, it may be more reluctant to do so.

Whether the euro survives will depend on even bigger choices made across Europe. The appetite of government to continue to drive through austerity and structural change, as well as the willingness of electorates to buy into this approach, is clearly critical. Just as important, though, is the willingness of creditor nations to continue engaging in a resource transfer to the debtors. Much of this has yet to be fully recognised in the numbers, but write-downs of debt, and possibly defaults at some stage, will ultimately expose the extent of the contingent liabilities being taken by the stronger parts of the euro bloc.

I doubt that all current members will still be so in two years’ time. The pain demanded may in some cases prove too great. But the latest announcement does mean that the ECB is now talking ‘big’, and taking the challenge to those so-called ‘bond vigilantes’.

UKRENT REVIEWA government review into the UK’s private rented housing sector has urged ministers to drop a requirement for developers to include affordable homes in housing schemes, in return for guarantees that the properties will be let. The review, by Sir Adrian Montague, made five recommendations aimed at encouraging investment in the private rental sector, including waiving the affordable housing requirements that councils place on developers, in exchange for an agreement that the property stays in the rented sector. The review has also called on the government to try to make more public sector land available for private rented schemes.

AustraliaTHIN INSPIRATION

Planning has been approved for a new ‘super slim’ mixed-use tower in Sydney’s central business district (below, centre). Designed by architects Kannfinch, 115 Bathurst Street will become the third tallest building in the city at 240m, with a retail and commercial podium at its base and around 70 residential storeys. The tower’s challengingly thin floor-plate layout has been designed so that all of the apartments can benefit from sunlight from the north.

£9bnThe amount to be invested

in the rail network by the UK government to increase

seats and freight links, and improve station access

NEWS BITES


01.11 // MODUS 09

www.anchormaninsurance.co.uk 01837 55777

In-house underwriting

Instant telephone quotations

Block run-off policies up to six years

Pre-completed proposal forms

Immediate cover

PROFESSIONAL

INSURANCEINDEMNITY

2 EXCLUSIVE

RICS COMPLIANT

SCHEMESNOT AVAILABLE

ANYWHERE ELSE

25,000 electrical contractors are assessed annually by NICEIC.Are yours?

ou can be ure that the electrical contractor ICEIC a e and certify work to the highe t profe ional tandard hat why o t large organi ation and local authoritie u e ICEIC contractor ith o er

year experience, wide co erage and ore regi tered e ber than any other organi ation, you can alway rely on ICEIC For your neare t ICEIC electrical contractor i it niceic co or call

10.12 // MODUS 13


Our General Client Deposit Account has been designed in collaboration with RICS members and could help with the burden of managing client transactions without falling foul of the latest legislation.

UK banks are obligated to retain records on our customers. We, like other fi nancial services providers, have procedures in place which re ect current legal and regulatory requirements (and best practice industry guidance aimed at preventing money laundering and terrorist fi nancing.

Whilst moves aimed at protecting client money were welcomed by businesses, adjusting well-oiled processes that have been in place for many years can be a daunting and time-consuming task – particularly for busy professionals whose expertise lies in property surveying, not fi nancial management.

he eneral Client eposit Account C A specifi cally caters for fi rms operating client deposits on behalf of their clients.

It creates ‘folio’ accounts for each of your clients which, when pooled together, create the balance of the GCDA and remain entirely separate from your main transactional banking account. The account automatically generates interest payable to the client and or fi rm.*

he C A also provides fi rms with a reduction in administration costs as interest calculations and the production of statements with full breakdowns are all included in the day-to-day operation of the account.

Our specialist property banking team work alongside property professionals across the country and understand the challenges and opportunities facing the industry in the current economy. We’ve used this understanding to ensure that opening and operating a General Client Deposit Account couldn’t be easier.

We promise to open or close accounts within two hours of being notifi ed, and there are no transactions charges.

Above: Paul McCluskey, Senior Manager Commercial for Key Markets at Bank of Scotland Professionals

Managing your clients’ money needn’t be a worry

“Our specialist property banking team work alongside property professionals across the country and understand the challenges and opportunities facing the industry in the current economy.”

LloydsTSB_Modus-GCDA-CaseStudy-Sep2012-3a.indd 1 14/09/2012 16:32

* RICS Rules of Conduct for fi rms – Interest generated from client money is one example of clients’ money. Interest from clients’ money must not be paid into your businesses accounts without signed consent from the client.We accept calls via Text Relay. Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Lloyds TSB Commercial is a trading name of Lloyds TSB Bank plc and Lloyds TSB Scotland plc and serves customers with an annual turnover of up to £15m. Lloyds TSB Bank plc Registered Offi ce: 25 Gresham Street, London EC2V 7HN.Registered in England and Wales No. 2065. Lloyds TSB Scotland plc Registered Offi ce: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland No. SC95237. Bank of Scotland plcRegistered offi ce: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000. Authorised and regulated by the Financial Services Authority under numbers 119278, 191240 and 169628 respectively.Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc are covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. (Please note that due to theschemes’ eligibility criteria not all Lloyds TSB and Bank of Scotland business customers will be covered by these schemes.) The Lloyds Banking Group includes Lloyds TSB Bank plc and a number of other companies using brands including Lloyds TSB, Halifax and Bank of Scotland, and their associated companies. Information correct as at August 2012.

Paul McCluskey, Senior Manager Commercial for Key Markets at Bank of Scotland Professionals

With so much uncertainty surrounding the economic recovery, it’s imperative that all of the expertise and experience contained within your company is geared towards growing the business and servicing clients, not managing fi nancial accounts and administration systems.

Information is available in large print, audio and Braille on request.

A number of account features will help fi rms to achieve compliance with RICS’ rule on the holding of clients’ money, which RICS regulated fi rms must follow, namely:

• Access to funds – All funds are held in an instant access bank account where no transaction charges of any kind are levied

• Correct account titles – The word ‘client’ is clearly defi ned in the account title and as a vital feature of the account, it prevents any errors occurring and aids to distinguish the client account from any other accounts you may have.

• Account Operations – The GCDA is independent from your main client account so you can be sure that deposit funds remain separate and that deposit funds will always be available. You do not need to conduct your transactional banking with Lloyds TSB or Bank of Scotland to apply for the GCDA, so you can be further assured client deposits are entirely separate

• Interest payments* – Any interest earned can be apportioned on the instructions of the fi rm and is supported by offi cial bank documentation

• Reconciliations – Reporting is provided through a series of dedicated statements which are designed to ease the reconciliation process. We provide supporting documentation for each folio account

“Whilst moves aimed at protecting client money were welcomed by businesses, adjusting well-oiled processes that have been in place for many years can be a daunting and time-consuming task – particularly for busy professionals whose expertise lies in property surveying, not fi nancial management.”

For more information call 0800 681 6078 or visit www.lloydstsb.com/rics

LloydsTSB_Modus-GCDA-CaseStudy-Sep2012-3a.indd 2 14/09/2012 16:32MODUS_Oct_P14-15_Lloyds_ad.indd 30 17/09/2012 14:21

Our General Client Deposit Account has been designed in collaboration with RICS members and could help with the burden of managing client transactions without falling foul of the latest legislation.

UK banks are obligated to retain records on our customers. We, like other fi nancial services providers, have procedures in place which re ect current legal and regulatory requirements (and best practice industry guidance aimed at preventing money laundering and terrorist fi nancing.

Whilst moves aimed at protecting client money were welcomed by businesses, adjusting well-oiled processes that have been in place for many years can be a daunting and time-consuming task – particularly for busy professionals whose expertise lies in property surveying, not fi nancial management.

he eneral Client eposit Account C A specifi cally caters for fi rms operating client deposits on behalf of their clients.

It creates ‘folio’ accounts for each of your clients which, when pooled together, create the balance of the GCDA and remain entirely separate from your main transactional banking account. The account automatically generates interest payable to the client and or fi rm.*

he C A also provides fi rms with a reduction in administration costs as interest calculations and the production of statements with full breakdowns are all included in the day-to-day operation of the account.

Our specialist property banking team work alongside property professionals across the country and understand the challenges and opportunities facing the industry in the current economy. We’ve used this understanding to ensure that opening and operating a General Client Deposit Account couldn’t be easier.

We promise to open or close accounts within two hours of being notifi ed, and there are no transactions charges.

Above: Paul McCluskey, Senior Manager Commercial for Key Markets at Bank of Scotland Professionals

Managing your clients’ money needn’t be a worry

“Our specialist property banking team work alongside property professionals across the country and understand the challenges and opportunities facing the industry in the current economy.”

LloydsTSB_Modus-GCDA-CaseStudy-Sep2012-3a.indd 1 14/09/2012 16:32

* RICS Rules of Conduct for fi rms – Interest generated from client money is one example of clients’ money. Interest from clients’ money must not be paid into your businesses accounts without signed consent from the client.We accept calls via Text Relay. Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Lloyds TSB Commercial is a trading name of Lloyds TSB Bank plc and Lloyds TSB Scotland plc and serves customers with an annual turnover of up to £15m. Lloyds TSB Bank plc Registered Offi ce: 25 Gresham Street, London EC2V 7HN.Registered in England and Wales No. 2065. Lloyds TSB Scotland plc Registered Offi ce: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland No. SC95237. Bank of Scotland plcRegistered offi ce: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000. Authorised and regulated by the Financial Services Authority under numbers 119278, 191240 and 169628 respectively.Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc are covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. (Please note that due to theschemes’ eligibility criteria not all Lloyds TSB and Bank of Scotland business customers will be covered by these schemes.) The Lloyds Banking Group includes Lloyds TSB Bank plc and a number of other companies using brands including Lloyds TSB, Halifax and Bank of Scotland, and their associated companies. Information correct as at August 2012.

Paul McCluskey, Senior Manager Commercial for Key Markets at Bank of Scotland Professionals

With so much uncertainty surrounding the economic recovery, it’s imperative that all of the expertise and experience contained within your company is geared towards growing the business and servicing clients, not managing fi nancial accounts and administration systems.

Information is available in large print, audio and Braille on request.

A number of account features will help fi rms to achieve compliance with RICS’ rule on the holding of clients’ money, which RICS regulated fi rms must follow, namely:

• Access to funds – All funds are held in an instant access bank account where no transaction charges of any kind are levied

• Correct account titles – The word ‘client’ is clearly defi ned in the account title and as a vital feature of the account, it prevents any errors occurring and aids to distinguish the client account from any other accounts you may have.

• Account Operations – The GCDA is independent from your main client account so you can be sure that deposit funds remain separate and that deposit funds will always be available. You do not need to conduct your transactional banking with Lloyds TSB or Bank of Scotland to apply for the GCDA, so you can be further assured client deposits are entirely separate

• Interest payments* – Any interest earned can be apportioned on the instructions of the fi rm and is supported by offi cial bank documentation

• Reconciliations – Reporting is provided through a series of dedicated statements which are designed to ease the reconciliation process. We provide supporting documentation for each folio account

“Whilst moves aimed at protecting client money were welcomed by businesses, adjusting well-oiled processes that have been in place for many years can be a daunting and time-consuming task – particularly for busy professionals whose expertise lies in property surveying, not fi nancial management.”

For more information call 0800 681 6078 or visit www.lloydstsb.com/rics

LloydsTSB_Modus-GCDA-CaseStudy-Sep2012-3a.indd 2 14/09/2012 16:32MODUS_Oct_P14-15_Lloyds_ad.indd 31 17/09/2012 14:21

16 rics.org

WHAT’S THE BIG IDEA?

NIGEL RIX DIRECTOR OF ELECTRONICS, ESP KTNIf you look back at the development of computers, they began as individual units, then they moved to the home, now the computer on your desk is an interface to the world and through it you can get information from anywhere. We are experiencing an equivalent revolution with the things around us. As we embed objects with sensors and actuators, they can be identifi ed, tracked and their information analysed by computers. We are moving to the point where things exchange information directly and can form intelligent systems.

Take traffi c management, for example. If you don’t know where road blocks are, you can’t manage GPS systems. Yet, when you have this communication between objects, the information can be provided automatically and the potential to change society is quite dramatic.

If we look at connected systems from a city perspective, we can address the three big challenges: how to create a pleasant living and working environment; how to create an effi cient city; and how to make a city attractive to bring in investment. Unlike China or Korea, we can’t build brand-new cities in the UK – we have to map new technology on to existing building stock and adapt existing siloed management.

We’re looking at creating new technology platforms to improve society. The Technology Strategy Board is creating a network of institutes called Catapults, modelled on the Fraunhofer Institutes in Germany, which bring together universities and industry. One of these, the Future Cities Catapult, will bring together people from a wide range of backgrounds to study how technology and innovation can address the challenges of future cities.innovateuk.org

TEN EXPERTS SHARE THEIR PREDICTIONS ON THE INNOVATIONS SET TO CHANGE THE SURVEYING PROFESSION OVER THE COMING YEARS

Compiled by Tim Abrahams Illustrations by Toby Triumph

We’re looking at creating new technology platforms to

MODUS_Oct_P16-21_Big idea.v5.F1.indd 16 18/09/2012 17:06

10.12 // MODUS 17

Innovation//

ROBIN LEWIS CEO, THE ROBIN REPORTWe’re in the middle of a huge transitional period in which traditional retailers are trying to fi gure out how much of their business will be through bricks and mortar stores and how much online. Retailers are evolving their strategies, which will result in smaller – but perhaps more – neighbourhood stores that are closer and more convenient for consumers, and merchandise that is more closely curated to local tastes and preferences. The assortment of goods will also be narrower, almost turning physical stores into showrooms where consumers will select from samples, then either order or buy on the spot and have the items delivered to their homes the next day.

There is also a demographic change occurring. In the US, the residential ‘bubble’ and perceived low cost of owning a home created a tremendous sprawl of home developments further out from the cities, which drove new mall and shopping centre building. That is all now reversing, and young families and singles are moving back to the cities. The US market has had a surplus of stores for at least the last half century, but as online commerce continues to grow, the retail real estate market is shrinking.

I predict that, eventually, online retailers will open stores. Sales tax will no longer be an advantage, and e-commerce players will build databases that defi ne consumer preferences down to the neighbourhood level. Amazon is due to open its fi rst store in Seattle before the year’s end. With 69 distribution centres worldwide, and a data bank said to be as big as the Pentagon, opening small showrooms can provide a great synergy. Europe is, perhaps, not as far into the evolution, but the model and the dynamics between consumers and retail distribution are the same.therobinreport.com

GARY LUCAS BUSINESS DEVELOPMENT DIRECTOR FOR INFRASTRUCTURE INVESTMENTS, JOHN LAINGConventionally structured infrastructure public-private partnerships (PPPs) – where you have a long-term concession and receive fees over the contract term – will still be popular, but we’re seeing increasing interest in new models, most notably Local Asset Backed Vehicles (LABVs) – or ‘property partnerships’ as they are more commonly known – particularly in the health and accommodation sectors.

This is where a public sector body has a property portfolio that is no longer fi t for purpose in terms of the way it now delivers services. To realise value from its estate, it selects a development partner, which will put equity into a special purpose vehicle. These public and private bodies then jointly develop the new portfolio that’s needed.

John Laing is currently midway through the construction phase of a project in Croydon that includes new council offi ces and a leisure centre. We’ve forged a development partnership agreement that lasts 25 years and have jointly created the Croydon Council Urban Regeneration Vehicle, in which both the council and John Laing are shareholders. We can prioritise diff erent properties fi rst, then move on and look at others, responding to the market and events as we go rather than being locked into a predetermined set-up.

The LABV model is starting to get more traction, and as a result we’ve recently looked at an opportunity in Rotterdam. Most of our projects are still concession-based PPPs for public bodies that want a new building on a greenfi eld site, but more models are emerging and are likely to become more sophisticated as lessons learned from previous arrangements are applied.

PPP is a tool that is available for the public sector to use, and these models will constitute the diff erent ways in which they can apply it.ccurv.comlaing.com

GARY LUCAS BUSINESS DEVELOPMENT DIRECTOR

midway through the construction phase of a project in Croydon that includes new council offi ces and a leisure centre. We’ve forged a development partnership agreement that lasts 25 years and have jointly created the Croydon Council Urban Regeneration Vehicle,

MODUS_Oct_P16-21_Big idea.v5.indd 17 17/09/2012 14:24

JOHN PARSONS ASSOCRICS BUILT ENVIRONMENT EXPERTWhile there are a number of different models for changes in retail, massive mixed-use developments are going to arrive in the coming years. The on-off Brent Cross redevelopment – a mixed retail and business scheme that will cost twice as much as Westfi eld Stratford City – has now been fully approved, with retail superpowers Hammerson and Westfi eld locked in battle to lead the project. So far from seeing an end to these developments, we are going to move upwards in scale.

While e-commerce is going to have more of an infl uence, this doesn’t mean that retailers won’t still have big, and even bigger, outlets. Some models, such as click and collect, provide for customers to shop online and then pick up their products at a local branch. Despite the economic climate, huge shopping centres like those built throughout the 1990s are continuing. Taking the decision to go into the Olympic Park shows that big players such as Westfi eld go bold. It was a big commercial gamble to build and open before the Games, but it looks to have worked.

One direction in which carbon off setting could go is in reviving or promoting peatland storage. Peat forms when moorland soil becomes waterlogged, and because it’s wet and airless, the carbon in the peat does not decompose, creating a carbon sink.

If all the peatlands in the UK were in perfect condition, they could store around 400,000 tonnes of carbon every year – the equivalent of taking 84,000 cars off the road. However, damage from fi res, air pollution, overgrazing, over drainage and footpath erosion causes them to stop being waterlogged, and therefore stop storing carbon. Most existing peat bogs don’t absorb carbon that fast, but the act of restoring a bog absorbs carbon like mad. If you stand on a 0.5m-deep section of peat you’ve got carbon that weighs the same as a bag of sugar under each foot.

Restoration could help off set the greenhouse emissions from big dirty industries such as cement production or coal-fi red

energy generation through a trading scheme. This should be available to any UK company that wants to become carbon neutral and has already done everything possible to reduce its emissions, leading to whole new relationships in the custodianship of rural Britain.

Funded by the UK government’s Natural Environment Research Council, South West Water is currently working on a scheme where it pays landowners to restore degraded bogs to assist with water purifi cation. This improves the quality of the peat and the quality of the water that comes off it, saving money in water costs as well as improving upland peat areas and absorbing carbon.bcu.ac.uk

JOHN PARSONS ASSOCRICS

MARK REED ENVIRONMENTAL RESEARCHER, BIRMINGHAM CITY UNIVERSITY

a bog absorbs carbon like mad. If you stand on a 0.5m-deep section of peat you’ve got carbon that weighs the same as a bag of sugar under each foot.

Restoration could help off set the greenhouse emissions from big dirty industries such as cement production or coal-fi red

18 rics.org


Innovation//

10.12 // MODUS 19

There is a whole range of services that can make the environmental management of land more of a commercial proposition. One of the main areas is biodiversity banking – or the trading of biodiversity off set credits. The idea behind this is that if a developer is going to have a

negative impact on a bit of land, then there needs to be mitigation elsewhere. Obviously it is preferable to avoid or reduce the impact, but where that’s not possible, biodiversity must be protected, enhanced or restored elsewhere to compensate for the loss.

Such a process requires accurately measuring biodiversity and applying credits. In Victoria, Australia, The Native Vegetation Management: A framework for action (2002) aims for a net gain in native vegetation by providing a three-step approach for land managers and owners to follow when considering vegetation clearing: avoid adverse impacts, particularly through vegetation clearance; if impacts cannot be avoided,

minimise impacts by careful planning, design and management; and if clearing must occur, the clearing must be off set. The Department of Sustainability and Environment has developed a standard approach for estimating the quality of an area of vegetation, known as habitat hectares.

This process will reduce the residual value for development land, but it helps determine the costs for developers and it introduces an extra element of certainty.

CHARLES COWAP MRICS EDUCATION SPECIALIST

MARTIN KNIGHTS GLOBAL DIRECTOR FOR TUNNELLING, HALCROWWe have seen vast improvements in tunnelling recently, such as faster advance rates, better safety, the mitigation of ground movement and huge effi ciencies through IT. If you put this together with the increasing density of global megacities – by the middle of the century more than 70% of the world’s population will live in urban areas – planners need to ensure cities operate effi ciently by using the ‘fourth dimension’ and locating infrastructure underground, leaving the surface for living and working, and for green space.

Helsinki, Singapore and Hong Kong have led the way with masterplans for the use of urban underground space, creating a market for underground real estate. Instead of a property with a nice view, think of relocating to a nice geology, or a property that benefi ts from a new underground rail station.

Innovative techniques to achieve underground urban caverns are now under way, particularly in London. Sprayed structural concrete linings to support complex underground shapes have been around for a while, but they are fi nally fi nding their time. Huge leaps in their application have been developed in the past decade and will continue to improve.

The current works at Tottenham Court Road and Bond Street Underground stations are masterpieces of subterranean sculpture that will become global benchmarks.

Going underground will help the future functioning of our growing urban centres. We now need to give owners and decision-makers the evidence that using underground spaces is relatively risk-free, cost-effective and sustainable.halcrow.com

The current works at Tottenham Court Road and Bond

Such a process requires minimise impacts by careful

halcrow.com

accurately measuring biodiversity and applying credits. In Victoria, Australia, The Native Vegetation


ANNE DYE HEAD OF TECHNICAL RESEARCH, ROYAL INSTITUTE OF BRITISH ARCHITECTS We all know that building information modelling (BIM) is important, but how successfully it’s implemented depends on how it develops. We were concerned that BIM was looking like it would become mainly an extension to computer-aided design (CAD) packages, with a single consolidated model. Obviously geometric data is vitally important – for example, to address clash detection, which is much easier and less costly to remediate at the design stage rather than on site – but we realised that the resulting memory-heavy models were going to create problems; it’s hard enough to email CAD drawings around. In an era where professionals are going to be wanting to focus on the ‘information’ aspect of BIM and to use huge datasets – for example, probabilistic climate data to accurately predict thermal performance, or multiple occupant avatars to look at how users interact with a space – then the models would become increasingly unwieldy.

There are various big data tools, such as Hadoop, which allow vast quantities of data to be processed on a number of machines simultaneously so that data can be distributed and processed effi ciently. So BIM tools can become portals through which to access and use other data. We also realised that it would be important to have data linked semantically – for example, the term ‘piles’ has one meaning in an engineering sense, but quite another in a medical sense. Models will also need to have

metadata attached to them, because of the rate at which data changes and is updated. For example, if building regulations are updated, the model will fl ag up where the linked data has changed, allowing the design team to check that the design still complies. Using metadata in this way adds in a powerful quality-control process.

Indeed, you can have tools, such as those being developed by the collaborative RegBIM project that RIBA is involved with (led by the BRE Group), which will be able to check aspects of compliance automatically. We have already started the BIMGateway project with the University of the Arts in London to show how these concepts can be benefi cial.architecture.com

Innovation//

IN AN ERA WHERE PROFESSIONALS ARE GOING TO BE WANTING TO USE HUGE DATASETS, THE MODELS WILL BECOME INCREASINGLY UNWIELDY

20 rics.org


EDDIE CAPPLEMAN SALES MANAGER, VIAMETRISIn the future, building information modelling (BIM) will combine with other technologies. Take our I-MMS indoor mobile mapping system, which the user can just gently push along to scan the interior. You can actually see a 2D map form in real time as the scan is made. It uses SLAM (simultaneous localisation and mapping), a technology derived from robotics and autonomous vehicles to navigate their way in the environment. We also use LiDAR (Light Detection and Ranging) or laser scanners, which capture the indoor environment through optical remote sensing technology that can measure the distance to a target and some of its properties by illuminating the target with light, often using pulses from a laser. A panoramic camera then adds colour to the points. All the information is combined to produce a 3D point cloud, a map with a 3D coordinate system.

The future of BIM would be to integrate this interior-scanning technology, plus 2:1 time ratio, to compute the fi nal result. To take it a stage further, you could add some artifi cial intelligence, particularly automatic feature recognition algorithms, to pick out elements from the scan and exploit them. For example, a feature that could extract extraneous information in a shopping mall or a factory is defi nitely possible.

The I-MMS already has a key role with BIM, as the user can make quick and accurate scans at the various key stages, but it’s exciting to imagine how it could go one stage further. As the BIM market expands, its potential is unimaginable. viametris.fr

EDDIE CAPPLEMAN SALES MANAGER,

10.12 // MODUS 21

One of many initial drivers for the implementation of the Waste Electrical and Electronic Equipment Directive was to address the electronic waste generated by obsolescence. This is a well-known practice in the electronics industry, where obsolescence is built into electronic objects so that, after a certain time, they stop working well and need to be replaced. To combat this, it is hoped that we will move to a rental economy for electronic items that can periodically be returned to the manufacturer to install an upgrade. Similarly, a return to a repair economy, where we are encouraged to fi x broken items rather than replace them, is envisioned.

Property doesn’t have the short life cycle of electronic items, but there is still an issue with time. In the construction industry, the techniques that ensure time eff ectiveness in the building’s project management do not always consider the life cycle of the material in the long term. Additionalities are often built in to ensure deadlines are met, resulting in material waste.

Going forward, the focus will be on how we value things. If

we put proper values on materials – precious metals and rare earths, for example – then economies will change. Valuable materials that are hugely expensive when they are traded on the stock market also exist in electronic items, but are often just thrown away because the manpower is apparently too costly to recover them.

Currently, the economic benefi t of environmental goods and services is not fully appreciated, but in time we’ll see proper market systems for understanding the value of these materials. Developments such as the Economics of Ecosystems and Biodiversity, the UK National Ecosystem Assessment, the Natural Environment White Paper, and the resulting Ecosystem Markets Task Force will encourage these systems to take hold. Sometimes, it needs an initial investment – or even just some thought, because it always makes good economic sense. It’s just a matter of getting materials back to producers, adapting the waste management systems and placing economic value where it should exist.rics.org/waste

REBECCA MOONEY FORMER PROJECT MANAGER, RICS ENVIRONMENT AND MINERALS AND WASTE MANAGEMENT PROFESSIONAL GROUP

REBECCA MOONEY FORMER PROJECT MANAGER,

MODUS_Oct_P16-21_Big idea.v5.indd 21 17/09/2012 14:25

22 rics.org

PREPARATIONS FOR A DECADE OF SPORT WILL PUT RUSSIA’S CONSTRUCTION MARKET ON THE MAP, FINDS STUART WATSON

BIGCOUNTRY

Imag

es G

etty

MODUS_Oct_P22-25_Russia.v2.indd 22 18/09/2012 17:09

10.12 // MODUS 23

Russia//

Russia is a land of extremes. Blazing summers give way to bitter winters, and the teeming cities of the west to the vast empty expanses of Siberia. In the political and economic sphere, the

dour communist regime that fell only two decades ago has been replaced by rapacious capitalism and a culture of avid consumerism. Just as the eyes of the world turned to London in 2012, Russia will be in the spotlight in the coming years as it hosts the 2014 Winter Olympic Games in Sochi and the 2018 football World Cup. The buildings and infrastructure associated with the events will help put Russia on the map as a major construction market.

For surveyors, that could mean the chance to break into a market with a potential for growth perhaps exceeded only by China and India. Russia is the world’s largest country by area, almost as large as the US and China combined, covering nine time zones from east to west. It has a population of 140m people and 13 cities that are home to a million people or more. And yet its property and construction market is still in its infancy. ‘My father was one of the fi rst surveyors in Russia,’ says Konstantin Lebedev MRICS, head of valuation at Cushman & Wakefi eld in Moscow. ‘In the USSR there was no property at all. Everything belonged to the state and it transferred property between institutions on a construction cost basis. The fi rst surveyors’ society was set up in 1993 by fi ve people in Moscow.’

In the intervening years the industry has undergone enormous change. A system for the legal transfer of property was set up from scratch during the 1990s. Then, in the following decade, the Russian market began to boom as Western investors recognised the potential for growth and European property professionals began to fl ood in. ‘In 2008 rental values were increasing weekly, there was a huge pipeline of new development projects and vacancy was zero. Everyone was building bigger and bigger. There was so much money sloshing around that if you had a large patch of land anywhere then someone wanted to build a shopping centre on it,’ remembers Joe Hardy MRICS, director of valuation at CBRE in Moscow.

Then the fi nancial crisis struck. ‘Someone fl icked a switch and it just stopped. There was a shift from international back to domestic investment, so there wasn’t such a need for expats. They were also higher paid, and a lot of the people who came out here weren’t much cop and got found out.’ Between 2008 and 2010 many foreign professionals headed for home.

Values plummeted and rents halved, while over-ambitious developments were shelved or abandoned. Foreign investment dried up. ‘The market has changed since the crisis,’ says Tom Devonshire-Griffi n, head of capital markets

for Russia and CIS at Jones Lang LaSalle. ‘We have had a huge emergence of Russian buyers. There are a lot of subsidiaries of Russian oil and gas companies looking at property.’

Nevertheless, virtually all of the major international property consultancy firms, such as Jones Lang LaSalle, CBRE, DTZ, Colliers International, Cushman & Wakefi eld and Knight Frank, retain a substantial presence in Russia. ‘You can’t ignore it. For us it’s the fourth biggest market in Europe after Britain, France and Germany. We have 300 people in Russia and CIS,’ says Devonshire-Griffi n.

All of those firms have their regional headquarters in Moscow, a city of 11.5m people, which remains by far the country’s largest and most developed property market. ‘There is a vibe there – live for the moment – and you get a buzz from that,’ says Robert Mayhew FRICS, a vice president at RICS and former head of Jones Lang LaSalle’s valuation and strategic consulting team in Russia. ‘Moscow certainly isn’t Russia. It’s a big, bad, noisy global city.’

St Petersburg, with a population of just under 5m, comes a distant second in property terms. ‘It is not on the same level, although it is growing faster,’ says Devonshire-Griffi n. A giant new headquarters for Russian gas company Gazprom is under construction, and in January it was the scene of one of the biggest global property investments of the year >>


Despite the downturn in foreign investment there are still good opportunities for international consultants in Russia, argues Andrew Smith MRICS, cost and commercial service management leader at EC Harris. ‘With big events like the Winter Olympics and World Cup there is a lot of activity in the construction sector,’ he says. ‘And there are other projects like a big new science park outside Moscow. To deliver those kinds of things they need people who have done it before somewhere else.’

For a foreign company to break into the Russian market is far from easy, however. ‘Everyone was sniffi ng around the World Cup as a good opportunity to get into Russia, but it’s a closed shop,’ says Stephen Kelly MRICS, a senior quantity surveyor at fi t-out specialist Tetris Solutions. ‘It’s diffi cult to establish a business here. You need to get the right licences and permits and it’s hard to establish a supply chain of workforce and materials.’

Having the right paperwork is essential and, since that paperwork is invariably in Russian, it provides a barrier to those who lack language skills. ‘The Russian system is very procedural. You need a lot of pieces of paper done in the correct way with the right stamp on them,’ says Baker. Foreign businesses also sometimes fi nd they lack the requisite contacts to make it onto lists of preferred suppliers. ‘The reliance on and requirement for a personal relationship above a contractual and professional one is quite important,’ says Smith. ‘Russians like to know the person well, which makes it hard to break into a new market.’

Baker agrees. ‘We’re very good in the West at relying on a contract. In Russia it is more about understanding the soul of the man you’re talking to. What their motivations and desires are. In our offi ce we celebrate the birthday of every employee in a much bigger way than the little cake thing you do in the UK. You also know the birthday of your tax inspector, the local mayor and head of planning and it is important to remember to respect them.’

He is dismissive of stories about Russian corruption: ‘We are a UK listed company and we don’t and can’t do anything incorrect so people don’t approach us,’ he claims. Kelly says that, while it is seldom seen in Moscow, corruption in the regions ‘is pretty industry-standard’, but letting it be known that you follow RICS rules to the letter usually evades any improper approaches.

when US investment bank Morgan Stanley paid US$1.1bn for the Galleria shopping centre.

Russia’s other 11 cities with a population of a million people or more are known locally as the ‘millioniki’ and include Novosibirsk, Yekaterinburg and Nizhny Novgorod. They remain relatively undeveloped as property markets, with investor interest dropping away after the crisis. ‘Moscow is dominant in the areas [of the property industry] where we see demand for services from RICS members and other internationally qualifi ed surveyors,’ says Dmitry Romanov MRICS, an associate director in the valuation department at Jones Lang LaSalle in Moscow. ‘We need to develop our regions as well and we are beginning to see quite good development in St Petersburg, Yekaterinburg, Novosibirsk and the Krasnodar region where Sochi is located.’

He believes the 2018 World Cup will help to improve links with the regional cities. ‘It’s not just about constructing new stadiums. The organising committee has hosted events in a large number of cities to help develop infrastructure. There are plans for high-speed railways and new highways,’ he says.

Adrian Baker MRICS, managing director of developer Raven Russia and chairman of RICS Russia, says there are still huge opportunities in construction and development. ‘The attraction for us was that there was – and still is – a woeful undersupply of quality buildings, particularly in warehousing, but across the piece in retail and offi ces, too. Plus there was obvious demand in a country that is asset-rich and has negligible amounts of foreign debt.’

According to Devonshire-Griffi n, there are 13m m2 of good-quality offi ces in Moscow, compared with 40m m2 in Paris. ‘We are not even at half the size we should be, so there should be a continuing opportunity there,’ he argues. ‘Shopping centres are still being constructed across Russia,’ he adds. ‘There are 20-odd cities of more than 500,000 people and retail spending here is bonkers. Oil and gas are very important, but the real success story behind the Russian economy is consumer spending. They don’t save. They don’t have credit cards or debt. About 70% of pre-tax income is spent on consumer goods. They were actually spending more during the crisis.’

In the construction sector the most striking difference between Russia and the West is the disregard for health and safety, says Kelly. He explains that many labourers come from CIS states like Uzbekistan and Kazakhstan. They are poorly paid and little value is attached to their lives. Changing local contractors’ attitudes has proved diffi cult: ‘You try to do spot checks, but you know that fi ve minutes after you walk away it will be the same.’

Importing materials from abroad can be a bureaucratic and expensive process. Kelly estimates that it costs 30% on top of the cost price to bring materials into the country. The climate also poses a challenge. Summers can be very hot, reaching almost 40°C, but winter temperatures plummet to 20-30° below zero. ‘We try to avoid pouring concrete or fi xing steel beams in the depths of winter,’ says Smith.

Many Russian RICS members are valuers because of the demand from foreign investors for valuations that meet internationally recognised standards. Josh Askew MRICS, a director in the valuation department at Cushman & Wakefi eld in Moscow, says that they are faced with a tougher task than their western European counterparts because of a lack of transparency in the market. The terms of property deals are usually treated as strictly confidential, so finding evidence for comparisons is diffi cult.

Most international businesses seek to negotiate these obstacles by taking over local firms or forming partnerships with them. ‘Cooperation of companies with international experience and local Russian knowledge and connections is the best method to achieve success,’ argues Andrey Lukashev MRICS, who worked for Jones Lang LaSalle and Colliers International before leaving to set up his own fi rm, ILM, in Moscow.

He adds that there are still areas in the Russian property market where foreign expertise is in demand: structuring investments for international corporate buyers; architecture; infrastructure technology; and property management. However, an increasingly skilled and self-confi dent home-grown Russian property and construction profession is no longer willing to leave the best opportunities to foreigners. Instead, it is seeking to compete on the international stage.

‘The entrepreneurial approach is becoming more popular in Russia. Many are going abroad to gain international experience and training before coming back,’ says Lukashev. ‘To be more effi cient you should fi nd talented people from anywhere and bring them to your team so that you become leaders not only here, but also in Europe and the US. More Russian companies have taken up that challenge and are becoming leaders worldwide.’joinricsineurope.eu

TO DELIVER THE BIG SPORTING EVENTS AND OTHER PROJECTS, THEY NEED PEOPLE WHO HAVE DONE IT BEFORE SOMEWHERE ELSE

24 rics.org


10.12 // MODUS 25

Russia//

Previous page: An aerial view of Russia’s capital, Moscow, which remains by far the country’s largest and most developed property marketBelow: The headquarters of Russia’s Foreign Ministry in central Moscow


34 rics.org

FROM RESOLVING NEIGHBOUR DISPUTES TO APC MENTORING, VOLUNTEER SURVEYORS CAN PROVIDE A VALUABLE LIFELINE

THE BIG

SURVEYINGSOCIETY

Long before corporate social responsibility became fashionable or the Big Society was even a glint in a politician’s eye, surveyors have been giving

something back to their communities. By offering their services free of charge, volunteering to help on projects in their local area or by joining organisations such as RICS’ Chartered Surveyors Voluntary

Service (CSVS), surveyors have saved charities millions of pounds and helped vulnerable individuals fight back against unscrupulous landlords and shoddy builders. In one recent example, the charity British Trust for Conservation Volunteers was prevented from wasting £850,000 on spurious property repairs and back rent liability, with the help of a surveying firm via the organisation Charity Property Help.

Through the CSVS, the Citizens Advice Bureau (CAB) has been able to access a nationwide network of surveyors willing to provide free advice to resolve neighbour disputes, and maintenance and repair issues blighting the lives of tenants. Set up 35 years ago, the CSVS has more member volunteers today than ever before. ‘RICS has always encouraged volunteering,’ says Heidi Shankster, Director of Member Products

Words Cherry Maslen Illustration Chris Martin

MODUS_Oct_P26-29_Big Society+Business_Advice_v2.indd 26 17/09/2012 15:06

10.12 // MODUS 35

at RICS. ‘One of our guiding principles is about “giving back”, but I’m amazed at how much effort so many people put into their volunteering work. We currently have 276 members signed up to CSVS.’

CSVS’ primary role is to make sure there are sufficient volunteers covering all disciplines in all areas of the UK. Disputes with builders and landlords is the biggest area where help is needed, as well as other common issues, such as boundary wrangles, rights to light and party wall problems. All bread-and-butter work for a surveyor, but beyond the means of many people who seek help from CAB. Phil Hall, who runs his own surveying firm in Hove, has been the CSVS coordinator for Sussex for the past 16 years. ‘I don’t like it when people get taken for a ride over roof repairs, or when a landlord won’t deal with a damp problem, particularly if they are elderly or vulnerable,’ he says. ‘I have a panel of surveyors in Sussex with different specialities, and sometimes I’ll deal with a referral myself. We give people free advice and point them in the right direction. It often only takes an hour – we’re not expected to create huge reports, so it’s not too onerous.’

Hall says that he’s had a call for help in the past from a big house with a smart car in the drive – unfortunately some people can afford to pay for advice but want something for nothing – but the vast majority of cases are deserving. However, one thing he would

like to know more about is how a case turns out. ‘Unfortunately we don’t get much feedback from CAB, and we never get to hear the end result,’ he says.

JoAnne Murray, a quantity surveyor with Kent-based construction firm Cheema Group, has been multi-volunteering. She’s a member of the CSVS, acts as an APC mentor to a young surveyor in Botswana, and became a governor at a local school that needed help with building an extension. ‘Surveyors are in a very good position to help other people,’ she says. ‘But most members of the public don’t know how to use us.’ Murray found that CAB can throw up some interesting cases, for example someone whose neighbours had resurfaced their front garden to turn it into a parking space, causing rainwater to run into their garage, which was integral to the house. ‘What he didn’t know, and what most people wouldn’t know, was that the law has recently changed to prevent people doing this without planning permission,’ says Murray. If permission was granted, then there was a problem with the type of surfacing, which now has to be designed to allow for drainage. If it wasn’t, then it was clearly a case for the local council to get involved. Either way, the client had a clear way forward to resolve the problem.

As a local school governor, Murray has helped to get building work completed successfully, and as an APC mentor she’s

found it extremely satisfying to help someone halfway round the world achieve their dreams. ‘We communicate by email and I’m not only pleased to be able to help her, but also fascinated to learn what happens in another country,’ she says.

Some RICS members become involved in the CSVS when they’re semi-retired, but for quantity surveyor Sarah Spencer, volunteering has helped her stay connected with the profession during a career break to bring up a family. ‘It’s a good way to keep me thinking about construction contracts and issues, while helping others who have run into difficulties with their building projects,’ Spencer explains. ‘These are common problems, such as double-glazing contractors trying to extort money for incomplete work, but they can be very stressful, so it’s nice to be able to help.’

For young surveyors, working on volunteer projects can be a fast-track way to learn on the job. They may gain more experience, and take on more responsibility, than they would as part of a larger team working for a higher profile established client. Mark Stevens, partner at multi-disciplinary consultancy GSS Architecture, heads up corporate social responsibility at the firm and is chair of the Bristol branch of ProHelp, which arranges free professional advice and support for voluntary organisations. >>

Volunteering//


Volunteering//

Declan Paradise, a trainee surveyor at GSS, has become closely involved with the voluntary sector. When homelessness charity Julian House set up reCYCLEd in Bath, a workshop where Julian House clients can learn how to repair second-hand bikes to sell to raise funds for the charity, it needed to remodel the building to reduce heating bills and to create a better shopfront to display the bikes. ‘It was a great project for me because I had the responsibility of being the client’s main contact. I was involved from the initial estimates right through to completion. Also, it looks great on my CV,’ says Paradise.

Global commercial property consultant CBRE runs an impressive corporate responsibility programme involving staff in hands-on projects. One of the organisations CBRE works with is Habitat for Humanity, which helps provide affordable housing in the UK and supports local communities worldwide. This year some 50 CBRE staff volunteered to spend a day each helping

refurbish three flats to habitable standards in Dagenham, East London. As well as giving them a day off to do the work, CBRE donated £100 per volunteer to the project. Further afield, CBRE is also working with UNICEF on a three-year, €600,000 (£474,342) project to build cyclone-proof schools in Madagascar. ‘UNICEF is training local people to build the schools, giving them skills for the future,’ explains Ashley Sweetland, CBRE’s corporate responsibility manager.

Cluttons estate agent and property consultant is involved in many good causes as part of its corporate social responsibility policy, and also acts professionally for around 100 not-for-profit organisations. ‘With charities, we’re very generous in our terms and provide a lot of advice before we start charging fees,’ says partner Ralph Pearson, who points out that, with a lot of public funding no longer available as a result of cutbacks, generosity from firms such as Cluttons is even more of a lifeline to charities. ‘Long-term custom, which we get from charities, is important to us, and they’re good at recommending us to other organisations,’ he adds. ‘It’s a mix of philanthropy and good business.’

Are you interested in giving something back? Visit rics.org/csr to find out more. Sign up for the Chartered Surveyors Voluntary Service at rics.org/csvs or email [email protected].

‘The work I do with ProHelp really helps to bring business and the community together,’ he says. ‘People can benefit the community they grew up in and it’s a great way to train staff. I get young architects and surveyors at GSS involved in the voluntary work we do as a company.’

A good example is Bristol’s St Werburghs Community Association, which needed some work on its building. Through ProHelp, GSS helped it to put together a funding bid that succeeded in winning St Werburghs £1m of lottery money, so they promptly offered GSS the job. ‘It’s not the first time pro bono work has generated business for us,’ says Stevens. ‘Over the four years since GSS got involved with ProHelp, we have given £25,000 of free advice, but this has generated £400,000 of fee income.’

Stevens has also brought GSS into membership of Business in the Community (BITC), the Prince of Wales’ charity that promotes socially responsible business practice, and he is now the Prince of Wales’ Ambassador in the South West for BITC. Stevens reckons he gives up around four days a month to his voluntary roles, which his fellow partners at GSS accept as they recognise that it brings in business. ‘I would love RICS to make giving 10 to 15 hours of voluntary service a year a condition of being a member,’ he says. ‘Like legal aid, we could call it property aid.’

‘Over four years, we’ve given £25,000 of free advice, but it’s generated £400,000 of fee income’


How small firms can compete for

BIG PROJECTS

Business advice//

SMALLER FIRMS CAN CLUB TOGETHER TO FORM JOINT VENTURES THAT EITHER STRENGTHEN OR BROADEN THEIR SKILL SET

10.12 // MODUS 29

Illustration by Borja Bonaque

Unfortunately, it is becoming increasingly difficult for small firms to compete with larger firms in order to win large contracts. In the public sector, this is mainly due to risk-averse procurement procedures that are heavily biased towards all-embracing large framework agreements and prime contracting agreements. Such procedures favour organisations with large resources and turnovers, and higher levels of personal indemnity insurance cover, which theoretically reduces client risk. And, despite rhetoric from SME sympathisers in government circles, this situation is likely to remain until clients develop a way to subdivide categories or values of work in their contracts to allow for the appointment of smaller firms.

In the meantime, there are strategies that smaller firms can adopt in order to compete with the ‘big boys’. Smaller firms can club together to form consortiums, alliances or joint ventures that either strengthen or broaden their experience and skill set. This can be particularly effective if the small firm has specialist knowledge of a specific sector,

as they can join forces with a larger firm that does not have this expertise in order to strengthen their bid. Also, due to the wave of recession-fuelled redundancies, there is an opportunity for smaller firms to attract ex-directors and partners from larger firms who can provide valuable expertise and business contacts.

Small firms do have an advantage over larger firms in their ability to provide a more personal and client-focused service, especially if the firm is based in the same town or city as the client, and will often be more attentive as the contract equates to a larger percentage of their turnover. They can also introduce innovation and changes into their organisations faster than larger companies – in ICT, for example. Key to winning any contract is having good business relationships with private and public sector decision-makers, and it almost goes without saying that completing a smaller job successfully gives the client confidence to appoint a firm again in the future, perhaps on a larger contract.

When looking for work, SMEs can make use of tender tracking systems, which provide daily or weekly updates on contracts that match prescribed criteria. Business link (contractsfinder.businesslink.gov.uk), Tracker (tendermatch.co.uk) and Tenders Electronic Daily

(ted.europa.eu) are just a few of many online sources that public sector bodies use, including the NHS, councils, the education sector and housing associations. However, although these are a valuable tool, with so many separate sites it can take time to search for opportunities relevant to your business, and there is not, as yet, an equivalent private sector procurement search portal.

PREPARING TO TENDERPublic sector purchasers will usually issue a pre-qualification questionnaire (PQQ) to help shortlist suppliers to invite to tender where a certain level of technical ability is required. When responding to these, it’s important to have as much detail and knowledge of the client and the project as possible. If a question is vague, clarify with the client exactly what they are looking for in your response. You could even contact other organisations that have worked with the client to find out what is important to them, and then incorporate these aspects into your answers. All responses must be relevant to the project, so try not to copy and paste from previous PQQs, unless it’s standard information that applies to any contract. Also, make sure your responses do not exceed the stated word length as strict evaluators will disregard additional words.

If levels of insurance cover – particularly professional indemnity insurance – seem inappropriate, SMEs should query the requirement with the client. It may be that the level has been set incorrectly and can be reduced to a more realistic level, which is important for SMEs as this is often where they are at a disadvantage compared to larger companies.

MARTIN JARVIE is a partner at KLM Partnership Chartered Surveyors, which has offices in Edinburgh, Dundee and Inverness, and has been involved in large frameworks and contracts for the Ministry of Defence, Scottish Prison Service and multinational oil and gas companies. klmp.co.uk


150+ Exhibitors

80+Seminars

20+Live Demos

Showcasing energy efficient retrofit solutionswww.retro-expo.co.uk

www.retro-expo.co.uk

Retrofit Buyers Forum

Retro Expo Awards

Incorporating:

Green Deal Summit

Visitorsregister

FREEonline

BUILDING BUSINESS OPPORTUNITIESDesigners, Architects, Developers

LEARN THE TRICKS OF THE ‘NEW’ TRADEInstallers, Builders, Engineers

MEET THE CARBON REDUCTION CHALLENGELocal Government, RSLs, Public Sector

Event partners: In association with:

Retro Expo – Essential to UKLow Carbon Market

Retro Expo will provide an essentialguide to the technologies, products andservices that can help the constructionand refurbishment industry deliver lowcarbon retrofit projects for less money,less disruption but with more qualityand more visual impact.

Comprising five dynamic core elements –an exhibition of retrofit innovation,The Green Deal Summit, the Retro ExpoAwards, Retrofit Buyers Forum andRetrofit Knowledge Hubs – Retro Expo is supported by a range of key industrybodies and delivered in partnership withthe Department for Energy and ClimateChange (DECC) and BRE. Dedicated tothe low carbon boost of existing buildingsin the domestic, commercial and publicsector markets, Retro Expo will bringtogether thousands of professionals from across the retrofit supply chain,from Green Deal Providers, RSLs, LocalAuthorities, Housing Associations andblue chip occupiers and landlords tospecifiers, assessors and installers.

Retro Expo will also feature the flagshipGreen Deal Summit. The definitivestrategic conference on The Green Deal,delivered in partnership with DECC andBRE. Bringing together leaders fromacross the value chain, from clients toinstallers, the Summit will address keyissues such as finance, generatingdemand, ensuring high standards ofworkmanship and achieving affordabletechnological solutions. For the first timeever all of the UK’s leading city councils –Birmingham, Manchester, Newcastle,Bristol and Greater London Authority –will be coming together on this nationalplatform to talk about their retrofit plans.

The Green Deal SummitThe definitive conference on The GreenDeal aimed at senior-level stakeholdersfrom across the refurbishment valuechain. Entrance to The Green DealSummit is subject to a delegate fee,but Summit delegates have free access

to the exhibition. Delegates can buyindividual modules, multiple modules or a pass for the entire Summit. TheGreen Deal Summit will comprise seven modules which can be purchasedby delegates individually or in anycombination up to and including a full conference pass. Delegate pricesrange from £75 + VAT.For more information visit:www.greendealsummit.co.uk

Retro Expo –major industry names on showThe exhibition element will showcaseenergy efficient products and services forretrofit in the domestic, commercial andpublic sector markets. The exhibitionwill feature more than 150 exhibitors,including leading names such as TravisPerkins, SIG, Knauf, Polypipe, IdealHeating, Vokera, Technology StrategyBoard, NICEIC, and Intergas. As well as the technology providers, a range ofGreen Deal stakeholders will berepresented including MCS, Gemserv,BRE, National Refurbishment Centreand a range of Green Deal Providers.

Knowledge HubsThe exhibition floor also plays hostto four free of charge seminar anddemonstration areas. They offersomething for everyone, with TechnicalMasterclasses on Building Services andBuilding Fabric, the Technology StrategyBoard’s Retrofit Case Studies Hub whilstThe Retrofit Journeys Hub will help allprofessionals to find their niche inThe Green Deal.For more information visit:www.retro-expo.co.uk/whats-on/seminar-programmes

Retrofit Buyers ForumDesigned to connect large-scale buyersof goods and services under The GreenDeal with manufacturers and servicesuppliers. The Forum will providediarised appointments for over 100buyers in one-to-one meetings.

Buyers will be from main contractors,local authorities, registered sociallandlords, specifiers, commercial clientsand end users, as well as merchants andGreen Deal Providers.For more information visit:www.retrofit-buyers.co.uk

Retro Expo AwardsThe Retro Expo Awards recogniseexcellence in retrofit products, projectsand people across the domestic,commercial and public sector markets.The launch of The Green Deal promisesmuch for the retrofit market, but it isalready an established and thrivingmarket in its own right worth £32 billionper year in the UK alone. With financetight and the newbuild sector struggling,retrofit is both a means of maintainingasset value and supportingorganisational sustainability priorities,as well as enhancing the building user’sexperience and achieving carbonreduction targets.

The awards will recognise and celebrateexcellence in all stages of the retrofitprocess. From large scale retrofitprocurement to enabling technologies,real-world projects and R&D trials, noother awards event will bring togetherthe dynamic retrofit.

There are 12 Award categories in total,which will be judged by an expert,independent panel of members of theRetro Expo Editorial Board. Winners willbe announced at The Retro Expo Awardceremony taking place on 31 October2012 at The NEC, Birmingham.For more details on how to enter or book tickets and a table for thisfantastic evening of celebration – visitwww.retroexpoawards.co.uk

Retro Expo will take place atthe Birmingham NEC from30th October – 1st November2012. For more informationand to pre-register visit:www.retro-expo.co.uk

A new three-day exhibition and conference taking place at the NEC,Birmingham from Tuesday 30 October – Thursday 1 November 2012,will focus on the most decisive ways to deliver the UK’s energy efficientfuture and fully understand The Green Deal.

RICS Modus DPS :Layout 1 14/09/2012 10:46 Page 1

MODUS_Oct_P30-31_Retro_ad.indd 30 17/09/2012 15:26

150+ Exhibitors

80+Seminars

20+Live Demos

Showcasing energy efficient retrofit solutionswww.retro-expo.co.uk

www.retro-expo.co.uk

Retrofit Buyers Forum

Retro Expo Awards

Incorporating:

Green Deal Summit

Visitorsregister

FREEonline

BUILDING BUSINESS OPPORTUNITIESDesigners, Architects, Developers

LEARN THE TRICKS OF THE ‘NEW’ TRADEInstallers, Builders, Engineers

MEET THE CARBON REDUCTION CHALLENGELocal Government, RSLs, Public Sector

Event partners: In association with:

Retro Expo – Essential to UKLow Carbon Market

Retro Expo will provide an essentialguide to the technologies, products andservices that can help the constructionand refurbishment industry deliver lowcarbon retrofit projects for less money,less disruption but with more qualityand more visual impact.

Comprising five dynamic core elements –an exhibition of retrofit innovation,The Green Deal Summit, the Retro ExpoAwards, Retrofit Buyers Forum andRetrofit Knowledge Hubs – Retro Expo is supported by a range of key industrybodies and delivered in partnership withthe Department for Energy and ClimateChange (DECC) and BRE. Dedicated tothe low carbon boost of existing buildingsin the domestic, commercial and publicsector markets, Retro Expo will bringtogether thousands of professionals from across the retrofit supply chain,from Green Deal Providers, RSLs, LocalAuthorities, Housing Associations andblue chip occupiers and landlords tospecifiers, assessors and installers.

Retro Expo will also feature the flagshipGreen Deal Summit. The definitivestrategic conference on The Green Deal,delivered in partnership with DECC andBRE. Bringing together leaders fromacross the value chain, from clients toinstallers, the Summit will address keyissues such as finance, generatingdemand, ensuring high standards ofworkmanship and achieving affordabletechnological solutions. For the first timeever all of the UK’s leading city councils –Birmingham, Manchester, Newcastle,Bristol and Greater London Authority –will be coming together on this nationalplatform to talk about their retrofit plans.

The Green Deal SummitThe definitive conference on The GreenDeal aimed at senior-level stakeholdersfrom across the refurbishment valuechain. Entrance to The Green DealSummit is subject to a delegate fee,but Summit delegates have free access

to the exhibition. Delegates can buyindividual modules, multiple modules or a pass for the entire Summit. TheGreen Deal Summit will comprise seven modules which can be purchasedby delegates individually or in anycombination up to and including a full conference pass. Delegate pricesrange from £75 + VAT.For more information visit:www.greendealsummit.co.uk

Retro Expo –major industry names on showThe exhibition element will showcaseenergy efficient products and services forretrofit in the domestic, commercial andpublic sector markets. The exhibitionwill feature more than 150 exhibitors,including leading names such as TravisPerkins, SIG, Knauf, Polypipe, IdealHeating, Vokera, Technology StrategyBoard, NICEIC, and Intergas. As well as the technology providers, a range ofGreen Deal stakeholders will berepresented including MCS, Gemserv,BRE, National Refurbishment Centreand a range of Green Deal Providers.

Knowledge HubsThe exhibition floor also plays hostto four free of charge seminar anddemonstration areas. They offersomething for everyone, with TechnicalMasterclasses on Building Services andBuilding Fabric, the Technology StrategyBoard’s Retrofit Case Studies Hub whilstThe Retrofit Journeys Hub will help allprofessionals to find their niche inThe Green Deal.For more information visit:www.retro-expo.co.uk/whats-on/seminar-programmes

Retrofit Buyers ForumDesigned to connect large-scale buyersof goods and services under The GreenDeal with manufacturers and servicesuppliers. The Forum will providediarised appointments for over 100buyers in one-to-one meetings.

Buyers will be from main contractors,local authorities, registered sociallandlords, specifiers, commercial clientsand end users, as well as merchants andGreen Deal Providers.For more information visit:www.retrofit-buyers.co.uk

Retro Expo AwardsThe Retro Expo Awards recogniseexcellence in retrofit products, projectsand people across the domestic,commercial and public sector markets.The launch of The Green Deal promisesmuch for the retrofit market, but it isalready an established and thrivingmarket in its own right worth £32 billionper year in the UK alone. With financetight and the newbuild sector struggling,retrofit is both a means of maintainingasset value and supportingorganisational sustainability priorities,as well as enhancing the building user’sexperience and achieving carbonreduction targets.

The awards will recognise and celebrateexcellence in all stages of the retrofitprocess. From large scale retrofitprocurement to enabling technologies,real-world projects and R&D trials, noother awards event will bring togetherthe dynamic retrofit.

There are 12 Award categories in total,which will be judged by an expert,independent panel of members of theRetro Expo Editorial Board. Winners willbe announced at The Retro Expo Awardceremony taking place on 31 October2012 at The NEC, Birmingham.For more details on how to enter or book tickets and a table for thisfantastic evening of celebration – visitwww.retroexpoawards.co.uk

Retro Expo will take place atthe Birmingham NEC from30th October – 1st November2012. For more informationand to pre-register visit:www.retro-expo.co.uk

A new three-day exhibition and conference taking place at the NEC,Birmingham from Tuesday 30 October – Thursday 1 November 2012,will focus on the most decisive ways to deliver the UK’s energy efficientfuture and fully understand The Green Deal.

RICS Modus DPS :Layout 1 14/09/2012 10:46 Page 1

MODUS_Oct_P30-31_Retro_ad.indd 31 17/09/2012 15:26

10 OF THE BIGGEST CITY PROJECTS

32 rics.org

DEAD SEA JORDAN The Dead Sea attracts more than a million tourists a year, drawn by the health benefits of bathing in the dense saltwater at the world’s lowest elevation point on land. Although several small communities have lived around the sea for thousands of years, the rapid increase in tourism in recent years has led the Kingdom of Jordan to boost investment in infrastructure and tourist facilities. Architecture firm Sasaki’s 40km2 Dead Sea Development Zone masterplan aims to bring as much sustainable development as possible into the tourism-based economy. The first steps included identifying the boundaries of privately held land outside the development plan, and protecting ecologically sensitive land via a Strategic Environmental Assessment, the first of its kind in the country. ‘The biggest challenge has been to consider the long-term benefits to the community,’ says Dennis Pieprz, principal on the project. The plan will be implemented over the next 20 years.

Compiled by Brendon Hooper

MODUS_Oct_P32-35_Big rebuild_v3.indd 32 18/09/2012 17:12

10.12 // MODUS 33

Masterplanning //

MÖNCHENGLADBACH GERMANY When Mönchengladbach and neighbouring Rheydt merged in the 1970s, it was hoped the new planning strategy would herald a boom after years of industrial decline. However, over the past few decades, the two city zones have only grown further apart and so, since October 2011, Grimshaw Architects has been working on a masterplan for an overall rethink of the region. In association with local project partners FSWLA and Konrath & Wennemar, and through collaboration with MG 3.0 Masterplan Mönchengladbach, an alliance of local people, the project will provide substantial improvements in infrastructure, urban movement routes and the appearance of inner-city areas. ‘Local people are key,’ says Kirsten Lees, a partner at Grimshaw leading the masterplan. ‘They are the bearers of knowledge about the history of their city, and can provide useful insights to its progress and revitalisation.’

SHANGHAI CHINAChina’s second-biggest city is growing so fast and successfully that it will soon need not one central business district (CBD), but three. With Shanghai’s population expected to rise to 22.5m people by 2020 (from 19.2m in 2010), the Lujiazui Group has been increasing the development of the city’s Pudong CBD since the early 1990s. This year, the group selected architecture firm Benoy to design the Lujiazui Pudong Qiantan ES4 Precinct Core Area as the city’s third CBD. The 34-hectare area will see around 1.8m m2 of mixed-use development built as a major public transport interchange and a waterfront entertainment destination. Diversity will be key to the Qiantan project’s long-term appeal, says Ian Hau, urban designer at Benoy. ‘The vision is to create Shanghai’s premier business address, residential community, transportation hub and lifestyle destination.’

LONDON UK Overwhelmed by traffic, Elephant and Castle has long been seen as one of the areas of central London most in need of investment. Now this vibrant area will undergo a massive £1.5bn regeneration led by Southwark Council, with developer and commercial partner Lend Lease providing the masterplan. Expected to complete in 2025, the development is one of 10 low-carbon zones identified by the Mayor of London, and will include 2,800 new homes, shops, restaurants and community facilities including a large park. A 37-storey building designed by Squire and Partners and recently submitted for planning permission will become the tallest residential tower in the UK to meet Level 4 of the Code for Sustainable Homes. ‘We aim to create a place with high-quality homes and impressive design and architecture that also helps residents reduce their carbon footprint,’ says project director Rob Deck.


Masterplanning//

34 r ics.org

SHUNDE CHINA ‘Landscape is the answer,’ says the team at SWA Group, a firm of architects and urban planners based in the US and China. It is certainly the theme behind its masterplan for Shunde New City, a 72km2 extension to the city on the Pearl River delta, which will weave itself into the surrounding wetland system and wildlife conservation areas. The design will mix large-scale development alongside measures to protect the delta ecosystem, with mixed- use villages on ‘islands’, linked by environmentally sensitive infrastructure and multi-modal transport stations. At these stations, residents of the new city will be able to use high-speed rail, a local monorail, water taxis, low-emission buses and efficient pedestrian walkways. SWA has criss-crossed the city with flexible waterways built not only for transport and recreation, but also to increase flood protection capacity and to increase wildlife habitats.

CONVIDA SUAPE BRAZILAway from the spotlight of the 2014 football World Cup and 2016 Olympics preparations, Brazil’s economic boom is fuelling construction on an enormous scale. Earlier this year, the state of Pernambuco in the northeast approved the development of an extension to the city of Cabo de Santo Agostinho, near the coastal town of Recife. Named Convida Suape, the masterplan for the city has been designed by Broadway Malyan for clients Moura Dubeux Engineering and Cone S/A, and will transform 470 hectares, split into 10 sustainable neighbourhood districts, to house around 100,000 people. Some of the design’s elements include landscaped walkways and river ‘corridors’ to encourage walking and green transportation as much as possible. ‘Convida Suape will set a benchmark for strategic urban development and city expansion projects in northeastern Brazil, which is now one of the fastest growth areas in the world,’ says Phil Bonds, director of urban design at Broadway Malyan.

DUBAI UAEConstruction has been stop-start since 2009 on what will eventually become a 1.85m m2 mixed-use ‘city within a city’, opposite Dubai’s famous Palm Jumeirah island. Despite losing one of its largest investors and scaling back construction activity in 2011, developer Al Habtoor Leighton Group has stated that it is on course to complete phase one of the US$6bn (£3.8bn) Dubai Pearl project next year. A consortium of investors led by Abu Dhabi’s Al Fahim Group appointed German architecture firm Schweger & Partner to design the masterplan, with an emphasis on making the city as walkable and community-centred as possible. A mix of houses, apartments, shops, hotels, offices and cultural spaces will surround four 300m-high towers, all connected by sky bridges. Once complete, the Dubai Pearl will house around 9,000 residents and later host the Dubai International Film Festival in a purpose-built theatre complex.

Imag

e Get

ty


10.12 // MODUS 35

MOSCOW RUSSIAOver the past decade, Moscow’s population has increased from eight million to 11m, leaving the city bursting at the edges. Last year, to relieve the congested city centre and free up space for public housing, the Russian Federation Council enacted an unprecedented plan to expand the city to the southwest by 150,000 hectares – an area increase of around 50%. To choose a masterplan, the council launched the Moscow City Agglomeration Development Concept competition, which more than 70 firms entered. The overall winners were recently announced – the design and planning of the new federal district will be developed by the Capital Cities Planning Group, led by US-based Urban Design Associates, and the overall city planning will be led by Paris-based designers Antoine Grumbach and Jean-Michel Wilmotte.

SEOUL SOUTH KOREA Divided into a series of ‘islands’ alongside the Han River, Archipelago 21 is Studio Daniel Libeskind’s colossal masterplan for the redevelopment of the Yongsan International Business District in Seoul. More than 2.7m m2 of built area will include a new business district, shops, residential neighbourhoods, cultural and educational facilities, and a transport interchange. Developed by Dreamhub with sustainability engineering from Arup, 66 new buildings are to be constructed, 24 of which will be skyscrapers. Studio Daniel Libeskind will also design three residential towers, named ‘The Dancing Towers’, as well as an office development called ‘The Harmony Tower’. Despite the vast scale of the project, the architect hopes to balance the city with a personal touch: ‘To me, it’s about creating a city with intimacy and grandeur,’ said Libeskind. NEW MEXICO US

A vast 15 square-mile city, large enough to support 35,000 people, is being built in the desert of New Mexico. Set to complete in 2014, new roads, houses and commercial buildings will be constructed alongside complex networks for telecommunications and water management systems. The thing is, no one will actually live there. Created by Pegasus Global Holdings, the Center for Innovation, Testing and Evaluation (CITE) will be used for just that – as a large-scale ‘laboratory’ to test smart power grids, cyber security, and traffic and surveillance systems. ‘CITE will allow private companies, not-for-profits, educational institutions and government agencies to test with real- world infrastructure to better understand the cost and potential limitations of new technologies,’ says Robert Brumley, CEO of Pegasus Global. Funded by up to US$1bn (£640m) of private sector investment, more than 3,500 jobs have been created.


ANDREW HEYWOOD INVESTIGATES THE VOLATILE HOUSING BUBBLE THAT’S THREATENING TO ENVELOP THE CAPITAL

LONDON CALLING

There has always been an international element to London’s housing market. However, in recent years the scale of overseas investment

has changed dramatically, increasing from £3.7bn in 2010 to £5.2bn in 2011 – more than the entire government spend on the Affordable Housing Programme for England for the period 2011-15. It is also equivalent in value to more than 30% of all mortgage loans for house purchases issued in London in 2011. An increase in demand for residential property on this scale is unprecedented in the UK, yet it has received remarkably little public attention and is still not a significant element in the London housing policy debate. However, such a rise carries a marked element of risk, and cannot fail to have a dramatic effect on the London market and further afield.

This year is expected to be a record year for overseas investment. It’s estimated that more than 60% of new homes in central London are currently being bought by overseas investors – mainly from the Far East – whereas in 2010, Savills estimated that overseas investors accounted for just over 50% of buyers in the prime London market.

Although it’s estimated that some 64 different nationalities currently invest in London’s housing market, overseas investors can be divided into three broad groups. The first are buyers from Europe and North America, who may purchase to either gain a residence or for investment purposes. Then there are investors from a range of countries who may be seeking economic security and/or a political ‘safe haven’ from potential troubles in their own countries or regions. Of this group, Russia

appears to be the most common country of origin, followed by the United Arab Emirates and Singapore. However, there has reportedly been an upsurge of interest from France in the wake of President François Hollande’s announcement that he intends to introduce a wealth tax. The final group are investors, often from East Asia, who have an interest in a combination of rental yield and capital growth, and who are attracted by new-build properties. Although this group tends to operate at the top end of the market, it is also known to be active in the £400,000-£1m market.

Overseas investment is not spread equally across all London boroughs – in fact, it is definitely an inner-London rather than an outer-London phenomenon. The focus is on certain ‘high price’ boroughs, with Westminster, Kensington and Chelsea, Camden, Wandsworth, Lambeth,

36 rics.org

Illus

trat

ion

by D

erm

ot F

lynn

MODUS_Oct_P36-39_Investment+Law_Advice_v3.indd 36 17/09/2012 15:30

and Hammersmith and Fulham all in the top 10 in terms of popularity.

The implication of investing in overseas property for reasons that are not primarily to do with gaining a home or a rental return is that much of this property will be empty for much, or all, of the time. Some may be used occasionally as a pied-à-terre, whereas others will simply be left vacant while investors wait for capital appreciation. Anecdotal reports suggest that the latter is more often the case.

In the public mind, overseas investment is particularly associated with properties in the £1m-plus price bracket, probably reinforced by the media, which reports on affluent high-profile individuals buying massive London properties. This has led some commentators to suggest that the impact of overseas investment on house prices for most Londoners will be limited

– but this is not true. Overseas buyers with an interest in capital and rental returns have also been active in the mainstream market, and there is an inevitable trickle-down effect when overseas buyers compete with domestic buyers at the top end of the market, as the displaced party often then begins to compete for properties lower down the price range.

It’s impossible to have an increase in housing demand on this scale, over such a short period of time, and not experience distorting effects. In recent years, the London housing market has been diverging from that of the country as a whole, particularly since the onset of the banking crisis in 2007. Although, generally, home ownership is falling throughout the country, in London it is down to 53.5% as opposed to 66% for England. According to Oxford Economics, home ownership in London

could fall to 40% by 2025. Affordability, caused by escalating prices, is a major issue, exacerbated by the demand from overseas investors. Also, according to the Land Registry, house prices in England and Wales fell 9.4% between June 2007 and June 2012, whereas in London they rose 7.3%. London house prices remain far higher than the rest of the country, and price rises are particularly evident in the desirable inner-London boroughs, such as Kensington and Chelsea, where inward investment has been focused. Likewise, although affordability has modestly improved in the country since 2007, in London it has continued to deteriorate overall, particularly in those boroughs where overseas investment has been most evident, although it is true that there are areas in outer London where affordability has slightly improved. >>

10.12 // MODUS 37

Overseas investment//


38 rics.org

Household incomes are higher in London than elsewhere in the country, but this cannot wholly explain or compensate for the current trends in house prices and affordability. The median household income for the borough of Kensington and Chelsea is £39,000, but the average house price is £1.25m – 31 times this income.

On its current scale, overseas investment is distorting the London housing market. Perhaps more seriously, it is also contributing to nationwide housing market volatility, aggravating an already dysfunctional market where housing supply is constrained, the mortgage market remains highly conservative and housing transaction numbers are at historically low levels. Overseas investors are motivated by a range of considerations that include perceptions about future economic performance of different national and regional economies, financial and political stability in other parts of the globe, comparative capital and rental returns in other housing markets, and the

tax position in the UK compared to other jurisdictions. Therefore, such investment is potentially very mobile. They do not have a long-term commitment to London and, unlike domestic homeowners, they are not constrained by the need to maintain a home, travel to work and keep their children at a good school. In short, they can disinvest just as quickly as they can invest.

In London, the property market is at risk of turning into a ‘housing bubble’, which could burst quite suddenly if the level of investment is reduced or disinvestment occurs. This could have very serious consequences for existing homeowners and for the housing market nationwide. It could also further undermine the UK mortgage market. Arguably, consequences for the construction industry could also be severe, as this too has become very dependent on the additional demand that overseas investment represents.

The unprecedented scale of overseas investment in London’s property market

is probably the most important and urgent housing policy issue facing the capital. Nevertheless, it needs careful consideration. Inward investment in housing is clearly not a bad thing. If this investment were channelled into the development of affordable homes for rent there would be little cause for concern. Therefore, it’s essential that policymakers, politicians and market players come together to discuss how – and indeed whether – overseas investment can be utilised in a way that promotes a better supply of housing and affordability for those living and working in the capital in the long term, rather than driving up asset values and creating a real risk of instability.

ANDREW HEYWOOD is a freelance housing finance consultant and author of the report, London for sale?: An assessment of the private housing market in London and the impact of growing overseas investment. smith-institute.org.uk

Overseas investment//


Law advice//

Tax changes for

HIGH-VALUE PROPERTYIllustration by Borja Bonaque

10.12 // MODUS 39

In the 2012 Budget, the government targeted tax avoidance schemes for high-value residential property, particularly where properties are held in corporate or other ‘envelopes’. The increase in stamp duty land tax (SDLT) rates to 7% and 15% on properties valued at more than £2m is already well publicised, but the government’s further proposals – planned for the Finance Bill in April 2013 – include the introduction of an annual charge and an extension to the capital gains tax (CGT) regime.

ANNUAL CHARGEAimed at schemes intended to avoid SDLT on future sales, the new annual charge will be levied on residential properties valued at more than £2m and owned by ‘non-natural’ persons – companies, partnerships and collective investment vehicles. It will not extend to bona fide property development businesses (where

property is acquired for redevelopment and resale, and where the business has been operating for a minimum of two years), or to some corporate trustees, charities and certain classes of exempted residential property, such as care homes, military accommodation and student halls of residence.

Property valuations will be self-assessed, and the valuation base date altered on a five-year cycle. The valuation date for annual charges due from April 2013 is 1 April 2012 (or, if later, the date of acquisition, or the date on which a subordinate property interest is created or ceases). The annual charge will be increased each April, and pegged to the consumer price index level from the previous September. Charges will be banded, beginning at £15,000 for properties valued at £2m-£5m, and rising to a maximum of £140,000 for properties worth more than £20m. Those valuation bands are not, however, index-linked, and when values eventually begin to appreciate more properties will be caught.

Independent valuations are recommended to protect property owners from the risks of negligent self-valuation or the failure to establish a proper valuation, both of which will be penalised by HMRC. Also, properties that are valued at the charge thresholds – £2m, £5m, £10m and £20m – can expect to be the subject of particular scrutiny.

EXTENSION OF CGTThe aim of the CGT extension is to support the annual charge by creating a further deterrent to enveloping, and to effect a more equal tax treatment between UK and non-UK residents. From April 2013, the CGT regime will extend to gains on the disposal of UK residential property by non-domiciled ‘non-natural’ persons. Again, the extension of CGT will only apply to a disposal or part disposal (including the grant of an option) of residential property where the consideration for the disposal exceeds £2m.

The extension of the regime will also apply to gains on the disposal of assets that represent, either directly or indirectly, relevant UK residential property – for example, shares, interests or securities in a property-owning company where more than 50% of the value of the asset is derived from UK residential property. The measure will apply to the total gain accrued during ownership of the property and not merely a gain accruing after April 2013. For non-UK domiciled companies that are currently liable to corporation tax, gains arising from the disposal of UK residential property will continue to be chargeable to corporation tax. Correspondingly, non-UK resident companies not liable to corporation tax will now find themselves liable to the extended CGT regime. The rates of tax will be confirmed in the 2013 Budget.

The government’s proposals are not intended to capture bona fide property investors, developers or individuals who ‘envelope’ their property for genuine commercial or inheritance tax reasons. But it remains to be seen whether there is any reduction in the potential impact of the government’s proposals when draft legislation is published. The finer detail of that legislation will dictate how, and to what extent, property owners will be encouraged to hold residential property directly, by ‘de-enveloping’.

CAROLINE PIERCE is an associate and TIM BROOKES is a partner in Gateley LLP’s real estate team. gateleyuk.com

THE AIM IS TO DETER ENVELOPING AND EFFECT A MORE EQUAL TAX TREATMENT BETWEEN UK AND NON-UK RESIDENTS


‘

40 r ics.org

The Shard was a beacon in some ways. While the whole financial world was in meltdown, it was one of the only projects to keep moving forward. When we started as project managers in May 2008, MACE were busy demolishing the original Southwark Towers. We had to convert the construction management contract into a traditional fixed-price lump- sum contract – a requirement of the funder – and keep the whole London Bridge Quarter project viable in an extremely unfavourable commercial market. It was a huge challenge.

I’m responsible for the project’s commercial management, but as a team we look after finance, cash flow and contract administration. It’s a reflection of the strength and depth of Turner & Townsend that we had the right people that could come together to deliver this role on such a complex and multifaceted project. The Shard is the centrepiece, but there is also The Place – which is often overlooked but is an equally fabulous building – and the complex redevelopment of London Bridge train and bus stations. My background is in quantity surveying. I did a part-time degree at Westminster while I was working for a small surveying firm, where I stayed for 14 years. During that time I also became chartered, which was a real goal for me. It gives you a certain amount of confidence, as well as competence. Now I help others with APC training and counselling, and we’ve actually had several people complete work experience on this project.

I wanted to work on bigger schemes, so I started at Turner & Townsend as a senior cost manager nearly seven years ago and am now a director. I’ve been site-based working on the Shard for four years. At the beginning, there was an intense period where we were very focused on getting the commercials and the contracts right, as we had ambitious

targets to have the build ready for the London 2012 Games. As the building went up, our role changed to day-to-day management and administration. The high-rise construction techniques and technology on the Shard really pushed boundaries but, for us, the development of the surrounding infrastructure proved the most complex and complicated. Not only did we have to manage interfaces with third parties, such as Network Rail, London Underground Limited and Guy’s and St Thomas’ Hospital, we also had to consider the health and safety issues of working within a live environment – for example, we built the new London Bridge train station roof above the old one, and then lowered it down.

Our team has fluctuated over the course of the contract – at the peak we had 25 people, and now we have 15. Some of those people have now moved on to the next phase: the fit-out. This wasn’t part of the original appointment, but now the core-and-shell phase is coming to an end, we’ve been retained to manage the fit-out. We’ve done a number of floors already, including the show apartments and the viewing gallery. The restaurant tenants have recently been announced, so now we’ll be looking to get that fit-out started, too.

The work hasn’t really stopped – and for me I think that will continue. This area needed investment and there will be more commercial opportunities on the back of the London Bridge Quarter, which I will help to develop. However, it will be hard to beat the experience I’ve had on this project. The Shard won’t be matched in terms of height – it’s pretty much at the limit when you think of flight paths etc – but buildings tend to cluster, and I can imagine more towers going up around it. The Shard is an inspiring example for the construction market of what can be achieved.londonbridgequarter.com turnerandtownsend.com

Director, Turner & Townsend, LondonEDWARD CINIInterview by Samantha Whitaker Photograph by Thomas Ball

1o minutes with…

’MODUS_Oct_P40-41_Profile.v2.indd 40 17/09/2012 14:26

Profile//

Edward Cini MRICS led the project management team on the

London Bridge Quarter development

MODUS_Oct_P40-41_Profile.v2.indd 41 17/09/2012 14:26

* For full terms and conditions of fees (paid only to property professionals on unconditional exchange) please refer to our web-site.

That’s why we are committed

to being as flexible as possible in

agreeing and signing a deal that

works for everyone.

That’s what partnership is all about.

WWW.KFCDEVELOPMENT.CO.UKFind out more online at

or call us today on 01483 717 188 if you know a site

that fits our requirements.

SIGN ABOVE

2 E E A .indd 1 2 /05/2011 10:20

MODUS_Oct_P42-53_Info_v2.indd 42 18/09/2012 10:37

01.11 // MODUS 09

INFORMATION :RICS NEWS :DIARY :BENEFITS :RESOURCES

More than a hundred RICS members responded to a short survey during August and September on the eff ects of empty property rates (EPR). Recognising the pressing need for updated evidence on the impact of EPR on development, occupation, the decline of the high street and its wider impact on growth for UK plc, RICS launched the research project, calling on the expertise of its members – particularly those who see the impact of EPR in their work. RICS will use the results of the survey to advise UK government by providing robust analysis and practical solutions.rics.org/infl uencingpolicy

EMPTY PROPERTIES USEFUL NUMBERSCONTACT CENTRE+44 (0)870 333 1600

General enquiriesAPC guidanceSubscriptionsPasswordsLibraryBookshop

REGULATION HELPLINE+44 (0)20 7695 1670

CONFIDENTIAL HELPLINE+44 (0)20 7334 3867

DISPUTE RESOLUTION SERVICES+44 (0)20 7334 3806

SWITCHBOARD+44 (0)20 7222 7000

IT’S THE FIRST STEP TOWARDS PROPER GUIDANCE FOR THE MARKET IN A BID TO MAKE PROPERTIES MORTGAGEABLE AGAIN

Philip Santo FRICS on the RICS Japanese knotweed information paper

10.12 // MODUS 43* For full terms and conditions of fees (paid only to property professionals on unconditional exchange) please refer to our web-site.

That’s why we are committed

to being as flexible as possible in

agreeing and signing a deal that

works for everyone.

That’s what partnership is all about.

WWW.KFCDEVELOPMENT.CO.UKFind out more online at

or call us today on 01483 717 188 if you know a site

that fits our requirements.

SIGN ABOVE

2 E E A .indd 1 2 /05/2011 10:20

Imag

e Sh

aw &

Sha

w


08 r ics.org

RICS in Japan

FACTS, STATS & SURVEYS

RICS news//

44 r ics.org

RICS is pleased to announce the establishment of RICS Japan. As an incorporated entity, the institution agrees to act in the public interest by building confidence in its membership, and encouraging professional development and raising standards in the region. As the

world’s third largest economy, Japan is an important market for RICS with increasing reconstruction and public construction spending creating a demand for real estate professionals. ‘RICS sees Japan as a long- term strategic market and it’s our priority to

continue to invest in this part of the world,’ said RICS Chief Executive Sean Tompkins. ‘The property sector in Asia is booming, and RICS qualifications and standards will help to enhance professionalism in this market.’ rics.org/asia

Illus

trat

ions

Osc

ar B

olto

n Gr

een,

Ber

nd S

chiff

erde

cker

The average price per acre in the transaction-

based measure of farmland prices,

down 7%

The average price per acre in the opinion-based

measure, up by 2% and 8% higher than a

year ago

£6,628Prices for commercial farmland reached record

levels for the fourth consecutive period

4th

At the start of the academic year, RICS advised thousands of students looking for rental accommodation to use a regulated lettings agent to ensure that they are fully protected throughout the process. With university-owned accommodation snapped up early, many students opt for private rental – almost half a million last year, according to the Higher Education Statistics Agency. But despite a booming student lettings market, there is no compulsory regulation of agents, which means that anyone can set up an agency with no qualifications, training or regulations. RICS recommends only registering with a lettings agency regulated by a recognised accreditation scheme or professional body. ‘Regulated RICS members are obliged to act transparently and fairly throughout transactions, whether taking references, negotiating agreements, protecting deposits or managing properties,’ said RICS London housing spokesman Jeremy Leaf. To download the RICS renting guide, which includes a checklist of the process and where to go for advice, visit rics.org/renting.

RICS has published a document to address the varying definitions of ‘fair value’, and the circumstances in which each definition is used. The document outlines how and when you would use the term for financial reporting purposes and how it links to the International Financial Reporting Standards. As the general concept of fair value has evolved, it has acquired two distinct meanings. Care is required, therefore, in engagement and in reporting to ensure that the client receives the advice they require. The underlying principle that valuations at market value are the same as fair value (under the International Accounting Standards Board) is unchanged – and it is very unlikely that there will be any impact on valuation figures. Search rics.org for ‘fair value’ to download the report.

WHAT IS FAIR VALUE?

LETTINGS ADVICE

£7,794


01.11 // MODUS 0910.12 // MODUS 45

The estimate of average yields on agricultural

land – roughly unchanged since 2009

2%transactions took

place during the first six months of 2012

(down from 298 in H2 2011)

more respondents predict prices to rise

over the next year

44%Highlights from the

RICS/RAC Rural Land Market Survey, H1 2012.

rics.org/ruralmarketsurvey

115

Alan Collett FRICS RICS President

‘As members, we hold the surveying profession in trust: for each other, for society and for future members’

The London 2012 Olympics were a triumph for everyone involved in the project from start to finish. It would never have been

possible without chartered surveyors. If you haven’t already, do please take a look at the RICS videos on YouTube (youtube.com/ricsmediacentre) to find out more. We can be proud of our role and celebrate it with others outside the profession.

During the Games, a little-reported incident occurred in the Olympic swimming pool at the Aquatic Centre. A swimmer who won a gold medal subsequently admitted to breaking the rules. Allowed a single dolphin kick in the breaststroke, he admitted to doing several – deliberately. He justified his actions by saying the rule was poorly policed and that, for this reason, any competitor who wanted to win had to break it. He was right about the first point, and arguably the second, too. The authorities decided to take no action against the athlete. Having trained all his life for his moment of glory the swimmer ultimately put his personal gain ahead of the Olympic ideal of fair play. He forgot what it meant to be a true Olympian, and devalued its status for all athletes.

What would be the equivalent in our world? Perhaps to promise a potential client that work

will be carried out in a certain way, with the unspoken intention of cutting corners in order to save costs. The surveyor who wins a contract in this way tells himself that the client got what he paid for (if unwittingly), and no less than a competitor would have delivered. Such behaviour would always be unethical, as well as breach of contract. Any surveyor going down this path has forgotten what it means to be a professional and devalues the profession.

As members, we all belong to the profession. But, in fact, we hold the profession in trust: in trust for each other, for society and for future members. Our contributions in professional and ethical behaviour, our ideas and insights – and, yes, our membership fees – give life to the Institution. Many of ‘the staff’ are members themselves, and those who are not bring invaluable expertise from outside the profession. Some 1,000 members serve on RICS committees, and many more give their time as assessors or mentors.

In professional sport the competitors may be ‘us’, and the officials ‘them’. In our profession, any such distinction would be artificial. We are them and they are us. That’s something to be proud [email protected]

RICS has published new research that unravels the significant risk factors responsible for the variability between the contract sum and final account in traditionally procured building

projects. The risk factors relate to the level of design information, or lack of it, at the pre-construction stage, and include changes in design, unexpected site conditions and variations

by the client. Using the identified factors, together with the computed variability between contract sum and final account, a predictive model was developed for new-build commercial

projects using the Artificial Neural Network (ANN). The developed model is potentially a practical tool to help provide more accurate cost advice based on the notion of risk. rics.org/research

COST VARIABILITY IN CONSTRUCTION PROJECTS

PRESIDENT’S COLUMN


08 r ics.org

Benefitsrics.org/benefitsplus

Advertorial//

46 r ics.org

Presenting your risk

To view all the latest offers, new partners and monthly and seasonal promotions, visit rics.org/benefitsplus.

There are around 10,000 surveying firms in the UK, which means that RICS-listed insurers may receive more than 40 proposal forms a day from surveyors. Combine this with those from financial advisers, engineers, architects and other professions and it’s easy to see why a crucial piece of information that might reduce premium can be missed. The following are steps that firms can take to help ensure a favourable response from insurers.

Submit renewal information at least six weeks before the renewal date to allow your broker time to resolve queries and complete negotiations with insurers.

Submit neat, accurate documentation, with a typed (rather than hand-written)

proposal form. Many forms are either inaccurate or illegible, which delays the provision of quotes and does little to reassure insurers about a firm’s approach to risk management.

Include a covering letter explaining factors, such as recent changes to the practice, special procedures applied to higher risk instructions, what positively differentiates your firm’s approach to risk management and a brief explanation of any unusual instructions in terms of either value or nature.

Provide a brief evaluation of any work done for severely distressed lenders or clients that have entered administration. Insurers will be more concerned about claims arising from these instructions than from those

for lenders that remain operational. Provide a summary of the status

of all current notifications, including, where known, information on any subsequent transactions involving the property that the claim relates to.

Outline the steps that have been taken to prevent reoccurrence of similar notifications.

Where a firm has experienced a series of notifications or claims, particularly relating to the work of an individual, analyse the likelihood of other issues occurring and provide a report.

Include details of key clients’ lending criteria – both past and present.

Provide information on what has happened to the highest value properties since the valuation was done.

A senior member of the firm should oversee the preparation of the submission, and should also be available to respond to any queries.

Be realistic. If you know that your firm has a poor claims history do not leave renewal until the last minute. Contact your broker at least three months ahead of the renewal and ask them for guidance on what to do to ensure that you can obtain insurance.

While this approach won’t guarantee a reduction in premium, it should help elicit a favourable response from insurers and, in some instances, it will make the difference between obtaining cover and not obtaining it.

For further assistance, contact Emma Vigus or Phil Davis on 020 7648 7210 or [email protected].

MODUS_Oct_P42-53_Info_v2.F1.indd 46 18/09/2012 17:14

01.11 // MODUS 0910.12 // MODUS 47

The new integrated RICS website allows members to customise and personalise their online experience

RICS

Clearer, faster, smarterClearer, faster, smarter

The new RICS digital platform is live. You told us that we needed to make content on our website easier to fi nd, and foster open discussion and commentary. You wanted us to help facilitate professional networking. Above all, you wanted us to provide a platform to help you at each stage of your professional life. As a result, we’ve transformed our online presence, putting you – the members – at its heart. With a whole host of features, our new digital platform puts you in control.

SOME COMMENTS: ‘It is great to have a website

that I am proud to direct the public towards.’ ‘I love the fact that you can

personalise the website to your preferences. It’s much more intuitive, and it’s easy to fi nd what you’re looking for. My favourite part is the ability to follow topics – the information I want is always right there.’ ‘The new website is easier to

navigate, aesthetically pleasing and has a diverse range of information.’

THE WEBSITE FEATURES AND BENEFITS INCLUDE: Professional networking,

where you can build your profi le and be found (and fi nd others) in the member directory Personalised content so

that you choose the topics you want to follow and automatically see content

that is relevant to your geographical location Easier navigation that allows

you to click a topic tag to see all the latest news and information for that subject An integrated shop for all

products, training and services across RICS Log in using your email

address so you won’t need to remember your membership number, and the ability to reset your password via the site Online management of your

communication preferences, as well as the planning, recording and reviewing of your CPD Comment on content and

respond to comments from other users across the site

The latest news from RICS available at a click.

If you haven’t already taken advantage of the new features available, visit rics.org today where you will be guided through the process. To fi nd out more about the platform, watch videos that explain the key features at rics.org/demo.

Do you have any feedback on the new site to share with us? Join the RICS LinkedIn group at linkedin.com and add your comments to the website discussion thread.

10.12 // MODUS 47


BL0022_BLP_May_Ad_274x202_Modus.indd 1 12/5/11 14:39:12MODUS_Oct_P42-53_Info_v2.indd 48 18/09/2012 10:38

07.12 // 08.12 MODUS 47

Membership DISCIPLINARY PANEL 2, 3, 4 APRIL; 31 MAY; 20 AND 24 JULY 2012Philip Antino MRICS, EssexSummary of fi nding: contrary to Rule 3 x 3 and Rule 8 x 1 of the Rules of Conduct for Members 2007Penalty: reprimand x 3/fi nes x 3/costsNote: Philip Antino has lodged an appeal

DISCIPLINARY PANEL 25 JULY 2012Raymond McIntosh MRICS, Newcastle upon TyneSummary of fi nding: contrary to Rule 3 of the Rules of Conduct for Members 2007Penalty: reprimand/costs

For full details, visit rics.org/conductcases.

SATISFACTION WITH MODUS INCREASES

Conduct

15 OCTOBERResidential Building Surveys This practice note forms the top-level service in the suite of RICS home surveys, which also includes the Condition Report and HomeBuyer Report. The new RICS Residential Building Survey service includes a licensed template. It is aimed at residential chartered surveyors.

9 NOVEMBERDaylighting and sunlighting This guidance note will be an integral element of the RICS neighbour dispute suite and a companion guidance note to RICS Rights of light guidance note 2010 (fi rst edition). This output is particularly important for local authority and small-scale development in residential and suburban areas.rics.org/standards

OPEN FOR CONSULTATIONUNTIL 26 OCTOBERDesign and specifi cation guidance note

FROM 4 OCTOBER TO 5 NOVEMBERAppointing a project manager guidance note

UNTIL MID OCTOBERManaging communications information paperrics.org/standardsconsultations

RAISING STANDARDS

10.12 // MODUS 49

BL0022_BLP_May_Ad_274x202_Modus.indd 1 12/5/11 14:39:12

Thank you to all members who contributed to the Modus readership survey in May and June this year. The results show that the magazine is highly valued by the readership. There are strong results across the board, with signifi cant uplift in most categories, securing Modus’ place as an important part of RICS membership.

HIGHLIGHTS: Nearly 70% of those

surveyed read at least half of Modus (up 5%) with half reading Modus for 30 minutes or more (up 14%) 60% look forward to

receiving Modus – a 29%

increase on last year and an impressive result for a membership title 59% said Modus

improves their perception of RICS (up 28%) 83% of those surveyed

had read the latest issue (90% in the UK) – another impressive result for a membership title Positive response to

the question, ‘Do you agree that the magazine showcases the latest thinking?’, with 59% agreeing or strongly agreeing (up 11%), and only 14% disagreeing 61% take a positive

action after reading Modus – perhaps by

visiting rics.org, booking an event or discussing content with a colleague 45% have accessed

Modus online despite there being no additional content, and 70% said they would fi nd an online resource with more frequent news stories, features, videos etc useful.

This strong set of results follows external recognition for Modus: a highly commended award from the Association of Publishing Agencies for best membership title, and acclaim from Cover Junkie – a blog renowned for celebrating only the best publication covers.

MODUS ONLINE SURVEY RESULTS

Join Governing CouncilThe nomination window for the election of more than 20 Governing Council seats opens at the end of October. In recent years, RICS has moved from a UK-centric organisation with overseas offi ces to a truly international organisation that’s headquartered in London and operates out of market-facing hubs across the UK and Ireland, Europe, Oceania, Africa, the Americas, the Middle East, and ASEAN and North Asia. As such, RICS is recognised in key markets worldwide as the leading body that sets and enforces professional standards, and off ers access to the sought-after professional status.

At the heart of this journey is Governing Council, which sets the long-term direction of RICS and makes decisions that fundamentally shape the future of the profession. Governing Council meets three times a year and is chaired by the RICS President. All fellows (FRICS), members (MRICS) and associates (AssocRICS) are eligible to stand. Elections will take place in early 2013, and terms of offi ce (usually four years) begin in July 2013. Full details are on rics.org/governance. For more details or to register your interest, email [email protected].

of readers agree that Modus is an

important part of their RICS membership

(up 32% on last year)

agree or strongly agree that Modus gives

readers information they don’t get elsewhere

(up 14% on last year)

67% 70%

THE TRANSPORT

ISSUE

rics.org/modus

GLOBAL GATEWAY The growing importance of airport cities p14

NEED FOR SPEED Rail projects in the UK and worldwide p22

TRAINING ROUTE Crossrail’s new tunnelling skills academy p30

MOD

US 05.12 // R

ICS.OR

G /MO

DU

STH

E TRANSPO

RT ISSUE

05.12 //


50 r ics.org

FLEXIBLE DISTANCE LEARNING

the logo is intended to bleed off the top left hand corner of the page. the dots should line up withthe page edge, allow 3mm bleed and pull in the picture box to hide the dots.

It works! You choose where and when to study. Our specialist courses are designed to fit in with real lives – people like you who are juggling work, family and childcare commitments. We offer excellent value for money and our courses are accredited by RICS, CIOB and other professional bodies.

We offer diploma, undergraduate and postgraduate courses. Awards are made by the College of Estate Management, the University of Reading or the Open University and are generally accredited by RICS, CIOB or other professional bodies.

• BSc(Hons) Building Services Quantity Surveying, Building Surveying, Construction Management, Estate Management, Property Management and Quantity Surveying

• Diploma in Construction Practice

• Diploma in Surveying Practice

• BCSC Diploma in Shopping Centre Management

• MBA Real Estate and Construction Management

• MSc Real Estate

• PGDip Adjudication

• PGDip Arbitration

• RICS PGDip Project Management

• MSc Conservation of the Historic Environment

• MSc Facilities Management

• MSc Property Investment

• PGDip/MSc Surveying (Graduate Development Programme)

• RICS Professional Membership –APC Adaptation Route 1

To further your career call 0800 019 9697, email [email protected] or visit our website.

WWW.CEM.AC.UKBUILDING FUTURES

Follow us on LinkedInFollow us on Twitter @CEM1919


01.11 // MODUS 0907.12 // 08.12 // MODUS 47

necessary to perform the role and duties of an expert witness in accordance with the civil procedure rules, practice directions protocol and the RICS acting as an expert witness practice statement.£250 + VAT rics.org/ewintro

RICS Regional CPD Conferences16 October, Leeds; 22 October, Winchester; 7 November, Knutsford; 15 November, CambridgeThis one-day conference provides a selection of topics across built environment, land and property, including an economic update, changes to building regulations, the latest developments in planning, CPOs, affordable housing, BIM, the Red Book, dilapidations and much more. £125 + VAT for full day; £75 + VAT for half dayrics.org/cpdconferences

RICS and CoreNet UK Chapter Property in the Economy Seminar 22 October, LondonRICS and CoreNet UK Chapter have joined forces to offer analysis on the contribution of

commercial property in the UK economy, and examine the impact of the eurozone crisis on the UK property market. £100 + VATrics.org/propertyseminar

RICS Practical Introduction to Cross-examination and Hot Tubbing9 November, London; 3 December, ManchesterThis workshop is for experts who wish to gain further experience of being cross-examined, or want to learn how to deal with hot tubbing (concurrent evidence). It will consist of a cross-examination role play, and therefore numbers will be limited to ensure maximum participation.£350 + VATrics.org/hottubbing

SCOTLANDLegal Issues in Construction Conference11 October, Edinburgh Speakers will explore recent legal developments, current issues in adjudication practice, alternatives to other forms of dispute resolution, the use of dispute boards on projects, BIM and expert witness immunity.£180 + VATrics.org/scottishlegalissues

NORTHERN IRELANDRICS Northern Ireland 18th

strategy. Hear from keynote speaker, the Rt Hon Peter Hain MP, who will present the case for the proposed Severn Barrage. £75 + VATrics.org/walesinfrastructure

INTERNATIONALEXPO REAL 20128-10 October, MunichThe 15th International Trade Fair for Commercial Property and Investment will focus on networking, market orientation and valuable business contacts. RICS, under the auspices of RICS Deutschland, will host a stand in hall A1.010 and present its global network with a focus on international standards, recognition and profile-raising. exporeal.net/en Contact: Christine Ciampa [email protected]

Cities 2030: Are we on track?8 October, New DelhiRICS India, supported by the Ministry of Urban Development, has organised this global conference on the four pillars of cities: planning, finance, technology and skills. Recent reports indicate that India will have more than 87 metropolitan areas with an urban population of over 600m by 2031. As cities compete regionally, nationally and internationally for investment, the immediate priorities for India should be to strengthen governance systems, establish a comprehensive planning approach, build links between finance and planning, build capacity and capability across all tiers of government, systematically plan for growth and shape the future of our cities. rics.org/india

Annual Planning and Development Conference17 October, BelfastThis conference will discuss new ideas on governance, planning and financial interventions to address high vacancy levels and a declining rate base in most of Northern Ireland’s towns and city centres.£65 + VATrics.org/niplanning

WALESRICS Wales Transport Infrastructure Conference25 October, CardiffThis half-day conference will provide an insight into developing infrastructure projects, including the South Wales rail electrification, the economic contribution from Cardiff Airport and the Welsh government’s infrastructure

FOR RICS EVENTS BOOKINGS AND ENQUIRIES [email protected] // +44 (0)20 7695 1600

RICS AWARDS – THE GRAND FINAL 19 October, Savoy, London

The 22nd annual RICS Awards ceremony is a highlight in the industry calendar.

Following regional heats, the winners in the categories of design and innovation, regeneration, building conservation and community benefit will be announced, plus the overall winner of the Project of the Year award. The event will be hosted by BBC News presenter Susanna Reid (right). £110 + VAT rics.org/awards12

ENGLANDRICS Daylight and Sunlight Guidance Note LaunchOctober to November, various UK locationsThe event will provide an in-depth understanding of the guidance note, legal implications, technical updates and advice for professionals in the built environment to understand the limits of their role.£150 + VATrics.org/daylightgn

RICS Sports Ground Safety Certification Guidance Note Launch October to November, various UK locationsLaunch of the guidance note, which looks to assist practitioners in gaining a thorough understanding of the legislative framework by which reasonable levels of safety at sports grounds can be achieved. Hear from the authors and take part in a pre-seminar tour of the sports ground.£125 + VATrics.org/sportssafety

RICS Essential Introduction to Expert Witness Work15 October, LondonA one-day workshop to gain an insight into the knowledge and practical skills

10.12 // MODUS 51

Events

FLEXIBLE DISTANCE LEARNING

the logo is intended to bleed off the top left hand corner of the page. the dots should line up withthe page edge, allow 3mm bleed and pull in the picture box to hide the dots.

It works! You choose where and when to study. Our specialist courses are designed to fit in with real lives – people like you who are juggling work, family and childcare commitments. We offer excellent value for money and our courses are accredited by RICS, CIOB and other professional bodies.

We offer diploma, undergraduate and postgraduate courses. Awards are made by the College of Estate Management, the University of Reading or the Open University and are generally accredited by RICS, CIOB or other professional bodies.

• BSc(Hons) Building Services Quantity Surveying, Building Surveying, Construction Management, Estate Management, Property Management and Quantity Surveying

• Diploma in Construction Practice

• Diploma in Surveying Practice

• BCSC Diploma in Shopping Centre Management

• MBA Real Estate and Construction Management

• MSc Real Estate

• PGDip Adjudication

• PGDip Arbitration

• RICS PGDip Project Management

• MSc Conservation of the Historic Environment

• MSc Facilities Management

• MSc Property Investment

• PGDip/MSc Surveying (Graduate Development Programme)

• RICS Professional Membership –APC Adaptation Route 1

To further your career call 0800 019 9697, email [email protected] or visit our website.

WWW.CEM.AC.UKBUILDING FUTURES

Follow us on LinkedInFollow us on Twitter @CEM1919

Imag

e Ge

tty


52 r ics.org

Finding it di�cult to get your Quest reports or building

surveys typed in time?

Outsec is a pay-as-you-go, 24/7 internet typing company with instant access to British secretar-ies with a wealth of experience in the UK property sector.

Your own regular British internet typist can input directly into Quest, Val-Ex or produce complete building surveys and home buyers reports using your own Microsoft Word templates.

No monthly fees or minimum charges make OutSec the sensible and �exible online typing alterna-tive to temps.

If you have a standard PC, internet connection, mobile phone or a digital recorder you can start with OutSec today.

No �xed costs or minimum monthly spends

Highly con�dential with secure data transfer

OutSec App turns Apple devices into digital recorder

Record and send from any location

No more recruitment or employment issues

Same British secretary every time you submit work

Call us on

0870 243 [email protected]

Our most important client is YOU

www.outsec.co.uk

Department of the Built Environment

Qualifications to build a careerHigh quality professionally accredited programmes delivered in a supportive and friendly environment.

n BSc (Hons) Building Surveyingn BSc (Hons) Quantity Surveyingn BSc (Hons) Real Estate Management

One-year full-time or two-year part-time study with September and January starts.

For further information:

Click: www.anglia.ac.uk/RICS12 Email: [email protected] Call: 0845 271 3333

Professional Doctorate and PhD programmes also available.

Undergraduate

These can be studied full or part-time.

n MSc Project Managementn MSc Construction Managementn MSc Sustainable Constructionn MSc Conservation of Buildings

Postgraduate

LAND VALUATION TENDER NOTICEThe Forestry Commission wishes to advise of a tender

opportunity for appropriately qualifi ed valuers to provide

professional and technical advice and services to the

Commission for the production of valuations relating to forest

and woodland land for inclusion in its annual accounts.

For further information please visit the Forestry Commission Website:

www.forestry.gov.uk/tenders

or contact Pamela Leitch:

[email protected]

For business continuity purposes, e-mailed enquiries should also be copied to [email protected]

Closing date for tenders is 23 October 2012 at 15:00.

www.forestry.gov.uk


10.12 // MODUS 53

EASTERNJohn Derek Cranham MRICS1940-2012, BraintreeJohn Richardson FRICS1937-2012, WalkernPaul Fiske Wilson FRICS1914-2011, Ipswich

NORTH WESTDavid Eaton FRICS1926-2012, LiverpoolAlfred Fearon FRICS1930-2012, Newton-Le-WillowsJoseph Henry Hudson MRICS1950-2012, DenbighGeorge Arthur Reanney FRICS1916-2012, Liverpool

SOUTH EASTJames Richard Brown FRICS1950-2012, EsherLaurence Kennet Jeffery FRICS1926-2012, GuildfordAnthony Marks FRICS1931-2012, CoulsdonJames Ryan MRICS1922-2012, PetersfieldGavin Bruce Simpson FRICS1931-2012, CamberleyPeter Frederick Steele MRICS1934-2011, Beckenham

SOUTH WESTDavid Daniel Palmer FRICS1945-2012, SidmouthMichael K E Thomas FRICS1945-2012, Bristol

EAST MIDLANDSPhilip Charles James Cook FRICS1938-2012, LouthAnthony Laurence Walshe MRICS1971-2012, Nottingham

NORTHERN IRELANDDavid John Bell FRICS1938-2012, BelfastKenneth Drain MRICS1949-2012, Newtownards

SCOTLANDDavid Reginald K Pope MRICS1948-2012, Glasgow

WALESDavid Chambers FRICS1927-2012, Menai Bridge

IRELANDThomas Aquinas Christopher Henley FRICS1923-2012, GlanmirePatrick Joseph Kelly MRICS1945-2012, Dublin

ASEANJohn Chalmers Urie FRICS1943-2012, Port Dickson

MENEANeville Arthur Champion Jones MRICS1926-2012, VredehoekStephen Lloyd Morris-Hale MRICS1952-2012, WestvilleRichard Orville Veale FRICS1928-2012, Rondebosch

SOUTH ASIAKandiah Veerasingam AssocRICS1944-2011, Colombo

Obituaries

My surveying for the past few weeks has been curtailed by a broken collarbone, which has made inspecting residential properties even more of a challenge than usual. Even simple tasks, such as feeding my chickens, has been pretty difficult with one arm, so gaining access to a roof void has taken an enormous amount of perseverance – and painkillers.

Luckily, I had a holiday in Greece already booked, which allowed me to recover a bit faster in the early stages of my recuperation. It was also interesting to look at another European economy in the flesh. I was astonished by the number of expensive cars on Greek streets and expensive yachts in the harbour of the little port town that we were staying in, which probably goes to show how deceiving perception can be. Property-wise, there was not a single estate agent in the town we were staying in. In the UK, I don’t believe that there are any towns without at least one agency – even my own very small local town has its own row – and it made me wonder if sometimes we place more emphasis on buying and selling property in the UK than building them.

Now that I am back at work – and once again accessing loft voids with joyous abandon – the central London property market, from a surveying point of view, does not seem to have changed much in my absence. It still seems to be supporting a two-speed UK housing market, with prices appreciating in the centre and dropping everywhere else – and with the only real new money being injected coming from abroad. Valuing with certainty is also increasingly harder as comparables become thinner on the ground.

The only difference I have found is local to where I live, out in the countryside, where property transactions seem to have focused even more on the high end and have, by some accounts, almost completely dried up for property affordable to the normal homebuyer – by which I mean anyone who is not a rich banker or a fleeing Greek millionaire. Having said that, however tough the property market may be, it is good to be back in the surveying routine. And I think my chickens have missed me.

Agree? Disagree? Or interested in being a secret surveyor? Email [email protected].

‘DO WE PLACE MORE EMPHASIS ON BUYING AND SELLING PROPERTY THAN BUILDING IT?’

Secret Surveyor


94,896 average net circulation 1st July 2011 – 30th June 2012

The next issue will be published on 2 Nov. Recruitment copy deadline

Tuesday 9 October

RECRUITMENTFor recruitment advertising please contact Angus Sharpe +44 (0)20 7871 2667 [email protected] or Charlotte Turner +44 (0)20 7871 5734 [email protected]

54 r ics.org

With Taylor Woodrow, the

possibilities are endless. You will be joining one of the most successful teams in the industry, a team where our

people are challenged, empowered and engaged to fulfil their potential.

I S T H ESUCCESSYOU SHARE

R E A LSUCCESS

Taylor Woodrow is part of VINCI, a world leader in concessions and construction.

www.vinci.jobs

WORLD CLASS CIVIL ENGINEERING REQUIRES WORLD CLASS PEOPLE

If you think you can help us build on our success in infrastructure projects across the country, send your CV to [email protected], or by post to Astral House, Imperial Way, Watford, Hertfordshire WD24 4WW

� Planning Engineers� Site Engineers

� Commercial Managers� Quantity Surveyors

� Design Managers� Project Managers

� Works Managers� Foremen

Working Towards

ONE CALL REACHES ALLRESIDENTIAL VALUATION SURVEYORS REQUIRED

For 17 years MLA has specialised in recruiting for most leading employers. We are constantly updated with all the latest full- and part-time vacancies. Mortgage valuation and homebuyer reports (ideally building surveys) experience essential. Generous packages are available.

Opportunities now exist across the UK, particularly: Greater London & M25, Home Counties, Hants, Kent, Essex, Beds, Bucks, M4 Corridor, Glos, Avon, S Wales, Shrops, W Mids, N Notts, N Norfolk, Lakes, Cornwall, Scotland.

Sector experienced COMPLIANCE/TECHNICAL MANAGERS also required in London, Midlands & the North.

For details of all the jobs in your area, call Jeff Johnson on 07940 594093. Or email your CV in confidence to: [email protected]

If your location is not shown, register now to be kept advised of new opportunities. Relocation to the S.East is available. See all MLA’s latest job listings on ricsrecruit.com

Looking for your next surveying job?Find out who is hiring today. Visit ricsrecruit.com or scan here

RESIDENTIAL VALUATION, HOMEBUYER AND BUILDING SURVEYOR

Opportunity for contract surveyors/consultants to joina nationwide firm of surveyors. Opportunities exist in specific postcodes throughout England and Wales.

Please forward your CV and contact details by email to:[email protected]

MODUS_Oct_P54-57_Classified.v1.indd 54 17/09/2012 15:36

10.12 // MODUS 55

Quantity Surveyors, Building Surveyors and Project Managers neededWho we are: Rider Levett Bucknall provides its clients with property and construction consultancy advice at all stages of the property life cycle throughout EMEA.

What we need: Due to our continued success and growth strategy in the EMEA region, we are keen to hear from Graduates through to Senior Professionals to work in a variety of different sectors in the UK and Kingdom of Saudi Arabia.

Who you are: Degree and professionally qualified; enthusiastic, organised, confident and inspired; enjoy developing, communicating and sharing ideas; able to work as part of a team as well as working on your own initiative and demonstrate a flexible approach with strong client focus. Willingness to travel within the EMEA region with potential short or medium term roles outside the UK is essential for some of the roles.

What we offer: As a Top Employer we offer a clear career path with progressive training and CPD initiatives in addition to competitive salaries and excellent benefits.

Please send your CV and covering letter quoting reference RICS2012 to: Andrea Eniks - Recruitment Coordinator [email protected]

Rider Levett Bucknall UK Ltd is an Equal Opportunities employer No agencies please.

vacancies.rlb.com

For information and application packs visit:www.fi fedirect.org.uk/fcjobs

Fife Assessor (Salary £87,474) Ref: FIF005853

We are one of Scotland’s largest local authorities and our vision is to make Fife a great place to live, work and visit. We need an innovative Assessor with the capability to deliver improving performance against a background of reducing resources.

With substantial experience at a senior level, you will need to have a demonstrable trackrecord of leading the delivery of fi rst class services. You will also be a strategic corporate thinker, capable of working closely with and inspiring colleagues, partner organisations and elected members to deliver our vision for Fife.

Educated to degree level or equivalent, and holding a relevant membership of the RICS, you will also have a sound knowledge of the local and national issues in your area of expertise and be able to infl uence this agenda accordingly.

For an informal discussion please contact: Bruce Clark, telephone 08451 55 55 55 extension 440471.

Closing date Friday 19th October 2012.

We are an equal opportunities employer

Fantastic Opportunity for Chartered Surveyors

Do the words, professional, efficient and friendlydescribe why you are the best in your field? If so, come join us………

Aberdeen & Northern Estates have an exciting opportunity tojoin an expanding rural and commercial practice with excellentcareer advancement prospects.

A member of the ANM Group Ltd, Aberdeen and NorthernEstates based at Thainstone Centre, Inverurie, offer aprofessional, efficient and friendly service currently coveringfarms, land, estates, residential and commercial properties.

Serving an area from Angus to the Shetland Isles, continuingexpansion means we are seeking to recruit two experiencedRICS qualified Chartered Surveyors to join our team handlinga diverse portfolio of work.

Candidates must be self-motivated and have a proven trackrecord. In addition we are looking for candidates who candemonstrate that they are commercially astute with first classcommunication and technical skills along with a dynamicapproach to business development.

In return, we offer a varied and challenging role with excellentcareer prospects in one of the most desired locations in theUK. As befitting a company who recognises achievement andputs its people at the heart of its business strategy we canoffer an attractive remuneration package for the successfulcandidates, including relocation assistance where appropriate.

Further information on Aberdeen & Northern Estates can befound at www.anmgroup.co.uk/estates.

ABERDEEN & NORTHERN ESTATES

Interested applicants should send their up to date details,stating salary expectation and availability to:

Gerald S Bessant, Group Human Resources Manager, ANM Group Ltd., Thainstone Centre, Inverurie,

Aberdeenshire AB51 5XZ or e-mail: [email protected]

If you would like an informal chat about the role, you can call Gerald on 01467 623730

Recruitment//

MODUS_Oct_P54-57_Classified.v1.indd 55 17/09/2012 15:36

RESI E I S R E RSre you one of the be t in the indu try

and ark i an independent ur eying co pany forward thinking, inno ati e, highly profe ional and ethical and in for the long haul Following ucce ful recruit ent and expan ion earlier thi year, we are now looking for ore of the be t to help u o e forward

into he e are the location of our current acancie

CAMBERLEY * OXFORD * CAMBRIDGE * PETERBOROUGH * BEXLEY * IPSWICH/COLCHESTER * SHEFFIELD/LEEDS * CHICHESTER * SOUTH EAST LONDON

Experienced, fully qualified MRICS/FRICS, with a good track record, and able to undertake ortgage aluation o e uyer and uilding Sur ey report

If thi i you, and you would like to learn more about these employment opportunities,

please e-mail your CV to:

Steve Hardwick BSc, FRICS [email protected]

or telephone on 01293 820233

www land ark ur eyor co uk

nchanging alue in a changing world












56 r ics.org

To view more jobs online visit ricsrecruit.com

Senior Project ManagerC£45,000 +Norwich

The Biotechnology and Biological Sciences Research Council is the largest UK public funder of non-clinical life sciences, supporting the UK’s world-leading position in bioscience research and training. The diverse, ground breaking projects we finance frequently lead to world-leading advances in drug design and help generate improvements in high profile areas such as animal health and the biological processes used in industrial manufacturing.

In 2011, the Government awarded BBSRC £26m to invest in Norwich Research Park to deliver innovation from the research base and generate economic growth and job creation. The investment will help to create and support new companies and jobs based on world-leading bioscience.

Home to around 30 science and IT based businesses, with over 11,000 people including 2,700 scientists and an annual research spend of over £100 million, the Norwich Research Park has one of Europe’s largest single-site concentrations of research in Health, Food and Environmental Sciences.

An exciting opportunity has arisen within the Estates team at BBSRC for a Senior Project Manager to support the successful delivery of this major capital investment. Reporting to the Head of Campus Delivery your responsibilities will include the management of the consultant appointed team, managing the interface and translation of requirements between stakeholders and the delivery team and the budget management and cashflow reporting of the capital investment.

Already proven at a senior level, you will know exactly what is required to manage project teams and drive performance standards to deliver complex landmark projects on time and within budget. It is essential

that you have broad experience of managing medium/large capital projects of £10-20m+ involving PRINCE2, or similar, along with a proven track record of the successful delivery of the full project life cycle across multiple departments.

Excellent communication and interpersonal skills are a prerequisite for this role as you will be maintaining dialogue with Institute representatives, stakeholders and external contractors. A willingness to travel with occasional overnight stays is required.

We offer a competitive salary (dependant on qualifications and experience) and an excellent benefits package coupled with the chance to make your mark in a challenging and rewarding environment.

The deadline for applications is 28th October 2012. Interviews will be held the week commencing 12 November 2012 in Swindon, Wiltshire.

Applications are handled by the RCUK Shared Services Centre. To apply please visit our job board at https://ext.ssc.rcuk.ac.uk and complete an online application form. Applicants who would like to receive this advert in an alternative format e.g. large print, Braille, audio or hard copy, or who are unable to apply online should contact us by telephone on 01793 867003. Please quote reference number IRC62966

BBSRC welcomes applications from all sections of the community irrespective of gender, race, ethnic or national origin, religion or belief, sexual orientation, disability or age. As users of the “Two Ticks” disability symbol, we guarantee to interview all applicants with disabilities who meet the minimum criteria for the vacancy.

Shepherd Chartered Surveyors require experienced F/MRICS qualified VRS Residential Valuation Surveyors to work across our extensive lender and client base, in London, Kent, Surrey and East Sussex.

The successful candidates will have minimum 3 years PQE, be fully IT literate, have a firm commitment to customer service and experience in residential mortgage valuations, HomeBuyer reports and ideally Building Surveys.

In return, we will offer the successful high-calibre Chartered Surveyors a market-leading incentivised package.

For further information, please email Liz Brough, HR Manager at [email protected]

Or send your CV FAO Liz Brough, HR Manager,Shepherd Chartered Surveyors, 3-4 Regan Way, Chetwynd Business Park, Chilwell, NG9 6RZ.












MODUS_Oct_P54-57_Classified.v1.F1.indd 56 19/09/2012 12:26


































MODUS_Oct_P54-57_Classified.v1.F1.indd 57 19/09/2012 12:26

BUILDINGS WITH THE LARGEST

USABLE SPACE

BUILDINGS WITH THE LARGEST FLOOR AREA

FARMLAND

DEEPEST

13.3m m3

Boeing Everett Factory, Washington, US(aircraft assembly)

114m

The maximum depth of the world’s deepest foundations at the Petronas Towers, Kuala Lumpur, Malaysia.

7,500 rooms

Izmailovo Hotel, Moscow, Russia

6,582 rooms

MGM Grand, Las Vegas, US

6,118 rooms

First World Hotel, Genting Highlands, Malaysia 5,524

rooms

Disney’s All-Star Resort, Florida, US

2,438m

The depth of the Deep Underground Science and Engineering Laboratory in South Dakota, US – the world’s deepest laboratory.

8,108 roomsThe Venetian & The Palazzo, Las Vegas, US

7.4m m3

Target Import Warehouse, Washington, US(distribution centre)

TOP 10 BIGGEST US LANDOWNERS1 John Malone2 Ted Turner3 Archie Aldis Emmerson4 Brad Kelley5 Irving family6 Singleton family7 King Ranch heirs8 Pingree heirs9 Reed family10 Stan Kroenke

3,700,000 acresThe area of farmland across Russia and Kazakhstan controlled by farming conglomerate Ivolga – the world’s largest farm owner.

1,283,000 acresThe area in Nevada, US, thought to be the largest land sale in US history, completed at a price of US$31m (£20m).

5.6m m3 Jean-Luc Lagardère Plant, Toulouse-Blagnac, France(aircraft assembly)

5.2m m3

Aerium, Brandenburg, Germany (airship hangar)

4.7m m3 Meyer Werft, Dockhalle 2, Lower Saxony, Germany (shipyard)

1.85m m2

Dubai International Airport Terminal 3, UAE (airport)

1.5m m2

Abraj Al Bait Towers, Mecca, Saudi Arabia (office complex)

0.99m m2

Aalsmeer Flower Auction, Netherlands(flower market)

1.02m m2

CentralWorld, Bangkok, Thailand (retail complex)

0.98m m2

Beijing International Airport Terminal 3, China (airport)

SOURCES: berkeley.edu,

landreport.com, rew-online.com, telegraph.co.uk,

wikipedia.org

LARGEST HOTELS

58 rics.org

Illustration by Ian Dutnall

Measure//

GRAND SCALETHE LARGEST AND DEEPEST PROPERTIES

Modus_Oct_P58_Measure_v2.F1.indd 58 18/09/2012 17:18

“ WE CAN’T AFFORD TO TAKE RISKS WHEN WE’RE APPOINTING OUTSIDE CONTRACTORS” Robert Marsh, Director (Electrical),

Johnathan Hart Associates

ECA electrical contractors must undergo a thorough examination of their financial, commercial and technical skills

ONE LESS THING TO WORRY ABOUT.

To find an ECA contractor that’s right for you: www.eca.co.uk

ECA faces 274x202.indd 1 13/01/2012 11:35MODUS_Oct_P59_ECA_ad.indd 59 17/09/2012 13:34

2 million commercial searches every month¹

34,000 commercial properties

Office | Retail | Leisure | Industrial | Warehousing | Land | Development

Source: ¹ Average monthly commercial only searches performed on Rightmove, February – April 2012.

Get the competitive edge in commercial advertising today.

Contact us on:

t: 0843 3159 542 e: [email protected]

Search and advertise commercial property on

CommercialTradePressAd_Modus_Sept12.indd 1 13/09/2012 10:22MODUS_Oct_P60_Right move_ad.indd 60 17/09/2012 13:35

Documents

RICS Modus, Global edition — October 2012