RESIDENTIAL DIRECTORY 2010 CB RICHARD ELLIS RESIDENTIAL DIVISION C
INTRODUCTION INTRODUCTION The CB Richard Ellis Residential Division provides expert residential advice to our clients. Our global property platform, reputation and breadth of contacts enables us to bring the right people together to make your project happen. We can assemble teams of outstanding expertise regionally, nationally and internationally, and we make you an integral part of those teams, acting as your strategic partner from the embryonic stage of a project through to its conclusion. With our extensive experience and specialist knowledge in every aspect of residential development, we can assist you in all your residential property needs: from land agency, to investment sales, to development consultancy and everything in between. Every step of the way, we provide the expertise you need to build on your vision, to deliver it and to unlock the value within. Please visit our global residential website www.cbreresidential.com 11
KEY CONTACTS KEY CONTACTS CENTRAL LONDON Adam Hetherington t: +44 207 182 2321 e: adam.hetherington@cbre.com South Central - Mark Budden t: +44 23 80 20 6333 e: mark.budden@cbre.com KEY CONTACTS Kamil Chowdhury t: +44 207 182 3106 e: kamil.chowdhury@cbre.com Midlands - Eleanor Deeley t: +44 121 627 5552 e: eleanor.deeley@cbre.com DEBT ADVISORY Natale Giostra t: +44 207 182 2931 e: natale.giostra@cbre.com Eleonora Pulci t: +44 207 182 2918 e: eleonora.pulci@cbre.com DEVELOPMENT AND INVESTMENT FUNDING Chris Lacey t: +44 207 182 2318 e: chris.lacey@cbre.com Antonio Marin-Bataller t: +44 207 182 2406 e: antonio.marin-bataller@cbre.com Dominic Martin t: +44 207 182 2127 e: dominic.martin@cbre.com North - Steve Verity t: +44 161 233 5648 e: steven.verity@cbre.com Scotland - Jamie Doran t: +44 141 204 7759 e: james.doran@cbre.com HOUSING AND DEVELOPMENT CONSULTANCY Neil Parlett t: +44 207 182 2124 e: neil.parlett@cbre.com Jeremy Freeman t: +44 207 182 2126 e: jeremy.freeman@cbre.com PLACEMAKING Trevor Nicholson t: +44 207 182 2077 e: trevor.nicholson@cbre.com DEVELOPMENT LAND AGENCY South East - Jasper Masters t: +44 207 182 2158 jasper.masters@cbre.com PLANNING Stuart Robinson t: +44 207 182 2700 e: stuart.robinson@cbre.com South West - James Broome t: +44 117 943 5781 e: james.broome@cbre.com Alison Tero t: +44 207 182 2130 e: alison.tero@cbre.com 2 3
SALES AND MARKETING KEY CONTACTS Liz Mason t: +44 207 182 2136 e: elizabeth.mason@cbre.com PROJECT MANAGEMENT Emma Davies t: +44 207 182 3164 e: emma.davies@cbre.com Jon Hannon t: +44 207 182 3297 e: jon.hannon@cbre.com Steve Murden t: +44 207 182 3517 e: steve.murden@cbre.com Jonathan Seal t: +44 207 182 2264 e: jonathan.seal@cbre.com Harry Downes t: +44 207 182 2322 e: harry.downes@cbre.com Rory Cramer t: +44 207 182 2063 e: rory.cramer@cbre.com SENIOR LIVING Iain Smith t: +44 207 182 2427 e: iain.smith@cbre.com KEY CONTACTS PUBLIC / PRIVATE PARTNERSHIP Sarah Whitney t: +44 207 182 2957 e: sarah.whitney@cbre.com Stephen Clark t: +44 207 182 2122 e: stephen.clark@cbre.com RESEARCH Jennet Siebrits t: +44 798 587 6831 e: jennet.siebrits@cbre.com RESIDENTIAL AND REGENERATION VALUATION Jonathan Stickells t: +44 207 182 2083 e: jonathan.stickells@cbre.com Jason Hardman t: +44 207 182 2802 e: jason.hardman@cbre.com Tom Morgan t: +44 207 182 2190 e: tom.morgan@cbre.com Ben Rosewall t: +44 207 182 2000 e: ben.rosewall@cbre.com STUDENT & AFFORDABLE HOUSING Jim Briscoe t: +44 207 182 2074 e: jim.briscoe@cbre.com Jo Winchester t: +44 207 182 2091 e: joanne.winchester@cbre.com SUSTAINABILITY Darren Berman t: +44 207 182 3252 e: darren.berman@cbre.com 4 5
6RESIDENTIAL DIRECTORY 2010 KEY SERVICES AFFORDABLE HOUSING CENTRAL LONDON DEBT ADVISORY DEVELOPMENT AND INVESTMENT FUNDING DEVELOPMENT LAND AGENCY HOUSING AND DEVELOPMENT CONSULTANCY PLACEMAKING PLANNING PROJECT MANAGEMENT PUBLIC / PRIVATE PARTNERSHIP RESEARCH RESIDENTIAL & REGENERATION VALUATION SALES AND MARKETING SENIOR LIVING & RETIREMENT STUDENT HOUSING SUSTAINABILITY 7 7
AFFORDABLE HOUSING AFFORDABLE HOUSING With the need for new homes getting higher on the national and local political agenda, affordable housing is now an essential element of every residential, mixed-use and regeneration scheme. Making affordable housing work for you is our key objective. We support you at every stage of a development, from the initial vision and placemaking through to the sale and management of a completed scheme, making sure you achieve maximum value throughout. Initial site appraisal and planning policy review Affordable and market valuation and development appraisals Identification of sources of potential grant subsidy Design, specification and sustainability advice Residual Value Analysis and Section 106 negotiation Agency pre-sale to a Registered Provider (Housing Association) Funding, investment and joint venture opportunities Constructor procurement Site sourcing and acquisition CENTRAL LONDON The Central London residential market is world class; presenting a wide range of opportunities and attracting a global audience of developers, investors and occupiers. However, it can also be complicated, with a variety of issues affecting schemes; getting the right balance between the mix of private, public and commercial uses can make or break a project. We have proven experience and knowhow to advise you through all of these issues and deliver successful solutions for your schemes. Our team follows the full development process, from market leading land sales and acquisition, to development consultancy and block, investment and unit sales. Identification of transaction opportunities both on and off market Advice on large scale portfolio or individual unit transactions Site viability and feasibility appraisals Bespoke, targeted or global marketing campaigns Proven transaction processes to ensure the deal closes Securing straight sales, joint ventures or development agreements Marketing conditional or unconditional transactions to maximise client returns Development consultancy End sales on a block, investment or unit by unit basis CENTRAL LONDON EXAMPLE PROJECT: CB1, CAMBRIDGE Client: Ashwell Property Group Location: Cambridge (CB1) Size: Mixed use regeneration project of 130 units of affordable housing as well as market housing, student 8 accommodation, office, retail, parking and a bus/rail interchange Involvement: Affordable housing development consultancy, negotiation of the affordable housing element of the S106 Agreement, preparation of a Residual Value Appraisal, securing a NAHP grant allocation and the pre-sale of units to a housing association EXAMPLE PROJECT: BATTERSEA POWER STATION Client: Treasury Holdings Scheme: 8m sq ft mixed use Size: c. 2b / c.2,000 units Involvement: Design stage consultancy and value engineering 9
DEBT ADVISORY DEBT ADVISORY CBRE EMEA Debt Advisory is one of the largest third party arrangers of commercial real estate debt advisory in the world. Our clients, be they investors, developers or investment funds, benefit from over 130 dedicated finance professionals in over 40 markets in the US and EMEA, to facilitate debt financing with over 220 lenders. We have a dedicated team of individuals, who can draw on extensive European property market knowledge. We deliver a superior service, from underwriting to closing and servicing, with a single point of contact for all matters. Through our access to new lenders and capital structures we can deliver better financing terms and conditions. We will conduct transparency and fairness in the selection of the best lender through a competitive bidding process. Loan Arranging Loan Sale / Syndication Financial Structuring Advisory DEVELOPMENT & INVESTMENT FUNDING Residential property will always offer opportunities for canny investors. But, when the market fluctuates, those opportunities can be harder to realise. We have the experience, resources and contacts to help you profit from residential investment, whatever the market conditions. CBRE s residential investment team works with major corporate and institutional investors as well as small private investors. We work with our clients, providing advice and support, which seeks to maximise the value of sites schemes and investment portfolios, delivering profit through a combination of funding and exit strategies. Securing JV financing for residential development Development and investment financial consultancy Diversification of portfolios Building cashflows and minimising risk Influencing lending Raising equity DEVELOPMENT & INVESTMENT FUNDING EXAMPLE PROJECT: AVIVA INVESTORS RESIDENTIAL INVESTMENT FUND Client: Aviva Investors EXAMPLE PROJECT: 67-69 LAIGHT STREET, NEW YORK CITY, USA Client: Arranz Acinas Group Location: New York City Size: $29.68 million Involvement: CBRE s Debt Advisory groups in London and New York arranged acquisition financing for the purchase of a residential development investment Location: Central London Size: 250 to 500m Involvement: Supported the development business plan and financial model with Aviva, reviewed multitude of potential residential development opportunities, introduced management investment partner, negotiated terms upon the primary acquisitions 10 11
DEVELOPMENT LAND AGENCY DEVELOPMENT LAND AGENCY Whether you re selling land for profit or buying land for development, deliverability is crucial. Getting a deal sealed on the best possible terms takes creativity, expertise and a finger on the pulse of the market. We don t just know where the land is and what it s worth; we know the people who will decide its future. Extensive links with corporates and agents nationwide help us find sites that offer the right opportunities for development, with the greatest potential to add value. We also represent major land and portfolio owners, packaging and marketing development sites to achieve the maximum possible value. HOUSING & DEVELOPMENT CONSULTANCY Successful development creates communities, not just houses. It makes places where people want to live, work and invest rather than just pass through. The Housing and Development Consultancy team at CBRE has the vision, drive and experience to make it happen. We help clients build thriving communities by focusing not just on the buildings but the people and the way they relate to them. Partnering with developers, land owners and key stakeholders, we offer expert advice, practical support and a proven, integrated methodology, pulling together the different threads of the project, from the initial vision to the hanging of the curtains. HOUSING & DEVELOPMENT CONSULTANCY Development land sales and acquisitions Identification of opportunities, both on and off market Advice on both individual sites and large scale portfolio acquisitions Development consultancy and financial appraisals Bespoke and targeted marketing campaigns Securing development partners and structuring agreements Securing the vision and deliverable master plan Planning Community engagement Ensuring a balanced mix of uses and tenure Viability analysis through practical market-facing advice which achieves optimum value Working with local community to provide employment, allocation of social housing and lettings strategies Management of communication throughout the development Public Sector development consultancy Private Rented Sector EXAMPLE PROJECT: PURFLEET CENTRE Client: Thurrock Thames Gateway Development EXAMPLE PROJECT: RAF WEST DRAYTON Client: Ministry of Defence Location: Hillingdon Size: 30 acres Involvement: Creative deal structure ensured an unconditional disposal in excess of 24 million in difficult market conditions Corporation Location: Purfleet Centre Size: 57 hectares Involvement: Placemaking, Development Consultancy, Valuation, Compulsory Purchase and Acquisition, Developer Procurement 12 13
PLACEMAKING PLACEMAKING How can we increase the land value when masterplanning large schemes, particularly in low-value locations? CB Richard Ellis Placemaking - the essential link between design and profit. CB Richard Ellis Placemaking is a market facing, research based approach. To maximise value in large schemes, the fundamental aim for developers must be to make a place in which people want to live. Sanity checking Masterplans for Placemaking elements Checking for target market identification and viability Scope of Works identification for new residential land projects, demonstrating maximisation of site value Real Estate Market report and Placemaking strategy for schemes over 300 units Development land options assessment and value appraisal with recommendations of how to make a place Project Marketing appraisal and target market strategy for the completed units. Onsite unit sales PLANNING CB Richard Ellis Planning prides itself in securing effective planning solutions to both simple and complex development problems tailored to suit clients objectives. We have extensive experience in providing expert advice on the full range of planning matters, including strategic mixed use developments, regeneration projects, estate renewal and proactive asset management of property portfolios, as well as steering planning policy evolution. With over 50 professional planners in regional offices across the UK, the size and expertise of our team enables us to respond to the most challenging of timetables and to create a bespoke service to meet clients needs. Planning advice both strategic and tactical Site appraisals Project management of major planning applications Development Plans monitoring Evidence base preparation and representations Proactive portfolio assessment / management Planning appeals Public Inquiries / Expert witness S106 legal agreements and obligations PLANNING EXAMPLE PROJECT: KINGS CROSS CENTRAL 14 EXAMPLE PROJECT: CHATTENDEN BARRACKS AND LODGE HILL Client: Land Securities Location: Medway, Kent Size: over 700 acres Involvement: Acting for Land Securities in winning the bid to become the MOD s Land Sales Delivery Partner. CBRE continues to advise Land Securities on Planning and Real Estate. The strategies employed to date have resulted in projected sales values 26% higher on average than local embedded housing stock Client: Argent Group Location: London Size: 67 acres Involvement: Provided strategic planning advice and continue to advise on this highly complex site, which straddles two boroughs, comprises former rail land and gas works and includes a number of listed buildings and structures and conservation areas. The scheme won the Mayor s Award for Excellence in Planning in the 2007 London Planning Awards 15
PROJECT MANAGEMENT PROJECT MANAGEMENT Our Building Consultancy team is skilled at managing the demands of even the most complicated residential or mixed-use developments, leaving you free to concentrate on running your business. Our team is made up from a varied experience base to provide deep and diverse technical expertise across the UK. We are also in a unique position of being immersed in a property environment. We understand how our advice will impact on your business model, investment strategy or balance sheet and we re driven by the desire to get the best for our clients. Pre and post planning project management Cost consultancy and value enhancement Full development management from the design team to all other advisors Capability throughout the UK Sustainable design PUBLIC / PRIVATE PARTNERSHIP Both the public and private sectors are focused on how best to improve efficiency. Councils are under increasing pressure to unlock the value of the wide variety of properties they own, to reduce running costs and to use their buildings to provide better public services, whilst private sector clients operate under wide-ranging competitive pressures. Often, the key to success is a public/private partnership. But, to identify the right partners, set up a workable structure and get the very best value from the partnership, you need expert advice. By identifying and then working with specialist co-consultants we can help. Strategic Consulting Valuation advice Structuring development appraisals Acquisition and disposal Funding and fund management Advice on transformational process Procurement PUBLIC / PRIVATE PARTNERSHIP EXAMPLE PROJECT: NORTH WEST EVERGREEN FUND EXAMPLE PROJECT: REDEVELOPMENT OF THE FORMER ST ANDREWS HOSPITAL Client: Barratt East London Location: London Size: 950 new residential units with a local Primary Care Centre and community facilities Involvement: Project managed diverse stakeholder group, secured challenging planning consent and completion of the first phase of the development Client: Manchester City Council and the Association of Greater Manchester Authorities Location: North West Region (Greater Manchester, Cumbria, Cheshire and Lancashire) Size: Excess of 300m Involvement: The team advised on the fund structuring, JESSICA/ERDF implications, provided strategic property advice, co-ordinated the proposal on behalf of the local authority partners, and will be fund and asset managers to the Evergreen fund 16 17
RESEARCH RESEARCH Your decisions are only ever as good as the information they re based on. That s why top-quality research is so valuable to property developers, investors and owners. Our bespoke reports help inform decisions at every stage of the development lifecycle, from acquiring the land to selling completed homes. Our research can help you identify opportunities and gaps in the market, keeping track of market movements or making sure that your development strategy is in line with customer demand. With access to CB Richard Ellis international network of expertise and coal-face market knowledge, our research provides the intelligence you need to get your decisions right. Production of bespoke reports market or site specific Sector specific reports e.g. students, the elderly, affordable housing or luxury housing Insight to wider industry issues such as green and sustainability, planning and government policies Monthly market reviews RESIDENTIAL & REGENERATION VALUATION Valuations are the foundation of any financial decisions for banks, property companies, developers or investors. The more challenging the economic conditions, the more important it is to have informed, independent and reliable advice. Our expert team provide detailed valuation reports, from one off valuations of prestige homes regular valuations of investment portfolios, carrying out detailed development appraisals. One off valuations of houses and apartments Valuations for funds and investment portfolios Financing advice to assist lending decisions Valuations of mixed use development sites Valuations for Loan Security Ground Rent Valuations Affordable Housing RESIDENTIAL & REGENERATION VALUATION EXAMPLE PROJECT: LOAN BOOK ACQUISITION Client: Fortress Location: National 18 RECENT REPORTS Placemaking: the Ten Top Essential Elements Prime Central London: A Tale of Two Cities Rent to Buy: Killing Two Birds with One Stone Student Accommodation: A New Term: New Problems, New Solutions The UK Private Rented Sector: Looking Back at a Year of PRSI Involvement: Providing acquisition advice and due diligence to Fortress on the acquisition of a Distressed Loan Book. Undertaking 900 inspections and reporting within a limited deadline 19
SALES AND MARKETING SALES AND MARKETING Our team is dedicated to providing a complete Sales & Marketing consultancy service, working closely with our clients from conception of a scheme to completion. We re expert at creating highly-focused marketing strategies for major regeneration projects, mixed use schemes and international developments. Our intelligent strategies control exposure and heighten interest, from the earliest stages through to the final phases. Pricing Design advice Value engineering Bulk Sales Sales & Marketing Structuring of JV partnerships International Consultancy SENIOR LIVING & RETIREMENT At CBRE we have an established and successful format which combines sector specific knowledge in alternative asset classes, with development investment expertise and market knowledge. This combination provides an unrivalled service, particularly when it comes to corporate real estate strategy and acquisitions or portfolio sales. More than ever within the healthcare and senior living sectors, value is derived through operational improvement, structuring and consolidation opportunities. Maximising real estate potential and driving income streams are key. We provide up-to-date sector knowledge and involvement with investors, developers, lenders and care providers. Land acquisitions & development consultancy Valuation advisory Cash flow modelling and OpCo due diligence Investment advice and transaction support Portfolio and asset management Building consultancy services and project management Influencing lending SENIOR LIVING & RETIREMENT EXAMPLE PROJECT: PIONEER POINT, ILFORD 20 Client: Empire Property Group Scheme: 297 apartments Size: 85m Involvement: Pricing, design advice, value & engineering, sales & marketing EXAMPLE PROJECT: SUNRISE SENIOR LIVING Clients: Sunrise Senior Living, Co-investors Location: Over 20 communities UK wide Assets: Premium quality, private assisted living and reminiscence care communities Involvement: Advised clients in relation to current and potential investment values of the Sunrise communities operated under operational management contracts. Detailed consideration of operational model and cash flows, range of key performance indicators and future projections 21
STUDENT HOUSING STUDENT HOUSING The student housing asset class is estimated to be worth close to 7 billion, student numbers are continuing to grow, applications are outstripping available places, and the supply of new accommodation is significantly behind demand, particularly in London. With private investment in the sector predicted to treble, it is vital to get the best advisors. Few property consultants can match the comprehensive range of services that we offer our clients or the depth of experience and commitment of our people. We drive optimum value solutions and outputs through our specialist student housing team. SUSTAINABILITY It isn t easy being green. As the burden of regulation on developers grows, so does the need for sensible, strategic advice to help you meet sustainability targets without unnecessary complication and cost. CB Richard Ellis sustainability team acts as a translation service, providing a vital interface between clients, architects, planners and other professionals. The team includes technical and engineering capability, as well as financial and marketing expertise. Working together, we find solutions that suit your site and your pocket and will safeguard the value of your residential developments in years to come. SUSTAINABILITY Planning appraisal, policy review and applications Development consultancy design, specification, unit mix, cost planning Transaction structures Nomination Agreements, leases etc Management arrangements hard and soft FM Valuation for funding, acquisition and investment Development finance debt and equity Joint venture opportunities Building consultancy, contractor procurement & project management Investment sales and acquisitions Site sourcing, sales and acquisitions EXAMPLE PROJECT: OCEANIQUE Client: Devington Homes Ltd Location: Plymouth Size: 250 beds, forming party of a city centre regeneration project, incorporating retail, hotels and residential Involvement: Advice on scheme design and layout, working as part of the full professional team, as well as structuring of the nomination agreement. Construction and delivery prior to 2013/14 academic year Safeguarding environmental reputation & managing risk Tactics and strategy for environmentally sustainable solutions Development of KPIs & targets; internal and external Advice on BREEAM, Code for Sustainable Houses, LEED and other international sustainability accreditation schemes Low and zero carbon: assessing the energy efficiency and low / zero carbon options to meet the increasingly challenging policy requirements in the most cost effective manner EXAMPLE PROJECT: EBBSFLEET VALLEY Client: Land Securities Location: Ebbsfleet Project: Commercially focussed sustainability advice at master planning stage Involvement: Developing objectives and performance targets for a range of issues including the environmental sustainability of the master plan and the Code for Sustainable Homes. This advice reinforced specific safety and lifetime concerns for the residential offer and supported the wider economic vitality of the development 22 23
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