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HATTIE RICS APC NOTES > CPD > Flashcards

CPD Flashcards

1
Q

What did you learn from the following CPD: Workshop – Compulsory Purchase?

A

When acquiring a site using a compulsory purchase order (CPO) you have to pay an unblighted value i.e. one which cannot include any increase or decrease in value associated with the scheme

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2
Q

What did you learn from the following CPD: Workshop – Accounting Principles?

A
  • A PLC will have to publish their accounts because they are listed on the stock exchange.
  • Savills reported group revenue of £1,761m and profit of £77.2m in their 2018 accounts
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3
Q

What did you learn from the following CPD: Workshop – Measurement?

A

IPMS introduced the idea of the Internal Dominant Face i.e. ‘inside finished surface comprising more than 50% of the floor to ceiling height for each IDF wall section’

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4
Q

What did you learn from the following CPD: Online Training – RICS Professional Ethics Course?

A
  • Act with integrity
  • Always provide a high standard of service
  • Act in a way that promotes trust in the profession
  • Treat others with respect
  • Take responsibility
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5
Q

What did you learn from the following CPD: Seminar – What Workers Want: UK and Europe?

A
  • 73% of workers in the UK are in open plan offices whereas it is only 40% in Germany
  • Workers in private offices felt 3 x more productive
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6
Q

What did you learn from the following CPD: Presentation – The New Competencies Needed in a Digital Supply Chain?

A
  • Sustainability in supply chain has dual benefit of reducing environmental impact and cost
  • Typically supply chain managers have focused on reducing cost but now need to learn to reduce the environmental impact
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7
Q

What did you learn from the following CPD: Presentation – Future of Logistics Real Estate?

A
  • Building intensification in the industrial sector has meant an increase in construction of multi-level warehouses in Paris and London
  • Gazeley has speculatively developed a 3-storey warehouse in London’s Docklands
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8
Q

What did you learn from the following CPD: Seminar – European Industrial & Logistics Market Updates?

A

• Poland being used as a strategic hub for distributing to Europe, in particular being used to deliver to Germany to take advantage of cost arbitrage e.g. Amazon

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9
Q

What did you learn from the following CPD: University Module – Legal Resolutions of Property and Construction Disputes (London South Bank University)?

A
  • Negotiation: parties try and solve themselves
  • Mediation: neutral mediator facilitates discussions
  • Arbitration: quasi judicial as per Arbitration Act 1996
  • Expert witness: surveyor provides expert evidence
  • Expert determination: parties bound by opinion
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10
Q

What did you learn from the following CPD: University Module – Property Investment Appraisal (London South Bank University)?

A
  • Advantages of direct property investment: control/ownership, larger returns, gearing
  • Advantage of indirect property investment: lower entry cost, lower transaction costs, increased liquidity, diversification, no expertise required, divisible, transparency regulated
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11
Q

What did you learn from the following CPD: RICS CPD Seminar – Advice for Purchase and Sale Procedures?

A
  • Can put property in an SPV (e.g. Luxembourg structure) where is a share sale so no transaction costs are payable
  • Purchase price in SPA will be stated by the way of Net Asset Value (NAV)
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12
Q

What did you learn from the following CPD: Seminar – Auctions?

A

Online auctions introduce greatly flexibility on dates, opened up to a wider pool of bidders who no longer have to be in the room and means AML checks can be done ahead of time

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13
Q

What did you learn from the following CPD: Workshop – CoStar Training?

A

Using the ‘Building’ tab to collate known information about a properties leasing, sales and construction history

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14
Q

What did you learn from the following CPD: Workshop – Leases?

A
  • Lease date: when the lease is signed
  • Term commencement date: when term begins
  • Rent commencement date: when begin paying rent
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15
Q

What did you learn from the following CPD: Seminar – Wellbeing?

A
  • 1 in 4 people affected by mental health problems in a given year
  • Savills working with ‘Time to change’ project
  • ‘Mental Health Champion’ are trained to try and make mental health a more normal topic of conversation
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16
Q

What did you learn from the following CPD: Presentation – EMEA Update?

A
  • Savills European revenue is €241m with a revenue target of €450m in 5 years time which reflects 18% growth per annum
  • Mix of organic growth and through acquisitions
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17
Q

What did you learn from the following CPD: Seminar – Valuation Quarterly Seminar?

A
  • Extension will bring non-residents holding commercial real estate in scope of UK Capital Gains Tax (CGT)
  • Historic gains protected and will only be subject to tax on the extent the asset has increased in value since April 2019
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18
Q

What did you learn from the following CPD: RICS CPD Seminar – RICS Valuation: Professional Standards Update?

A

RICS ‘Red Book’ ensures that those who value do so in accordance with the International Valuation Standards Council (IVSC)

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19
Q

What did you learn from the following CPD: Presentation – Lloyds Bank Plc Presentation?

A

When underwriting an opportunity Lloyds will look at the asset age, tenant covenants, re-letting assumptions, micro-locational strengths, specification (i.e. is it fit for purpose), obsolesce

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20
Q

What did you learn from the following CPD: Presentation – IFRS 16 Update?

A
  • IFRS 16 is a new lease accounting standard which companies have to comply with from 1st January 2019
  • Full cost of leases have to be accounted for on the balance sheet
  • Occupiers obligation to pay rent is recognised as a liability, though service charge/turnover rent is treated separately
  • Exemptions exist for leases of 12 months or shorter
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21
Q

What did you learn from the following CPD: University Module – Real Estate Economics and Finance Module (London South Bank University)?

A
  • Economic cycle drives occupational demand, which sets rents and determines value of real estate assets. Access to financing will also have an impact on real estate sector
  • Property exhibits highly localised, spatial immobility, multidimensional heterogeneity, high transaction costs and infrequent transactions, production lags and dual function (i.e. an investment good and consumption good)
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22
Q

What did you learn from the following CPD: University Module – Corporate Real Estate Management (London South Bank University)?

A
  • Business strategy needs to be closely aligned with corporate real estate strategy
  • Seen a shift in CREM being viewed as a ‘strategic resource’, with a greater appreciation of how property can strategically enable and add valuable
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23
Q

What did you learn from the following CPD: Seminar – West End Office Agency: Our Changing Marketplace?

A
  • Office tenants becoming disenfranchised with the typical leasing model and do not want to tie capital up in deposits and want to upscale and downscale easily
  • Move away from taking 10 year leases to using service office providers e.g. WeWork which provide a greater level of flexibility
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24
Q

What did you learn from the following CPD: Workshop – An Introduction to Planning?

A
  • Localism Act (2011) represented a devolution of power from central government to local communities
  • National Planning Policy Framework (NPPF) puts onus on local planning authority to come up with Local Plan aligned with the NPPF
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25
Q

What did you learn from the following CPD: Seminar – Retail: The Big Sell?

A
  • Increase in business rates and decline in consumer sentiment associated with Brexit also having an impact on retail
  • Large proportion of online retail sales touch a physical shop at some point
  • Importance of an omnichannel offering as a retailer
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26
Q

What did you learn from the following CPD: Seminar – Place Shaping?

A
  • Place shaping’ implies a continuous process, whereas ‘place making’ implies that it has an end
  • Long term solution for retail is creating a place which consumers want to be in
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27
Q

What did you learn from the following CPD: Seminar – European Retail Investment Board Meeting?

A

eCommerce penetration is strongest in northwestern European. Beginning to spread across Europe which is impacting pricing in secondary retail locations

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28
Q

What did you learn from the following CPD: Seminar – Leisure Market Update?

A

Increased trend to go on a ‘staycation’. People typically willing to spend more per night because they are visiting for a shorter period of time

29
Q

What did you learn from the following CPD: Seminar – Lessons from Overseas?

A
  • ‘One belt one road’ will give China access to import and export to European markets
  • A lot of properties in US were created in the 70s or 80s as a campus – now considered ‘dinosaur properties’. Want space to encourage ‘creative collisions’ i.e. people from different areas across the business colliding
30
Q

What did you learn from the following CPD: Workshop – Microsoft Dynamics Training?

A
  • Tracks all known current and past jobs with a client and the fee generated
  • Helps identify key clients to target and spot opportunities for cross-selling
31
Q

What did you learn from the following CPD: Workshop – Productivity Masterclass?

A
  • Can switch off email pop-ups on Outlook
  • Open Outlook on calendar screen rather than emails
  • Have selected stages during the day to clear inbox (typically 40% of the working day is spent dealing with email correspondence)
32
Q

What did you learn from the following CPD: Seminar – Country Estates?

A

In Berkshire and West Sussex, 15% of buyers of properties under £4m are international, whereas 50% are international for properties over £10m

33
Q

What did you learn from the following CPD: Workshop – Landlord and Tenant?

A
  • Section 24 – tenancy does not expire but only when one party serves notice
  • Section 25 – landlord notice served not more than 12 months and not less than 6 months before the date for the termination of the tenancy to be specified
  • Section 26 – tenant can serve a notice requesting a new tenancy beginning with a date not more than 12 months and not less than 6 months after making the request
  • Section 27 – notice to be served by tenant anytime they want to leave with a 3 month notice after the lease expiry date
34
Q

What did you learn from the following CPD: Workshop – Property Management?

A

Failure to put a rent stop in place means a landlord could lose their right to forfeit by inadvertently accepting rent and waiving the breach

35
Q

What did you learn from the following CPD: Seminar – City of London Investment?

A
  • Large attraction for cross border capital is the liquidity in the market as there’s lots of transactions
  • Asian investors benefitting from low interest rates in their home countries and preferential exchange rates
36
Q

What did you learn from the following CPD: Workshop – Architectural Styles?

A
  • Georgian – terraced houses, four/five storeys with a lower ground floor/half-basement, tall sash windows
  • Victorian – bay sash windows, terracotta tiles, wide mantelpieces, cast iron gates
  • Modern buildings – development of reinforced concrete frames, simplistic and robust
37
Q

What did you learn from the following CPD: Seminar – International Residential?

A
  • Team created out of an increase in British ownership of properties abroad
  • Inbound desk helps buyers acquire properties in the UK, whilst outbound desk helps buyers purchase abroad
38
Q

What did you learn from the following CPD: Seminar – Commercial Valuation?

A
  • IFRS 16 could drive occupiers to take shorter term leases i.e. less than 12 months
  • Higher net debt, higher EBITDA, high capital invested, lower ROCE
39
Q

What did you learn from the following CPD: Seminar – New Approaches to Industrial and Mixed Use Development?

A
  • Draft London Plan provided a proposal that will allow mixed-use residential development on industrial land providing there is no net loss to industrial floorspace
  • Led to the conception of ‘beds and sheds’
40
Q

What did you learn from the following CPD: Workshop – Introduction to Property Investment?

A
  • Cost of capital will determine what you can buy and what your returns will be
  • Liquidity of London market is very important to foreign investors, whereas Manchester/Birmingham will be less liquid
41
Q

What did you learn from the following CPD: Workshop – Sustainability?

A
  • Energy Efficiency Regulations, 2015 require minimum EPC rating of Level E to let a building from 1st April 2018
  • All existing leases from 1st April 2023 for commercial properties will have to be E or above
42
Q

What did you learn from the following CPD: Seminar – Scottish Market Update?

A
  • There were only 168 residential sales over £1m in the whole of Scotland during 2017
  • Land and Buildings Transaction Tax (LBTT) is much higher than SDLT
43
Q

What did you learn from the following CPD: Seminar – Cross Border European Investment?

A
  • Planning on using Microsoft Teams to help share market information and investor requirements
  • Heard from TH Real Estate about their European Cities Fund. Identified 35 cities which they can invest in a 7 progressive cities (only permitted when GAV exceeds €1.5bn)
44
Q

What did you learn from the following CPD: Round Table Discussion – Danish High Street

A
  • Luxury retailers using Copenhagen as entry point to the Nordics
  • Increased tourism from cruise shop is driving demand in luxury retail
  • Denmark is a tenant friendly environment
45
Q

What did you learn from the following CPD: Workshop – ISO Standards Training?

A
  • ISO = International standards organisation
  • ISO 9001 – quality management ensure you meet the needs of customers and other stakeholders
  • ISO 14001 – environmental management requiring CO2 reduction, reduction in waste to landfill and implement energy saving measures
  • Reason for accreditation: good for the brand, best practice, reduce waste, retain clients
46
Q

What did you learn from the following CPD: Presentation – Impacts: Internal Launch?

A
  • Alternative markets becoming “core” e.g. student housing elderly and retirement care
  • No longer get the same returns as you would have done previously
47
Q

What did you learn from the following CPD: Workshop – Dispute Resolution and Conflict Avoidance?

A
  • Expert witness: when surveyor provides evidence to a judicial or quasi-judicial body it is the role of an expert witness. Primary duty of care is to the court/dispute resolution panel and not the client
  • Dispute resolution: mediation, arbitration, independent expert determination, early neutral evaluation
48
Q

What did you learn from the following CPD: Seminar – Planning & Development Update?

A
  • Estimated that 300,000 homes a year rather than the estimate 200,000 homes a year will need to be built to meet the housing crisis
  • Modern methods of construction need to play a larger role in developing new homes
49
Q

What did you learn from the following CPD: Seminar – Property Solutions?

A
  • Portfolio team: dispose of assets in portfolios on an individual basis to prevent discount being offered on them
  • Fixed charged receivership team: usually deal with properties on Buy to Let mortgages. Will take control when then there has been a breach of the mortgage terms and will dispose of them
50
Q

What did you learn from the following CPD: Seminar – Hotel Markets Update?

A
  • Conflicts in Egypt and Turkey have increased demand for going on holiday in Europe
  • Occupancy of 82% in London and revenue per available room (REVPAR) of £117
51
Q

What did you learn from the following CPD: Workshop – Promap Training?

A
  • Use base layers a number of different scales when producing maps
  • Calculate the area and perimeter of chosen site
52
Q

What did you learn from the following CPD: Workshop – Compliance Training?

A
  • Money Laundering, Terrorist Financing, Transfer of Funds (Information on the Payer), 2017
  • Provide staff training
  • Comply with new customer due diligence, enhanced due diligence and simplified due diligence requirements
  • AML checks must be carried out to confirm the identity of the proposed purchaser
  • Adopt appropriate internal controls to address money laundering and terrorist financing risks and meet the requirements under the regulations
53
Q

What did you learn from the following CPD: Seminar – European Investment?

A

Matches investors who are based in London with investment opportunities across European, making use of Savills European network of offices

54
Q

What did you learn from the following CPD: Seminar – Business Rates?

A
  • Business rates are assessed every 5 years
  • Antecedent valuation date is 1st April 2019. New rateable values will come into effect on 1st April 2021 i.e. two year period between the rateable value being assessed and beginning to pay rates at that new value
  • Central London retail occupiers have been hit worst by the increase in business rates whilst industrial occupiers have faired less badly
55
Q

What did you learn from the following CPD: Seminar – Residential Valuation?

A

Can undertake residential valuations loan security, tax, enfranchisement, PRS/Build to Rent, Expert Witness or Internal Purposes

56
Q

What did you learn from the following CPD: Workshop – Valuation Introduction?

A
  • Five methods of valuation: investment, comparable, residual, profits and DRC
  • Higher yield = higher risk
57
Q

What did you learn from the following CPD: Workshop – Health and Safety?

A
  • Estimated 4 million UK properties contain asbestos and cause 5,000 deaths per annum
  • Control of Asbestos Regulations, 2012 governs the management and control of asbestos. Non-compliance is a criminal offence
58
Q

What did you learn from the following CPD: Workshop – Communication Styles?

A

Different personality types respond best to different styles of communication e.g. made me aware that I am detail-orientated, analytical and accurate. Take a cautious and methodical approach

59
Q

What did you learn from the following CPD: Workshop – Corporate Social Responsibility and Sustainability?

A
  • Built environment accounts for 40% of natural resource use, 30-40% of energy use and 1/3 CO2 emissions
  • Important to Savills for reputation, comply with regulation and manage its resources
  • Savills has managed its responsibility through: BREEAM Excellent rated offices, ISO 14001 accreditation and helped make energy efficiency improvements to Savills offices (e.g. LED, Mechanical & Electrical optimisation, IT efficiency)
60
Q

What did you learn from the following CPD: Presentation – Savills UK and Global Overview?

A
  • Business lines include Transaction Advisory (sales and leasing), Consultancy (Valuation, Development, Planning etc.), Property & Facilities Management and Investment
  • Decrease the proportion of less transactional elements of the business to help maintain Groups performance throughout the property cycle
61
Q

What did you learn from the following CPD: Workshop – Agents Insight Training?

A
  • Use the Agents Insight platform to effectively manage my live agency disposals
  • Taught me how to upload a property listing onto the platform and match it with live requirements from across the Industrial Agents Society
62
Q

What did you learn from the following CPD: Workshop – Savills Share Training Session

A
  • Taught me how to use the Savills share platform in order to share my firms content, including research papers, blogs and podcasts, via my social media accounts, such as LinkedIn
  • Taught me that personalised posts are much more effective at getting engagement from your network than generic posts e.g. including a personalised strap line to a research publication
63
Q

What did you learn from the following CPD: Seminar – Global Capital Markets Day?

A
  • Low interest rate environment means that bond yields are at historically low levels. Means that despite yield compression across the RE market, the spread over the RFR has been maintained
  • Combined with the cheap cost of debt, has meant that investor interest in European markets has remained high. Lack of stock as investors are holding out for further yield compression
64
Q

What did you learn from the following CPD: Presentation - Data Centres in Norway?

A
  • Cheap energy ($0.04 kWh) and access to renewable energy sources. Reduced need for for liquid cooling systems as a result of the natural Arctic air cooling
  • Norway is served by international, national and local fibre routes which provide access to the FLAP markets
65
Q

What did you learn from the following CPD: Presentation – Industrial and Logistics Outlook 2020?

A

• Taught me how eCommerce will continue to be a driving force behind take-up in the industrial and logistics sector in Europe. For every additional €1bn spend online, it requires an additional 75,000 sqm of floorspace

66
Q

What did you learn from the following CPD: Seminar – Operational Capital Markets Update?

A

• Taught me that investors are increasingly looking to invest in the build-to-rent and retirement living sector. This is as a result of an increased number of people in the private rental sector and a growing elderly population

67
Q

What did you learn from the following CPD: Workshop – Development Appraisals?

A
  • Taught me the importance of cross checking the output of a residual valuation with comparable land sales, as outlined in RICS Valuation of development property, 2019
  • Taught me the importance of conducting a sensitivity analysis of key variables such as the GDV, build costs and finance rate
68
Q

What did you learn from the following CPD: Workshop – Debt Advisory?

A
  • Taught me that developers will have to take out development finance, which will be at a higher margin, and will be converted to an investment loan upon PC
  • Explained how in a capital stack you will typically have senior debt, mezzanine debt, preferred equity and common equity. If the borrower defaults, then the parties will be paid out in that order
69
Q

What did you learn from the following CPD: Presentation – European Investment Stock?

A
  • Discussed how investment funds have increased their allocations towards real estate as a result of the low interest rate environment
  • Explained how there is a lack of sellers in the market as investors are holding out for further yield compression. They are also concerned about being unable to redeploy capital once they sell property
  • Whilst the spread over the RFR remains, there will continue to be capital attracted to the real estate sector

HATTIE RICS APC NOTES (20 decks)

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