SPECIALISTS IN HOUSING International Property Consultants
Specialists in housing Gerald Eve housing facts 30,000 >6,000 3,500 student beds valued for FRS102 or loan security rented housing units through planning and development units estate regeneration 14.7 billion analysed through financial viability advice and assessment 630,000 sq ft acquired for build to rent $481 multi-family portfolio sale million This decade has the potential to see the highest number of homes built since the 1960s. Gerald Eve is helping to build long term investment in more and better housing, by working with landowners, investors, builders, operators and commissioners. Jeremy Tonge Partner, Gerald Eve www.geraldeve.com
Specialists in housing Our clients Gerald Eve has advised major house-builders and providers of rented housing, local economic partnerships, registered social landlords and the GLA on complex major residential and mixed-use, multi-tenure developments. 3
Specialists in housing BUILDING LONG TERM INVESTMENT IN MORE AND BETTER HOUSING
Specialists in housing Delivering Housing Market sale Shared ownership Rented housing Starter homes Through understanding their objectives, and the relationships between landowners, investors, developers, builders, and operators, Gerald Eve applies its knowledge, resources, skills and commitment to maximise development potential, and optimise returns, for public, not-for-profit and private sector clients. Built for Rent housing, whether social, affordable or market rented, is a particularly flexible tenure for landowners, investors and commissioners of housing. Managed well, it can allow movement between tenures over time, as demand changes. Gerald Eve has specialist teams supporting public and private sector landowners to blend capital and revenue returns by developing and redeveloping land, buildings and existing housing estates. LIBOC: The basic building blocks of Built for Rent Landowner Investor Builder Operator Commissioner For some projects, a single organisation will represent all five elements, but many will combine two or three. Having established need, the structure of a successful project can be blended from a combination of: geared revenue blended capital and revenue returns fixed-term income strip or reversion ownership and operation DFBOM models flexible tenancies mixed tenure market or fixed rent reviews letting risk construction management Housing delivery mechanisms usually involve a freehold sale or a Joint Venture, but a long-term leasehold is an alternative mechanism that can offer both control and flexibility. Gerald Eve teams work effectively to connect public and private sector commissioners of housing in selection and procurement. Our Project Monitoring team is experienced in taking projects through to delivery. More and better housing can also be delivered by combining existing assets, rationalising administration and improving efficiency. White City 1,500 units Westfield 5
Specialists in housing Gerald Eve Teams Affordable Housing and Regeneration Blending tenures, de-regulation and building relationships between commissioners and providers. Capital Markets Investors, ownership structures, finance, IPOs and RREITs, equity and gearing. Development Site assessment and assembly, scenario and outcome testing, team selection, budget and target setting. Identifying operators and builders. Financial Viability Financial viability strategy, analysis and review across all use classes with bespoke modelling allowing for analysis across multiple tenures. Review of viability in the context of blended tenures for planning applications. Planning Formulation and delivery of optimum planning strategies to secure planning permission for all forms of Housing including Built for Rent schemes. Project Monitoring Deliverability, documentation and warranties. Managing the short term risks of development against the objectives of long term investment. Transactions and Transfers Site and buildings acquisition, asset release, large-scale transfers. Due diligence, restructuring and brokerage. Valuation IRR driven investment appraisal based on net operating income. Due diligence, Financial Reporting Statements, IPOs and RREITs. Interim valuations. www.geraldeve.com
Specialists in housing Built for Rent housing is an almost infinitely flexible and adaptable form of tenure; for occupiers, landowners, investors and commissioners alike Clockwise from top; Sam Sawyer, Alex Vaughan-Jones, Simon Hay, Lloyd Davies. Jeremy Tonge, Susanna Bowles, Julian King, Will Ricks, Nick Brindley and Richard Lines 7
Specialists in housing SKILLS TO CREATE AND SUPPORT COMMUNITY LIFE
Specialists in housing What is Housing? If it s for living in, it is housing to Gerald Eve: Market sale and starter homes Built for Rent Market Rent Discounted market rent Social and target rented Affordable Rented Shared Ownership Student accommodation Care Homes Supported Living Serviced apartments Extra care housing and assisted living Hostels Houses in Multiple Occupation Ground Rents Housing is not only flats, it is family houses too. What makes us different? Blending tenure, capital, revenue and uses to create and support community life. The Housing Team at Gerald Eve has over 100 professional specialists in Affordable Housing, Brokerage, Capital Markets, Development, Financial Viability, Planning, Project Monitoring, Transactions & Transfers, and Valuation. In addition to our creativity, our clients tell us that they value our tenacity, commitment and integrity. This hands-on approach, with one of the highest partner-client ratios for our sector, produces exceptional results through integrated teams providing dedicated services. Riverside Walk, Barking 600 units be:here 9
Specialists in housing case studies Westminster Place, Waterloo 1,080 student rooms Urbanest www.geraldeve.com
Specialists in housing case studies Delta Point, Croydon 350,000 sq ft Criterion Capital 11
Specialists in housing case studies Biscuit Factory, Bermondsey 1,100 units Grosvenor
Specialists in housing case studies Aylesbury Estate 3,500 units London Borough of Southwark Notting Hill Housing Group 13
Gerald Eve Our sectors We advise clients across many varied property sectors Institutional/ Cultural Industrial Retail Restaurants Offices Universities Energy Healthcare/NHS Public Sector Charity, Religious & Third Sector Minerals & Waste Management Manufacturing Transport Funds Logistics Hotels Alternative Markets Education Residential Leisure www.geraldeve.com
Gerald Eve Our wider services Agency Lease Consultancy Building Consultancy Business Valuation Rates Development Appraisals PARTNER LED CLIENT SERVICE Capital Markets & Database Corporate Planning & Accounting Property Development Client Management Gerald Eve is part of an international alliance of independent real estate advisers operational in countries with an aggregate population of 640 million. Award-winning Lee & Associates is one of the largest and fastest growing full service Real Estate sales organisations in North America. Lee s multi-family specialists stay on the leading edge of changing regional and national housing trends and fluctuating capital markets. Their experience is helping Gerald Eve to meet investors asset-specific preferences and time horizons to maximise return on equity. Recent transactions include a $481 million sale of a 14 property multi-family portfolio in southern California.
Our Offices London (West End) 72 Welbeck Street London W1G 0AY Tel. +44 (0)20 7493 3338 London (City) 46 Bow Lane London EC4M 9DL Tel. +44 (0)20 7489 8900 Birmingham Bank House 8 Cherry Street Birmingham B2 5AL Tel. +44 (0)121 616 4800 Cardiff 32 Windsor Place Cardiff CF10 3BZ Tel. +44 (0)29 2038 8044 Glasgow 140 West George Street Glasgow G2 2HG Tel. +44 (0)141 221 6397 Leeds 1 York Place Leeds LS1 2DR Tel. +44 (0)113 244 0708 Manchester No 1 Marsden Street Manchester M2 1HW Tel. +44 (0)161 830 7070 Milton Keynes Avebury House 201-249 Avebury Boulevard Milton Keynes MK9 1AU Tel. +44 (0)1908 685950 West Malling 35 Kings Hill Avenue West Malling Kent ME19 4DN Tel. +44 (0)1732 229420 Please contact: Jeremy Tonge Partner Tel. +44 (0)20 7333 6322 jtonge@geraldeve.com Julian King Affordable Housing and Regeneration Tel. +44 (0)20 7333 6250 julianking@geraldeve.com Richard Lines Capital Markets Tel. +44 (0)20 7333 6274 rlines@geraldeve.com Simon Hay Development Tel. +44 (0)20 7333 6260 shay@geraldeve.com Susanna Bowles Development Tel. +44 (0)20 7333 6247 sbowles@geraldeve.com Alexander Vaughan-Jones Financial Viability Tel. +44 (0)20 7333 6375 avaughan-jones@geraldeve.com Nick Brindley Planning Tel. +44 (0)20 7333 6362 nbrindley@geraldeve.com William Ricks Project Monitoring Tel. +44 (0)121 616 4805 wricks@geraldeve.com Lloyd Davies (West End) Transactions and Transfers Tel. +44 (0)20 7333 6242 ldavies@geraldeve.com John Rodgers (National) Transactions and Transfers Tel. +44 (0)20 7333 3467 jrodgers@geraldeve.com Samantha Sawyer Valuation Tel. +44 (0)20 7333 6266 ssawyer@geraldeve.com www.geraldeve.com