capita symonds commercial real estate services
TRANSCRIPT
Real estate advice and services from Capita Symonds
Introduction 1
1. Asset Management 2
2. Building Consultancy 3
3. Corporate Services 4
4.1. Investment Sales 5
4.2. Investment Acquisition 6
5. Lease Advisory 7
6. Office & Industrial Agency 8
7. Property Management 9
8. Rating 10
9. Receivership & Recovery 11
10. Retail 12
11. Valuation 13
© Capita Symonds 2012. All rights reserved. Real Estate
We are specialists in commercial property valuation, acquisition, sales, asset
management, development consultancy and leasing. We are also one of the UK’s
leading property and facilities managers.
A short summary of our services follows. If you’d like to know more or you’d like a
view on your real estate issues please call or email me or my colleagues listed.
We look forward to working with you and developing a valuable and trusting
relationship in the future.
Alan Dornford Director – Markets
Introduction
1
© Capita Symonds 2012. All rights reserved. Real Estate
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During the ownership lifecycle we work with clients to enhance the value of their assets.
Core services – Strategic portfolio advice: performance monitor, weightings, buy/sell
– Occupational lease re-gearing, rent reviews, lease renewals
– Superior interest restructuring: strategy and impact
– Development review: alternative use appraisal
– Market monitor: occupational and investment market monitor and forecasting.
1. Asset Management
The Corporation of
Trinity House
The Court House, Harper Road
20,000 sq ft Redevelopment
Citibank
34 Dover Street, London, W1
22,000 sq ft
Ongoing asset management,
leasing and strategic advice
Invesco11 & 12 Old Jewry, London, EC2
65,000 sq ft
Ongoing asset management
O&H
Alexandra Business Park, Sunderland
96 acres, 600,000 sq ft
Office and Industrial Park
Ongoing asset management and strategic advice
Axa REIM EquinoxMilton Keynes
50,000 sq ft
Lease regear
AXA CISCastlewood House, London, WC1
85,000 sq ft
Ongoing asset management
Alan Dornford Director
t +44 (0)20 7544 2211 m +44 (0)7774 490745 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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2. Building Consultancy
RBSCondition surveys of 130 properties inspected and reported on in 90 days.
Greenwhich Hospital EstateProduced a 10yr preventative maintenance programme for a World Heritage site.
£5m
BupaDesign project management and move management for their Staines new headquarters.
£1.2m
Standard Life Investment Ltd Stone cleaning and repairs to a landmark office and retail building.
£350,000
Henderson Four Pools Retail Park, EveshamProject management of 20,000 sq ft new retail unit pre let to Pet’s at Home.
£1.2m
Waterhouse Square London EC1Negotiated a terminal dilapidations settlement on behalf of the tenant.
£3.7m
Bob Cooke Director
t +44 (0)20 7544 2021 m +44 (0)7733 124480 [email protected]
Robert Bradley Director
t +44 (0)20 7544 4221 m +44 (0)7734 333826 [email protected]
Core services – Building surveys
– Design and space planning
– Project management
– Repairs and refurbishment
– Planned maintenance programmes
– Dilapidations advice
– Insurance reinstatement valuations
– Construction monitoring.
Our team, one of the largest in the UK, looks after the physical life cycle of a building from acquisition to disposal, managing all the practical aspects of asset management in between.
© Capita Symonds 2012. All rights reserved. Real Estate
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Core services – Portfolio strategy
– Workspace analysis
– Procurement of new space
– Disposal of surplus
– Asset management.
3. Corporate Services
ITV – Manchester
Headquarter site strategy
Size: 24 acres
Bupa – UK
Full account management
Size: 90 units
Speedy Hire – UK Wide
Sale and leaseback
Size: 400,000 sq ft in 68 units
Pitney Bowes – Europe
Full asset management
Size: 2.0m sq ft
Sue Ryder – UK Nationwide
Full Account Management
80 Store Acquisition Programme
Size 400 units
National Grid
Managing all lettings, asset management
500 brownfield sites nationwide
Jonathan King Director
t +44 (0)20 7544 2129 m +44 (0)7971 246279 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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Core services – Pricing and sales strategy
– Ready-for-sale due diligence including co ordination of input from other third party advisors
– Marketing materials/sales pack
– Marketing and co ordination of interest development with principals/advisors
– Negotiation strategy, bid formulation and execution of sale.
4.1. Investment Sales
Scottish Widows Investment Partnership Meadows Business Park
Camberley
Business Park Disposal
£23.5m
GE Real EstateRichmond Riverside
Richmond, London,
Office Campus Sale
£45.0m
CURO Property Funds
The Rotunda,
Kingston-upon-Thames
Leisure Scheme Disposal
£50.7m
Royal Mail Group131 Kings Road, Chelsea
Development Site Disposal
£37.0m
Henderson Global InvestorsOffice Portfolio Sale
£46.0m
Scottish Widows Investment Partnership
St Peters Way Retail Park Northampton
Retail Park Sale
£18.3m
Rob Cass Director
t +44 (0)20 7544 2256 m +44 (0)7901 518752 [email protected]
James Keys Director
t +44 (0)20 7544 2045 m +44 (0)7771 997374 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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Core services – Sourcing opportunities
– Valuation and negotiation strategy
– Co-ordination of comprehensive due diligence pre-purchase: legal, tax, planning, surveys
– Formal purchase report.
Private InvestorThe Governor’s House,
London, EC2
City Office Acquisition
£86.0m
Legal and GeneralBishop’s Cleeve and Lydney Tesco Supermarkets
£31.0m
Moorfields/Segro JV
UK Wide Industrial Portfolio
Acquisition
£310m+
Aviva InvestorsDirect Line House, Quay St, Manchester
£23.64m
Cordea Savills
Crystal Court,
Briset Street
London, EC1
City Office Acquisition
£23.0m
Hildane Properties28 Dorset Square,
London, W1
West End Office Acquisition
£17.0m
4.2. Investment Acquisition
Rob Cass Director
t +44 (0)20 7544 2256 m +44 (0)7901 518752 [email protected]
James Keys Director
t +44 (0)20 7544 2045 m +44 (0)7771 997374 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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4.2. Investment Acquisition
Some regard rent reviews and lease renewals simply as a battle between landlord and tenant. We see things differently. Whether acting for an investor or occupier, the terms of any lease impact on the bottom line.
Lease regear acting for the tenant of 110,000 sq ft distribution facility, achieving c.£1m savings in rent.
Rent: £700,000 pa
Prime West End retail unit. Rent review acting for tenant, achieving savings amounting to £450k over the remaining term of the lease.
Rent: £580,000 pa
Expert Witness giving evidence in Lands Tribunal on rental valuation of the most famous department store in the world as at 1 April 2005 for rating purposes.
Rent: £18m pa
30,000 sq ft London office building. Rent review acting for tenant taken to arbitration, saving over £300k pa against landlord’s initial proposal.
Rent: £1.2m
Current Lease renewal for RBS of 115,000 sq ft at 199 Bishopsgate, Broadgate, London EC2 against British Land. Seeking short term flexible extension with repair liability concessions.
Rent: £5.18m pa
Rent review for Nat West on 55,000 sq ft at 15 Bishopsgate, London, EC2, agreed nil increase after protracted negotiations.
Rent: £1.04m pa
Paget Lloyd Director
t +44 (0)20 7544 2102 m +44 (0)7867 906926 [email protected]
Paul Lewis Director
t +44 (0)20 7544 2216 m +44 (0)7920 582932 [email protected]
Core services – Rent reviews
– Lease renewals
– Asset initiatives
– Regearing leases.
5. Lease Advisory
© Capita Symonds 2012. All rights reserved. Real Estate
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Core services – Market research and analysis
– Marketing strategy and implementation
– Pre-disposal due diligence
– Transaction management
6. Office & Industrial Agency
Ganton House
London, W1
Acquisition
11,000 sq ft
133 Houndsditch
London, EC3
Disposal
140,000 sq ft
20 Triton Street,
London, NW1
Acquisition
20,000 sq ft
Sovereign Gate Richmond
Sale
22,600 sq ft
Lakeside House,
Bracknell
Acquisition
110,000 sq ft
Sovereign Court Hounslow
Disposal
26,000 sq ft
Andrew Smith Director
t +44 (0)20 7544 2211 m +44 (0)7919 326085 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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We are one of the top three property managing agents in the UK. We have more than 100m sq ft of assets under management for investors and corporate occupiers.
Core services include – Rent and service charge collection
– Facilities management
– Planned maintenance and building improvements
– Tenant relocation
– Lease event management.
7. Property Management
royal london asset management
Andrew Holden Director
t +44 (0)20 7544 2227 m +44 (0) 7887 825695 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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Core services – Survey, valuation advice and appeals
– Rate refund calculations and recovery
– Identifying empty rate relief opportunities
– Rates budgeting forecasts.
8. Rating
Sky – West London offices
Size: 134,000 sq ft
Saving: £1.5 million
Hermes – West End Retail
Size: 6,200 sq ft
Saving: £100,000
Royal Mail – Heathrow
Size: 235,000 sq ft
Saving: £500,000
Blackstone – Hayes
Size: 270,000 sq ft
Saving: £2.0m
ABN Amro/RBS – City
Size: 250,000 sq ft
Saving: £2.9m
Shearman & Sterling – City
Saving: £1.1m
Andrew Warde Director
t +44 (0)20 7544 2050 m +44 (0)7919 326082 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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Fred Meehan Associate
t +44 (0)020 7544 2195 m +44 (0)7779 140831 [email protected]
We can relieve the mortgagee of the risks of recovering a property debt. We provide advice on strategy, asset management and alternative uses to achieve a financial settlement that satisfies the lending requirements.
9. Receivership & Recovery
Feltham town centre
– Identified and assessed alternative potential exit routes – Agreed JV with developer – Obtained planning consent for comprehensive
redevelopment – Achieved sale of a complex asset for £11m plus profit
share after 5-year workout
Colchester and Doncaster B&Qs
– Sold an unpopular product in a falling market, with little to no available finance
– Achieved a successful sale when the investment market and lenders were anti retail warehousing
Magnet portfolio
– Capita Symonds established management team to collect rents and deal with Health and Safety issues across the entire portfolio
– Appraised alternatives for optimising the value of the property to enable recovery of loan working with architects, quantity surveyors and planners
Core services – Assimilate the facts and confirm the validity
of the appointment
– Value/appraise and report on market conditions and issues
– Qualify the security
– Manage, collect rent and asset manage
– Agree strategy to maximise the value of the asset
– Regularly review strategy.
© Capita Symonds 2012. All rights reserved. Real Estate
12
Core services – Store acquisition programmes, UK & Ireland
– Market research and analysis
– Consultancy and strategic advice
– Disposals.
10. Retail
Hollister
5-year acquisition programme
31 stores so far.
Sue Ryder
Over 50 new shops acquired since January 2011.
Sainsbury’s
Disposal -sublet of former supermarket in Finchley Road, London
Gilly Hicks
UK acquisition programme
6 stores to date.
AXA
Shop unit letting in Chiswick High Street.
Abercrombie & Fitch
Consultancy advice on flagship lease.
Ray Dowse Director
t +44 (0)20 7544 2013 m +44 (0)7917 064585 [email protected]
© Capita Symonds 2012. All rights reserved. Real Estate
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Core services We value all types of property from prime city centre office buildings and shopping centres to car parks and open parkland. Our clients range from major public and private sector organisations to private individuals.
Our valuation methods cover:
– Market value
– Existing use
– Alternative use
– Depreciated replacement cost.
11. Valuation
Tunbridge Wells Borough Council
Annual valuation of a portfolio consisting of 200 Council owned properties
£50.0m
Prudential
Quarterly valuation of 110 prime retail properties
£500.0m
Anglo Irish Bank
Elizabeth House, York Road, Waterloo, London
£550.0m
VION Food Group Ltd
Portfolio of 39 food production facilities and 152 agricultural properties
£250.0m
Greenwich Hospital
Portfolio of 160 properties located in Greenwich London
£70.0m
Deutsche Bank
Lancer Square, Kensington Church Street, London
£35.0m
Paul Watling Director
t +44 (0)20 7544 2296 m +44 (0)7900 408370 [email protected]
capitasymonds.com/realestate
Head office Capita Symonds Ltd 1 Procter Street London WC1V 6DW +44 (0)20 7492 0200
Elder House, Multrees WalkEdinburgh EH1 3DX +44 (0)131 460 1200
The Observatory8th Floor, Chapel WalksManchester M2 1HL+44 (0)161 819 4200
10 King William Street London EC4N 7TW +44 (0)20 7544 2000
125 Shaftesbury AveLondon WC2H 8AD+44 (0)20 7544 2000