Global Property Scene Edition 19

GLOBAL

PROPERTY SCENE ISSUE NO. 019

The Number One Buy-to-Let Magazine | www.globalpropertyscene.com

This issue: Architectural salvage, how old buildings are reused | US trade deal good or bad for the UK? Citizenship created through investment | Should I move to San Francisco?

FOCUS ON : VENEZUELA

A GUIDE TO EBACE GENEVA

THE ECONOMIC POWER OF EUROPE

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INSIDE Features

20 Architectural Salvage In a world of disposable goods; think mobile phones, laptops, microwaves, how do buildings fare when they’re beyond their best?

One of the largest hoarders of disused properties and buildings are councils and the government, in particular the Ministry of Defence, who have commenced a new programme of selling off their disused assets.

33 Should the UK make a US trade deal?

49 Changing nature of citizenship

64 Haunted property, what’s the story?

June last year marked a historic vote which determined Britain’s fate outside out the EU, sending shockwaves through the country.

The referendum result was a huge surprise with 51.9% of votes in favour of leaving the EU. Since the decision, the prospect of new trade deals with countries outside the EU have been a major talking point.

The question of citizenship is a tricky one. The term itself is hard to define and it means something different to everyone. It has many uses and meanings and is constantly evolving along with our society. It has been debated by our finest minds for thousands of years already, and the debate is set to carry on almost indefinitely.

Whether you choose to believe in the supernatural or not October is a season that welcomes trick-or-treating, pumpkin carving, and apple-bobbing. Most importantly, though, Halloween gives us the opportunity to discuss the idea of the paranormal, revelling in stories of haunted houses and mysterious happenings.

Regular Articles

Listings (sponsored)

09 Market in Focus: Venezuela

90 UK

A GUIDE TO GERMANY

Venezuela is a country facing real difficulty, with political divide and economic issues plaguing its future.

86 Should I move to San Francisco?

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San Francisco is the most northern part of California sitting at the tip of a peninsula and surrounded by San Francisco Bay and the Pacific Ocean.

Home of the Industrial Revolution, the UK has long been established as a major commercial centre, benefiting from strong trade links with companies on every continent.

With a long history in international cooperation, the country is an attractive place for investors both foreign and domestic.

Knight Knox has sold thousands of properties. We have experts on the ground that can help to find your perfect property. Why purchase with anybody else?

ISSUE 019 GLOBAL

PROPERTY SCENE ISSUE NO. 019

EDITOR’S NOTE

The Number One Buy-to-Let Magazine | www.globalpropertyscene.com

This issue: Architectural salvage, how old buildings are reused | US trade deal good or bad for the UK? Citizenship created through investment | Should I move to San Francisco?

FOCUS ON : VENEZUELA

A GUIDE TO EBACE GENEVA

THE ECONOMIC POWER OF EUROPE

It’s important to lead from the front, to set an example that all others aspire to attain. To some, Britons decision to leave the EU was one of confidence and self determination, to go it alone during troubled global conditions. Others see it as a short-sighted snap decision, likely to reduce one of the strongest economies in the world to dust.

Germany, who have set a strong economic example for much of Europe, have often appeared the leaders of the continent. However, there has now been acknowledgment from many that Germany is facing a growing tide of bad sentiment across Europe, after the conditions it imposed on Greece in return for financial assistance were condemned as a ‘debtors prison’ by some, including former Greek finance minister Yanis Varoufakis. With pressure mounting, we look at one of Europe’s most intriguing members.

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Cover image by Alex Galperin

Contact +44(0)161 772 1394 info@globalpropertyscene.com www.globalpropertyscene.com

Credits Individual Samantha Edwards, Alex Timperley, Will Leyland, Emma Martin, Andrea Wong, Richard Ellis, Alistair McGovern, Suzanne Todd, Callum Whiteley, John Power, Martin Copeland, Michael Vickers, Mark Williams, Marica Bruschi Commercial Knight Knox, X1, Fortis Developments, Forshaw Land & Property Group, INTUS Lettings, Gold Key Media, Shutterstock, Unsplash, Property Investor, Crossbow Investments CODA Studios Ltd, Fletcher Priest Architects, A. Lange & Söhne, Land Rover, EBACE

With the US disengaging from its environmental commitments, it seems a lot more work is needed to create a sustainable future. Property is one of the major contributors of climate change, and the impetus is now on developers to refurbish rather than demolish and rebuild from scratch. In this edition, we discuss how architectural salvage is giving a new lease of life to much of the developed world.

Having promised such a bright future following the discovery of vast oil reserves, Venezuela looked set to become the economic power of South America. Yet, its economic failure marks one of the most dramatic reverses in financial fortune ever witnessed, with a political and humanitarian crisis now threatening the country for many years to come. With so much to discuss we made Venezuela our market in focus.

Wrapping things up we discuss the unusual topic of haunted houses. You may overlook the subject when buying, but the reputation of a property can often be a difficult hindrance to overcome. With Halloween fast approaching, we debate the best ways to maximise on unwanted guests.

That’s it for now, we hope you enjoy edition 19.

Editor-in-chief Michael Smith

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THE END OF DIESEL & PETROL ...

Emma Martin

The ban on the sale of all petrol and diesel cars by 2040 has been announced by the UK government, and hails a new age for road travel. The ban follows the same from Emmanuel Macron’s French government, who were the first to announce the pledge following a statement from car manufacturer Volvo who confirmed they would only make fully electronic or hybrid cars from 2019.

Why are governments banning the sale of petrol and diesel cars?

The Royal College of Physicians recently examined the impact of exposure to air pollution and concluded that 40,000 deaths are attributed to exposure to outdoor air pollution every year in the UK. Illnesses that are linked to poor quality air levels include cancer, asthma, stroke, heart disease, diabetes and obesity, creating a £20bn medical cost for UK health services, and an even greater human cost.

With the weight of the problem undeniable, and a large scale of the issue rooted in unsafe levels of Nitrogen Oxide being emitted from diesel road vehicles, the ban will aim to combat air pollution on a never before seen scale by targeting the use of petrol and diesel cars. The UK Government’s plan for tackling roadside nitrogen dioxide concentrations set out a pledge to ‘be the first generation to leave the environment in a better state than we inherited it’ – a tall order.

How will the ban work?

The new law states that the sale of all new petrol and diesel cars will cease by 2040, excluding hybrids (cars which have the traditional internal combustion engine and electric motor), and increased taxes for high-pollution vehicles will be bought into place in order to try and further dissuade people against their use, due to be announced in the near future.

In order to assist in the pledge the UK Government has agreed that they will invest £2.7bn toward improvement of air quality and cleaner transport.

The funding will put £1bn toward ultra-low emission vehicles (ULEVs) which will include investment toward the infrastructure needed across the country for charging electronic vehicles. It will invest a further £290m to the National Productivity Investment Fund which looks to provide money for new buses and retrofits and a plug in taxi programme. Further investment will go towards a Green Bus Fund, Air Quality Grant and for the cycling and walking strategy.

How will this impact people?

Naturally there have been a lot of questions regarding the move to electric cars. Concerns regarding whether we can afford the move to electric cars and

how infrastructure will be improved to allow for the move have been aired.

In terms of price, whilst electric vehicles are currently more expensive than the normal petrol or diesel, this price is going to come down considerably in order to meet consumer demand. The running cost of an electric car is markedly cheaper than that of a petrol motor.

Motoring expert at CarWow Mat Watson commented that the plug-in grant from the government would help road users in buying a new electric or hybrid vehicle, and that “Charging an electric car at home costs about £3, which gives you an average range of about 150 miles. That is £12 less than you would pay with the average diesel car and offsets the higher purchase cost significantly.” However, when you take into account other costs like insurance (which is notably higher for electric cars) it all balances out once again.

The bottom line is that there is likely to be an initial cost for those moving to electric cars; however battery prices are becoming cheaper and cheaper meaning that we can be hopeful that the move to electric will be far more seamless than we might expect.

Is it enough?

Whilst the UK government is keen to advertise the ban, it has come under fire from activists and environmental experts who have slammed what are being described as unambitious targets, with some commenting that 2040 is so far off that the efforts will have insignificant consequences.

With the UK having failed to comply with EU standards on air pollution for the last seven years the plan to make change is long overdue, and only comes after a final warning was issued by the governing body. The head of climate and energy policy at environmental group WWF echoed this in an interview with The Independent, “The Government’s been failing to comply with this law for seven years and then is setting itself a target so far in the future that it will be delivered even if the government did nothing,”.

With calls from many to act now, rather than in 23 years’ time the government may need to adjust its strategy in order to bolster plans for more environmentally friendly travel in the immediate future, sending a stronger message to car manufacturers and the public to change habits before more damage is done, and to ensure the correct infrastructure is implemented to allow for this.

VELAR ...

A NEW KIND OF RANGE ROVER Michael Smith

Bridging the gap between the Evoque and Sport, the new Velar advances the brand’s style and technology. Making use of the same aluminium platform utilised in both the Jaguar XE and F-Pace, the Velar delivers a luxury driving experience you’d expect to find in a car carrying the fabled Range Rover name.

Its aesthetics deliver much, both inside and out. The vehicle has a well-proportioned profile aspect, which is confirmed by a low drag coefficient of 0.32. The interior has been beautifully appointed, built to Range Rovers usual high standards.

New owners will have a range of four and six-cylinder petrol and diesel units to choose from, and an eight-speed ZF automatic gearbox coupled to a standard four-wheel drive setup is standard across the Velar range.

As you would expect, the Velar offers all the usual off-road technology. Hill Descent Control, Gradient Release Control and a host of specialised traction control systems have been adapted to make the most of any tricky conditions.

Prices start at £44,830.

MARKET IN FOCUS Venezuela

Words : Andrea Wong | View : Alejandro Solo

Venezuela is a country located on the northern coast of South America, bordered by Brazil in the South and Colombia to the West. From the Andes Mountains to the Amazonian jungles, Venezuela is without doubt surrounded by some of the most incredible places on earth and is admired by people across the world.

Holding the largest supply of crude oil in the world, the oil-rich nation was destined for fortune, however in recent years Venezuela’s economy has completely fallen apart and it is feared that the crisis the country is facing is only the beginning. This economic failure marks one of the most dramatic reverses in economic fortunes in history with a political and humanitarian crisis now threatening the country for many years to come.

Venezuela’s economic dependence on oil reserves Venezuela should be prospering from its large natural resources such as oil, diamonds and gold, however the economy has collapsed over the years and its people are now struggling to find food or medicine, pushing the poorest members of its 30 million population to the edge and to the brink of survival. The country is now experiencing the world’s fastest contracting economy with its currency having lost 99% of its value since the beginning of 2012.

In the past, oil resources managed to sustain Venezuela’s economy, with oil accounting for over 90% of the country’s exports. During Hugo Chavez’ presidency, the industry was booming and the cost of oil hit a record high of $100 a barrel. Billions of dollars from the revenue were used to fund

social programmes and the installation of a free healthcare system, whilst goods were imported and sold at a more affordable price to support the poor.

However, by the end of 2014, oil prices had completely collapsed and the country had saved very little from the oil price boom during the early 2000s due to the government’s massive overspending on social programmes, which were used to alleviate the country’s inequality.

Today, oil prices have remained relatively low, not being able to reach the high levels that were achieved in the past and causing huge damage to the economy. It has made paying debts and importing food and other basic needs for Venezuelans an increasingly difficult task. Since 2016, the country’s imports have dropped by 50%, exposing the deepening humanitarian crisis that Venezuela is facing.

How is the crisis affecting its people?

In Venezuela today, food shortages have escalated so much that almost 75% of the population has lost an average of 8.7kg in weight due to poor nutrition, according to Venezuela’s Living Conditions Survey.

In addition to this, the nation is being rocked by continuous unrest with daily political protests generating on average at least one fatality. The threat of the opposition has intensified with many allies of the current President Nicolás Maduro now joining in on the wave of dissent.

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Huge protests have been occurring across the country since the beginning of April, and were triggered by Mr Maduro’s decision for Venezuela’s Supreme Court to assume the power of the National Assembly, an act which violated the constitution and allowed the United Socialist Party to control the three branches of the government, whilst eliminating opposition.

Tension had been mounting ever since previous president Hugo Chavés was in power and this event sparked the beginning of mass protests, which has led to a death toll of over 50 people so far. Some of these were protestors, but the majority were victims who were unfortunate enough to be caught up in the violence. Bringing peace to the country is now a pressing priority for many but the country appears to be a very long way from a solution, with analysts fearing that this may only be the beginning.

Fuelling more anger amongst citizens, earlier this year Maduro announced that a constituent assembly would be set up to “neutralise” opposition which are attempting to overthrow the government. He believed that creating this would eliminate the threat of the opposition and bring much-needed peace in Venezuela.

This move has proven to be controversial, with the opposition leaders claiming that the president is taking full of advantage of his power and is attempting to remain in office for longer. Without calling on a referendum to rewrite the constitution as his predecessor did, an election was brought forward instead to decide on which members would be part of the new assembly. Interestingly, none of the opposition were included in the 6,000 people running for seats. Ahead of the election, large demonstrations took place in the streets with activists protesting against the eroding democracy in their country.

Tensions reached breaking point post-election with Smartmatic, the voting company that Venezuela has used since 2004 saying that the turnout figures had been inflated from its constituency assembly election which took place at the end of July. Other countries such as the US joined in on the row claiming that this particular event demonstrated exactly how Maduro is attempting to become a “dictator”. Maduro has since rejected these claims of boycotting the election and said that it was done in a fair and transparent way. He believes that the opposition is conspiring with foreign countries to destabilise the country.

Venezuelans fleeing the crisis in droves During the 70s and 80s when the country was experiencing an oil boom, Venezuela served as a safe place for many migrants as well as refugees, however, with the country now falling further into economic collapse, many of its people are now finding safe haven in other Latin American countries such as Colombia. Although the political state is much more stable, according to officials, Colombia would not be able to provide for a large influx of migrants due to a lack of financial resources.

Other Latin American countries have shown their support, especially Argentina which has seen a huge increase in the number of Venezuelans starting a new life in the country. It has been reported that the figure has increased by almost 250% from last year. Peru has also welcomed a number of Venezuelans to their country, in return for Venezuela receiving thousands of Peruvians who escaped from the military dictatorship and economic hardship felt in the 1970s and 1980s. Peru’s immigration superintendent, Eduardo Sevilla has described Peru as a “country which remembers”.

How did it all begin?

The period from 1999 to 2013 marked ex-President Hugo Chávez’s time in office, which was incredibly significant as it led to the interconnected crises that Venezuela is being affected by today. Hugo Chávez was one of the most vocal and controversial leaders in the history of Latin America and turned the oil-rich nation into one of most repressive political systems in the world.

During his first year, his approval rating reached 80% with his commitment to put an end to corruption, redistribute oil wealth in the country and increase spending on social programmes. He used this wave of popularity to his advantage by drafting a brand-new constitution which allowed him to take unprecedented control over the government. Tension has continued to mount ever since ex-President Hugo Chávez created his revolutionary plan which promised equality.

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Caracas, Venezuela

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Angel Falls, Canaima National Park, Venezuela

VENEZUELA FACTS --Area: 916,445 km2 Population: 31,775,371 (estimate) Per capita: $8,004 Figure correct October 2017

When he took to office in 1999, almost half of the population was below the poverty line and Chávez was determined to change this as he was inspired by his own humble past. Before he came to power, Venezuela’s wealth from its oil resources was unevenly distributed, with the welfare of Venezuela’s poor and working-class people overlooked. Whilst neighbourhoods struggled with a lack of infrastructure and basic needs such as water, the political elite were pocketing the majority of the country’s oil wealth.

Referred to by himself as the Bolivarian Revolution, his 17 years in charge marked huge social change for the Latin American country. Under Chávez investment was poured into social programmes which included the Mission Robinson. This scheme was used to teach around 1.5 million Venezuelans who were considered illiterate how to read and write. In addition to this, government subsidies were introduced to ensure that food was affordable for everyone, whilst there was price control over basic

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foods which were invested in through the revenues of the oil industry.

This huge investment allowed Mr Chavez to succeed in narrowing the gap between the rich and the poor in Venezuela, however, as the oil industry collapsed, it caused a ripple effect for the economy. The rationing and setting of food prices led to stocks disappearing from shops and ending up on the black market for much heftier prices.

Chavez’s government was known to bring in controversial policies, and setting a fixed exchange rate in 2003 was no exception. It caused more problems for the economy and most significantly, allowed the black market in Venezuela to thrive. According to Victor Alvarez, a former minister of industry: “The fixed exchange rate is what has provoked the most damage”. Living in a country wracked by inflation, people have been dipping into the black market for food and other basic products to survive.

As Chavez came to the end of his presidency, he chose Maduro to succeed him. However, Maduro has not been able to inspire his

Venezuelan people protest against their Government, Merida, Venezuela

supporters, known as “Chavistas”, as Chavez did so himself.

Who is to blame?

The way that the media is portraying the crisis is that left-wing politics, which was once hailed in the country, is simply failing. This is true to an extent as “chavismo” is slowly but surely dying, with violence becoming a representation of freedom and hope for the people of Venezuela.

Whilst the press blames socialism and government mismanagement as the bigger issues, the Venezuelan crisis is a symptom of massive corruption, with the country falling into the hands of an avaricious government and Maduro attempting to create an autocratic system.

Interestingly, last year a Venezuelan congressional commission accused the state-run oil company, Petroleos (PDVSA) of corruption with around $11 billion going missing between 2004-2014.

Citizens are now feeling the full effect of the corrupt government, with many desperately going out onto the streets in search for basic needs and others being needlessly starved and suffering from sickness, however the truth is that it has been a long time coming.

Venezuelans are now victims of a system which is not only threatening their freedom, but also endangering their lives. The supply of medicine is now scarcely available and many are opting for unsuitable alternatives, whilst others are simply left to die.

For Venezuelans, even walking out onto the streets is considered dangerous with violent demonstrations continuing with the military and protestors clashing. Many have claimed that Venezuela is on the brink of a civil war and that it is inevitable that things will worsen unless authorities stop hiding behind propaganda and begin to come to terms with how bad the crisis really is.

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TOURBOGRAPH PERPETUAL “Pour le Mérite” ...

THE EPITOME OF CLASSIC WATCHMAKING Michael Smith

A. Lange & Söhne

It’s hard to find a timepiece that can offer such beautiful elegance on the surface, and yet manage to deliver so many complications through an elaborate and well balanced movement. With their fifth masterpiece in A. Lange & Söhne’s “Pour le Mérite” series combines the fusée-and-chain transmission with a tourbillon, a chronograph, a rattrapante function and a perpetual calendar. This achievement makes the TOURBOGRAPH PERPETUAL “Pour le Mérite” a peerless timepiece.

Owners will enjoy the traditional approach in timekeeping. Arabic numerals, a railway-track minute scale, blued steel hands for the time and rhodiumed gold hands for the calendar as well as the cloverleaf arrangement of the subsidiary dials pay tribute to the famous A. Lange & Söhne pocket watches.

Though demand for this piece is likely to be high, even with a price of 480,000 Euro, its production will be limited to just 50 platinum-cased pieces. The finish of the manufacture calibre complies with the highest standards of Saxon watchmaking artistry. Thermally blued screws, screwed gold chatons, bridges and plates made of untreated German silver and decorated with Glashütte ribbing and perlage as well as the hand-engraved chronograph bridge round out the highlights of the classic complication.

OFF THE SITE Did you know that Global Property Scene produces daily updates on our website? Here is a collection of our favourite pieces produced over the last two months.

Want to read more? www.globalpropertyscene.com

August 18th 2017 Norway, the perfect home for data

As the world becomes ever more interconnected and reliant on computing power, the need for massive data centres becomes ever more pronounced.

Now, the world’s largest data centre is set to be built in the Norwegian town of Ballangen, inside the Arctic Circle. The data centre is set to initially draw 70MW of power, with capacity to go up to 1,000MW, and will create 3,000 jobs and support up to 15,000 more down its supply chain.

Knut Einar Hanssen, Counsel Representative for Ballangen, said: “The data centre could lead to many new jobs and have a great effect on the city of Ballangen and many positive changes for the local community.”

The Ballangen centre will cover more than 600,000 sqm, making it slightly bigger than the current record-holder in Langfang, China, but slightly smaller than a planned facility in Nevada, USA. This is by any definition a major development.

The Arctic location might sound a little out of the way but it is in fact absolutely perfect. The naturally cold air and water in the region is a ready-made, free cooling system which can help to offset the enormous quantities of hot air produced by the servers, thereby ensuring the smooth running of the facility.

Norway also has an abundance of renewable energy sources which will make the Ballangen centre’s carbon footprint practically non-existent over its life span. Norwegian renewable hydroelectric power is the cheapest

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available in Europe and the national grid is arguably the most stable in the world – a quality which is vital for data centres. This low cost, highly secure power supply will make this data centre among the most cost-effective and competitive in the world.

Kolos, the American firm behind the development, even plans to spread the benefit of their new data centre around the country. Mark Robinson, co-chief executive of Kolos, has waxed lyrical about the local university which produces about 200 highly skilled technology graduates a year. It is fair to say that the Kolos data centre will become the hottest ticket in town for these graduates.

The other concern with huge data centres is that they must be secure from attack. As a key part of the international infrastructure they represent a tempting target for attackers. Data centres are ringed with easily as much security as a power station.

The placement of the Kolos system in Norway offers a greater degree of natural security than a more easily accessible site – and this is on top of all the other aforementioned benefits. The site is surrounded by water and hills which create a natural moat around the site. This is not an appealing target.

It is very hard to see a future in which more data centres will not be needed, and it is unlikely that we will ever truly outstrip demand in this field. We should expect to see more large data centres in such locations, and Scandinavia will surely host more in the future.

September 6th The Dominos effect

August 28th 70 years of preservation for England’s historic buildings Listing is when specific landscapes and historic buildings are recognised as special interest and placed on the Statutory List of Buildings. These buildings are protected for the current and future generations to understand England’s intriguing history and cannot be altered without permission from the local planning authority.

Each building is categorised into Grade I, Grade II and Grade II to signify its individual importance with Grade I buildings having the highest significance.

Marking 70 years of the National Heritage List, a further five fascinating places have been listed this month and these include a First World War wireless station and Cabmen’s Shelter in London.

August 31st Diamonds a growth industry Diamonds have fascinated people for a long time. This particular stone is highly coveted by people across the world, and also extremely hard won from the earth.

For every person happy with their new diamond ring, there is someone who has suffered enormously to drag it out of the ground.

Diamonds tend to be found underneath long dormant volcanoes. The pressure created by these monolithic structures during their life span crushes materials with immense, unimaginable heat and pressure, turning them into the rough diamonds which we carve into beautiful shapes.

Mining them is hard, dirty work and the rewards for the process do not get anywhere near the people who risk life and limb to find them. Diamonds such as the Cullinan Diamond and the Koh-i-Noor diamond have histories which stretch back centuries, but the names and lives of the people who actually discovered them have long been lost to time.

When the list first began, its initial purpose was to identify the most unique buildings so that they could be salvaged in the aftermath of the Second World War. The historic list has since continued to grow over the decades and now has approximately 400,000 entries which range from windmills and palaces to dung What if we could take the suffering out of the process? pits and fairground rides.

Amongst the latest additions to the list of England’s best-preserved buildings is Underhill, Britain’s first modern earth-sheltered home. Designed by the architect Arthur Quarmby and built in 1975, the impressive hobbit-hole is nestled within the Peak District National Park with much of the building blending into the rolling green hills of the Holme Valley.

Described as a luxury ‘hobbit house’, Quarmby designed the 4000 sq ft home for himself and his family who lived there for around 41 years before putting it on the market last year. Despite it being built underground, the south-facing position of the building means that natural light floods into the house. This is further enhanced by the 20ft sliding windows at the front of the home as well as various roof lanterns.

The inspiration behind the unusual architecture has been Quarmby’s interest in building into the earth and connecting nature with the artificial world.

Interestingly, Underhill represents one of the first pieces of sustainable, green architecture in the UK - an architectural trend which has only just taken flight in recent years.

The nature of diamonds’ creation means that they can be produced in a laboratory if the conditions can be replicated successfully. Bring enough pressure and heat to bear on the raw materials and you can create your own diamonds, all without the side effect of forcing hardship and immiseration on someone else.

Unlike synthetic fabrics which use man made materials to imitate cotton or whatever else, man-made diamonds are the real thing. Because they are made from the same base materials and in the same conditions, the ones which come out of a lab are identical to the ones which come out of the ground on a molecular level.

If we can do this, is there really any excuse for the way we currently mine diamonds? We go to extraordinary lengths to find them, cut them and polish them, when we could cut out the hardest part of the process in an instant. No one would ever know, and they would remain just as beautiful. The only people who would be put off are those who buy them because of their rarity, and really their concerns should not be at the forefront of any decision making process.

American pizza giants Dominos and car manufacturers Ford Motor Co have recently announced they are teaming up in a new project that aims to deliver pizzas in an altogether fresh way…

March 9th Owning 100 trillion-dollars

The development of Artificial Intelligence (AI) and the future of travel are two topics that are rarely out of the headlines.

Dominos and Ford have taken note of this and joined forces to deliver self-driving pizza cars, bringing fresh pizza to your door (or road) autonomously, in an industry first.

We often get asked the question what is a good alternative investment to property?

Tesla, oil or maybe Gold may spring to mind. Well believe it or not, one of the strongest opportunities emerging off the back of the crumbling Zimbabwean economy is the 100 trillion-dollar bill.

The announcement, delivered in a joint press release, explained that the two business heavyweights will begin consumer research by launching Ford’s self-driving Fusion test vehicles to consumers, initially restricted to Ann Arbor, Michigan. The research will aim to understand customers’ perceptions of the future of food delivery, and to test how they interact with the self-driving vehicles in order to decide whether the move would be a positive one.

The research will be conducted across a span of the next few weeks and will target randomly-selected fast-food customers of Domino’s in Ann Arbor.

Those selected have the option of taking delivery of their order from a Ford Fusion Hybrid Autonomous Research Vehicle. The new driverless order system befits from an advanced GPS Dominos Tracker, and customers will also receive text updates on the progress of their order. Once the vehicle is in close range customers will receive instructions, along with a special code to unlock their meal from the newly designed Domino’s Heatwave Compartment inside the car.

“We’re interested to learn what people think about this type of delivery,” commented president of Domino’s USA, Russell Weiner “The majority of our questions are about the last 50 feet of the delivery experience. For instance, how will customers react to coming outside to get their food? We need to make sure the interface is clear and simple. We need to understand if a customer’s experience is different if the car is parked in the driveway versus next to the curb. All of our testing research is focused on our goal to someday make deliveries with self-driving vehicles as seamless and customer-friendly as possible.”

Whilst the announcement might seem like an innocent (and fun) experiment into future food delivery, the broadcast of further moves towards AI is alarming to many. The fear of low level and even middle management jobs being replaced with robots is an all too common headline at the moment as we struggle to come to terms with a new machine revolution.

The Zimbabwean 100 trillion-dollar bill (14 digits) was introduced during one of the most terrible instances of hyperinflation ever recorded. As Zimbabwe’s economy imploded, its currency dived and dived becoming so valueless a trillion-dollar note wouldn’t even cover the cost of a single bus fare. At its worst point the country’s central bank could not even afford the paper to print new currency with its value sitting so low. President Mugabe attempted to stem the decline by issuing edicts to ban price rises, but the financial attrition proved too out of control effectively wiping out the population’s incomes and savings. With daily price rises occurring across the country, workers’ pay would often become valueless by the end of the day.

With people needing bails of money just to buy a loaf of bread the decision was made to produce bank notes intended to help everyday life continue. The 100 trillion-dollar bill was introduced for just a few months in 2009 before the decision to drop the currency completely, with the introducing of the South African Rand among other more valuable currencies.

Just a few million of these notes were printed, and with the currency discontinued were now deemed useless.

However, there were a few speculators who realised that such a unique note would one day become a collector’s item.

In 2011, The Wall Street Journal wrote an article about David Laties, owner of the Educational Coin Company in New York, who had speculated about $150,000 (£104,000) importing the notes from Zimbabwe, sensing they would become “the best notes ever”. There were others who followed suit, buying notes for around £1.50 each. Today they trade at around UK £20-25 a note, which in financial terms represents close to a 1,500% return. This is a striking return when you’d expect to make no more than a few percent on savings and stocks over a similar period (2009 – present).

Today Zimbabwe continues to suffer some of the world’s worst deflation, currently at -2.3%, yet ironically created one of the best-performing asset classes in recent memory.

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A NEW LEASE OF LIFE Architectural Salvage

Words : Will Leyland | View : Kenny

In a world of disposable goods; think mobile phones, laptops, microwaves, how do buildings fare when they’re beyond their best?

One of the largest hoarders of disused properties and buildings are councils and the government, in particular the Ministry of Defence, who we wrote about a while ago, with a new programme of selling off their disused assets.

new building, before considering what exactly to do with the old materials.

There is the environmental cost of a longer build using more electricity, fuel and other power sources, which mean longer use and eventual damage to the environment. Finally, it is argued, old buildings are simply more aesthetically pleasing and heritage should be protected.

So what is architectural salvage? There are a number of companies across the UK who specialise in finding derelict and disused buildings and remodelling them for alternative uses. There are also a number of companies who specialise in architectural salvage antiques.

There are occasions, of course, where buildings are simply too unsafe to salvage and they must be demolished in order to build safely on the same land. Insitu, a Manchester based company, are an example of architectural salvage companies who find and reuse items within old buildings that have been demolished.

Wernick Refurbished Buildings, which describes itself as ‘one of Britain’s largest providers of refurbished modular buildings and cabins.’ is one such business that specialises in the redevelopment of disused property.

They describe themselves as predominantly a reclaimed door and fireplace seller, but Insitu has apparently grown through many guises, with the focus being on architectural salvage and classic design pieces.

In this specific case, Wernick takes old disused cabins and shipping containers and converts them into portable offices for business, which it says is an environmentally friendly way of reusing the items rather than sending them to landfill or a rubbish burning plant.

In terms of architectural salvage, they list products for sale from staircasing, panelling and stonework to woodwork, marble and church salvage. They also sell windows and glass, doorways and flooring.

Environmental concerns are a regular feature of the industry, too, with many taking the approach that buildings should primarily be refurbished rather than demolished and rebuilt from scratch. There is the issue, first and foremost, of sourcing enough new raw materials to build a completely

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There has been a growing trend for reclaimed furniture, architecture and buildings for some time with not only environmentally conscious shoppers keen on buying older and reused items but also trend followers who have seen items such as these appearing more regularly in home and interior design magazines and blogs.

Derelict houses, Liverpool

Dezeen, ranked as the best architecture blog in a poll by The Independent, is one such blog which has shown a keen interest in architectural salvage. It notes some of the most breathtaking projects that have been recently completed, such as Andersson-Wise assembling new and salvaged materials into a rustic Austin boathouse.

Of course the buildings benefit from the stunning aesthetics provided by using refurbished and reused materials. There’s something stunning about a newly built boathouse that has used purely salvaged materials in order to look in a natural state of disrepair, but which has the latest technology inside.

According to Dezeen, the company created a modest boathouse in Texas, designed to blend with its site as if it were “in a state of natural decomposition”.

It isn’t just architectural companies that are following the trend though, with other companies now looking at innovative ways to reuse items and recycle in order to produce environmentally friendly furniture.

The Bunny Run Boat Dock is located on the shore of Lake Austin, in the city of Austin. Encompassing 2,563 square feet (238 square metres), the enclosure contains two boat slips on the ground level, and an open-air bar and lounge area on the upper storey.

Pentatonic, a German startup company, are looking to produce furniture from rubbish. Old items such as plastic bottles, smartphones, aluminium cans and other trash are being turned into chairs, tables and furniture.

In an almost perfect compliment to its stunning surroundings, the boathouse used sunken logs and wood from the lake itself and also materials from reclaimed and salvaged buildings.

The building shows a growing trend across the Atlantic for these types of buildings, too. The same blog also reported another American company, Birdseye Design, having completed work on a new salvaged design on a forested site in northern Vermont. The guesthouse, named woodshed, used reclaimed and salvaged wood panels from other buildings that had either fallen into disrepair or had been abandoned.

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According to their website, they’re turning ‘problems into opportunities, landfill into lifestyle, trash into treasure.’ Turning to their mission statement, they cite that last year, more than 480 billion plastic bottles were bought around the world – equivalent to 20,000 per second, or 1.2 million every minute. The numbers, they say, are equally disturbing for aluminium cans and glass bottles, but despite all efforts to date, the majority of these products end up outside the recycling system, in the ground, in our oceans, washed up on distant island beaches, forming waterborne masses so vast that they almost constitute islands in themselves. This casual, excessive consumption, they argue, has the potential to destroy us, but they also argue there is a better way.

A house made from refurbished shipping containers, Malaysia

Architectural salvage and recovery, as well as furniture recycling has the potential to make a large difference both environmentally and economically. In an FAQ about recycling, Stanford University cite some interesting facts.

Recycling, they say, “is really just common sense”, and until the “modern era,” it was a common household activity. Before the 1920s, 70% of U.S. cities ran programmes to recycle certain materials. During World War II, industry recycled and reused about 25% of the waste stream. Because of concern for the environment, recycling is again on the upswing.

America’s composting and recycling rate rose from 7.7% of the waste stream in 1960 to 17% in 1990. It’s currently up to around 30%. California is at about 48%.

The more we recycle, says the report, the less rubbish winds up in our landfills and incineration plants. By reusing aluminum, paper, glass, plastics, and other materials, we can save production and energy costs, and reduce the negative impacts that the extraction and processing of virgin materials has on the environment.

In the same report, in citing California as a good example, it states that The National Recycling Coalition reported that the recycling industry in California is both diverse and significant. The state hosts 4,342 recycling and reuse establishments that employ over 84,000 people, generate an annual payroll of $2.25bn, and gross $14.2bn in annual revenues. In

California, for every job in recycling collection there are eight jobs created through manufacturing the recovered material into a new product.

In an article for The Guardian, noting the financial performance of companies who are eco-aware, it noted that DuPont, one of the early adopters, committed itself to a 65% reduction in greenhouse gas emissions in the 10 years prior to 2010. By 2007, DuPont was saving $2.2bn a year through energy efficiency, the same as its total declared profits that year. General Electric aims to reduce the energy intensity of its operations by 50% by 2015. They have also invested heavily in the Ecomagination project.

It also noted that Unilever plans to double its revenue over the next 10 years while halving the environmental impact of its products. In 2010, WalMart announced that it would cut total carbon emissions by 20m metric tons by 2015. Closer to home, Sainsbury’s announced its industry-leading “20x20 Sustainability Plan” which is the cornerstone of the company’s business strategy. It seems to be on track. In April this year, Sainsbury’s said it had achieved its target of a 50% relative reduction in water consumption.

These are serious steps and strides for businesses of this calibre to make and the financial results speak for themselves. This same logic can be applied to architecture and house building.

Realistically it’s quite easy to tell what sort of investment has gone into

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building a property. If we take, for example, new build houses by some of the country’s biggest house builders, do we consider it fair to say that if they were to invest more money into architectural salvage that they could potentially cut costs as well as making their houses more aesthetically pleasing?

Would it be fair to say that builders of homes on a large scale have a responsibility to the country and the environment to investigate ways to recycle and source better materials?

Whether you think they are fair assumptions or not, may be relevant to your political leanings, but most people with an eye for architecture and property may agree that some degree of inspiration from the past is always desirable.

Reclaimed staircases, whether they be wrought iron, or from a hundreds of years old church, can look stunning in the backdrop of a property.

Similarly, buildings which have fallen into disrepair can be said to be a more satisfying project when they’re restored to original glory.

Of course there are always spectacular projects where companies convert old shipping containers into large, beautiful houses, or when companies recondition portacabins into brand new uses.

For the most part, though, architectural salvage involves refurbishing old and broken properties into properties of love and heritage. Similarly, when buildings are beyond safe repair taking the most beautiful parts of a property to be used elsewhere isn’t just desirable and pretty, but also makes common financial sense.

Over the past half a century the world seems to be slowly waking up to the fact that our planet simply cannot sustain the level of pressure we apply to it in terms of mining resources and polluting her environment.

Whether we consider mountains of plastic floating through the ocean, holes in the ozone layer or even the raw materials used in building brand new properties unnecessarily, it places everybody in danger.

The raw materials and fuels required to hire the machinery to build property of this type all contributes to the heart breaking scenes we’ve recently seen in Florida and the Caribbean, where most scientists now agree that the level 5 hurricane Irma would almost certainly have been less destructive if it weren’t for global warming.

In terms of why we should recycle in property, those reasons certainly seem good enough, but I’ll leave the final reasoning to the scientists at Stanford University.

“If you look at the big picture of what it takes to create a product from scratch -- to get the raw materials, transport them, process them and manufacture them -- making goods with recycled material like paper, plastic, glass, and metal is a major energy saver.

Seattle economist Jeffrey Morris estimated that manufacturing one ton of office and computer paper with recycled paper stock can save nearly 3,000 kilowatt hours over the same ton of paper made with virgin wood products.

A ton of soda cans made with recycled aluminum saves an amazing 21,000 kilowatt hours by reducing the virgin bauxite (bozite) ore that would have to be mined, shipped, and refined. That’s a 95% energy savings.

A ton of PET plastic containers made with recycled plastic conserves about 7,200 kilowatt hours.

The San Diego County Office of Education has figured out that recycling one glass bottle saves enough energy to light a 100 watt light bulb for four hours.

The Steel Recycling Institute has found that steel recycling saves enough energy to electrically power the equivalent of 18 million homes for a year.”

It’s not hard, in that context, to see that architectural salvage is a path worth pursuing.

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London’s Battersea power plant is currently being converted into luxury apartments

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GPS ATTENDS Global Property Scene attends some of the most exclusive events on the international calendar. To find out more visit our website. www.globalpropertyscene.com

Airbus Helicopter – H145, Palexpo

TRAVEL MADE SIMPLE EBACE 2017 Words : Michael Smith | View : EBACE

EBACE is an event I have always had a personal interest in attending.

Seen as one of the premier events on the aviation calendar, it annually attracts every facet of the business aviation community. Business leaders, government officials, manufacturers, corporate aviation department personnel and all manner other industry and enthusiast descend on the popular Palexpo event centre, conveniently attached to Geneva airport.

My journey to EBACE came courtesy of Brazilian manufacturer Embraer, who laid on a beautifully appointed Lineage 1000E. The interior of this aircraft proved most interesting, taking inspiration from the concept of “extending an olive branch” to give passengers the feeling of peace and tranquillity in a world currently experiencing its fair share of turmoil.

Arriving in Geneva from Paris, we were greeted by an impressive array of aircraft, all of which were positioning for the events static display. Unlike previous edition of EBACE, the static pitch proved something of a talking point due to its connectivity changes. Before, attendees could simply walk between the event space and static display, however due to increasingly tight security concerns this is now connected by bus service.

As you would imagine, the industry’s largest manufacturers pulled out all the stops, offering hands on access to their latest and greatest offerings.

With so much on display it seems logical to pick out some of the event’s notable offerings.

Honda Jet Better known for road cars, two stroke appliances and at the minute a well-publicised struggle with Formula One engines, Honda were on hand to present their first and only aircraft. There was much interest surrounding the Honda Jet, with its unequally designed over-the-wing engine mounts aimed at reducing noise and improving cabin space. Its development has been on paper since the mid-eighties, when engineer Michimasa Fujino first sketched a concept for a private jet inspired by a Ferragamo stiletto. The aircraft makes use of all-new engines developed in partnership with General Electric. The plane is available to order now priced at $4.9million.

Cessna Citation Longitude A new addition to the super-midsize category, the Cessna Citation Longitude made its European launch at EBACE. Offering customers features you’d expect on larger aircraft such as a flat-floor cabin, this aircraft also delivers optimum range, achieving the all-important London to New York route without the need to refuel. This aircraft is most likely to be found hopping from state to state, but does give the owner the possibility of flying outside the usual channels with gear capable of landing on most runways. Prices start from $24million.

Cirrus Vision Jet SF50 Not many customers at EBACE come expecting a bargain, but Cirrus seem to have delivered exactly that with their new Vision Jet SF50. Currently the cheapest jet aircraft money can buy, this well-proportioned aircraft can carry up to six passengers with their bags and a full tank of fuel up to 600 nautical miles. An impressive achievement at a price point of just $1.9million. For those looking to go a little further, the aircraft is capable of delivering a single passenger (and his briefcase) 1,200 nautical miles, and is seen more as a chauffeur driven car in the sky, enabling its owner to jet between Paris and London whilst saving cost and time. With single engine jets now approved to be flown with instruments commercially in Europe, expect to see many more of these aircraft in airports across Europe.

Gulfstream G500 Having made the first of many European flights, the Gulfstream G500 was one of the most popular aircraft at the static exhibition. Set to replace the G450, the G500 offers customers increased speed and range, whilst delivering new levels of efficiency. Prices for the aircraft are expected to start from $43.5million.

Despite difficult trading conditions, it’s reassuring to report the industry still has a strong customer base willing to place new orders. With the 17th edition of EBACE in the bag, we look to 2018’s event with strong optimism.

Over the page you can read about our three-standout aircraft of the event.

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G500, Gulfstream

Vision Jet SF50, Cirrus

Honda Jet, Honda

Cessna Citation Longitude, Cessna

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3 STANDOUT AIRCRAFT

1 Gulfstream G650ER $66,500,000

--The new G650ER has both a long range and a long waiting list. Able to cover 7,500 nautical miles, the aircraft’s internal space has been carefully partitioned and beautifully appointed.

Passengers can even control simple tasks like lighting and blinds with an app available to download on any smartphone.

2 Embraer Lineage 1000E $55,000,000

--Boasting three distinct living zones and a queen-size bed, the Lineage 1000E offers customers a luxury home-from-home. The aircraft also has the only two-person shower currently in service, and can deliver up to 40 minutes of showering with a 30 gallon water tank. There is even an independent window which gives a real sense of showering in the clouds.

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Note - Figures based on exchange rates and prices from : September 2017

3 AIRBUS Airbus Helicopter – H145, Palexpo $8,373,995

--Available in various versions for the military, emergency medical and police services, the H145 also offers perfect business travel in this Mercedes­-Benz Style iteration.

Utilising two Turbomeca Arriel 2E engines with an output of around 900 horsepower, it has a maximum range of around 640 kilometres at a cruising speed of 240 km/h. www.globalpropertyscene.com

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For more information and details about products contact Tel: +44 (0)161 772 1394 Web: www.forshawland.com

US TRADE DEAL Good or bad for the UK? Words : Andrea Wong | View : Micha Weber

June last year marked a historic vote which determined Britain’s fate outside out the EU, sending shockwaves through the country. The referendum result was a huge surprise with 51.9% of votes in favour of leaving the EU. Since the decision was made, the prospect of new trade deals with countries outside the EU have been a major talking point.

Speculation over a UK-US trade deal has intensified with it undoubtedly high on the agenda for Britain, however, Brexit has created plenty of uncertainty in the country with many unsure of whether the UK will leave the single market, completely rewrite its trade deals, or remain party to EU deals.

As Britain’s last trade deal was struck back in 1973, it could expose the country’s weaknesses during negotiation. In addition to this, the most recent general election showed the weakening support for Theresa May, which could affect her confidence going into negotiations. There have been constant questions over whether she is strong enough to negotiate a good deal with the US. Brexiteers on the other hand, have been very positive about a potential trade agreement with the US, hailing the country as having the biggest economy in the world. Not only this, they believe that the strong relationship between the two countries will bring Wall Street and the City of London closer together. Others have been much less optimistic, claiming a trade deal is not as exciting as initially suggested.

Since negotiations began between the US and UK, US President Donald

Trump has claimed that the trade deal with the UK will be ‘very big and exciting’. However, the reality is that it remains uncertain whether the deal would be good or bad, especially if the UK finds itself in desperate circumstances following a poor exit deal with the EU. Touted as the nation that has struck trade deals quickly, the US reached a deal with Jordan in just 18 months, compared to other deals, which generally take a few years on average. In addition to this, Trump was keen to point out that he will always put his country first in any trade deal which means that it will be a key part of any negotiation. The question is, will Theresa May give into demands in return for a trade deal, and will she choose lower quality but cheaper food imports?

It is difficult to say what is going to happen and whether a US trade deal will be good or bad for Britain. So, let’s look at the possibilities, and what potential changes could be waiting ahead.

Fear of NHS privatisation Shadow Health Secretary Jonathan Ashworth expressed his fears that a deal with the US could lead to privatisation, stating: “A rushed trade deal with Trump may give ministers cover for their dangerous Brexit strategy, but it will not hide the risk that this could be a Trojan horse for NHS privatisation”.

However, the question is, are US businesses interested in the NHS? Investing in the NHS is not one of the most attractive opportunities at the

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Port Jersey, USA

moment, with the service struggling to stay afloat unlike the rich healthcare services which exist in America. It is expected that the US will look past the NHS which has been deemed ‘unprofitable’ and is likely to continue their investment in Britain’s private healthcare sector.

is how it could impact the quality of life in Britain if a deal with the US is struck. The European Food Safety Authority (EFSA) has previously prevented many US imports from being brought to Europe to control the standard of food being consumed.

Industrial farming

However, with the UK now in the process of leaving the EU, the lowering of food standards is now considered a prospect, and supermarket shelves could be stocked up with chlorinated chickens and hormone-pumped beef.

Agriculture is a major industry in America, and the majority of farming is committed to producing vast amounts of meat as quickly as possible.

Food standards in the US are currently much lower than those in Europe, as they aim to provide cheap and plentiful food for its population.

Intensive farming takes place on a very large scale and relies on chemical inputs, lowering the quality of meat for consumers. There have been many concerns over this type of farming, with many calling it unsustainable for the environment whilst at the same time having negative consequences for consumers.

An alarming issue that has materialised in the media in recent months

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Growth hormones in cattle is currently prohibited by the EU, but is a popular form of farming in the US, who use it to grow cattle faster and larger producing leaner meat. Friends of the Earth (FotE) have described the system as having “devastating environmental impacts”.

Another negative impact this would bring is the struggle for UK farmers, who would simply be unable to compete with the economies of scale garnered by industrialised farming in the US. A wider concern is that a

deal may make it increasingly more difficult to protect consumers and farmers.

A different approach: Chlorinated chicken explained US farms are able to use a process called pathogen reduction treatment (PRT) which allows chicken carcasses to be washed in water filled with chlorine dioxide.

Currently under EU law, meat cannot be washed in any other substance other than water unless approved by the European Commission. It is claimed that this helps to control the standard of hygiene as farmers are having to go through each stage of the process with care, rather than relying on chemicals to remove any potentially harmful pathogens from the animals.

However, the idea of chlorine-washed chicken being unsafe to eat has been dismissed by the International Trade Secretary Liam Fox who

insisted that it would be completely safe to eat, using the example of Americans, who have ‘been eating it perfectly safely for years’. According to reports, chlorine-washed chicken would only be considered dangerous if a person consumed around 5% of their body weight in the chlorine-washed chicken in one day.

US government data from 2015 has indicated that consumers in the US are paying over 20% less than those in the UK for a kilogramme of chicken. Many analysts have claimed that introducing chlorine-washed chickens to the UK supermarkets would lower the cost of chicken significantly post-Brexit. This would be a huge advantage for those on lower incomes as there would be a large production of affordable meat.

Another issue raised with chlorine-washed chickens is the threat to animal welfare standards and the environmental impact of chemicals on an industrial scale. Both points could become major sticking points during intense negotiations for a post-Brexit trade deal between the US and UK.

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Chemically washed chicken is only one of the many other controversial products that could be brought to the UK, with alternatives such as unlabelled genetically modified foods on the menu, product’s widely available in the US. In response to the claims of chlorinated chicken imports, UK’s environment secretary Michael Gove refused the possibility of agreeing to a trade deal which required lower standards in the UK, with chlorine washed poultry being ruled out completely. Gove went further to say that ensuring that consumer confidence in food and safety remains top of the agenda when negotiating a trade deal. However, with May so desperate for a deal after Brexit, could the UK see food standards slip in the next few years?

An uncertain future ahead Despite ongoing speculation over trade deals, nothing will be finalised until the UK formally exits the EU next year. The UK government has stated that there will be no drastic changes in environmental policy after Brexit, and that most of the current EU laws in place will be transferred to UK law once the divorce process has been completed. In addition to this, the Environment Secretary has claimed that US imports in the future would have to be comply with UK standards.

However, in the past the EU has had issues with negotiating trade deals with the US and Canada and these were largely to do with environmental concerns, consumer health protection and jobs. As Theresa May looks to make the UK’s exit from the EU pass as smoothly as possible, hoping for as little impact on everyday life for UK citizens, it is important that these issues are intensely negotiated. If these issues are non-negotiable, Britain could be faced with the possibility of not agreeing a trade deal with the US. This suggests that Trump’s claims that the process will be a ‘quick deal’ may not be the case. Many analysts have said that if the UK do try to negotiate a quick deal, significant long-term negative economic side effects could be produced.

Many Brexiteers voted to leave the EU in the hope that the country would be able to ‘take back control’, however a transatlantic trade deal could lead to the opposite. The deal is likely to be dominated with talk of the large American corporations and how Britain must conform to their demands. With a small market such as the UK, the likelihood of negotiating a deal which will favour the UK in the same way as it would the US is a very slim.

The next few months are crucial for the UK to negotiate a good deal after Brexit, and it is important that Theresa May doesn’t allow the government to be distracted of quick-fix trade deals, which have the potential to affect basic standards the UK public has become to expect.

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Seaforth Docks, Liverpool

Manchester, UK

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THE ECONOMIC POWER OF EUROPE Germany Words : Will Leyland | View : Rudy Balasko

Despite the walls that stood to divide Germany into two after the second world war, Germans never gave up hope of re-unifying their country together throughout a deeply traumatic period.

Germany has experienced its fair share of tragedy, through war, political upheaval and some of the worst crimes ever recorded.

Perhaps it is because the country has overcome these tragedies and traumas that the German economy has remained the powerhouse of Europe for so many years.

There has now been acknowledgment from many that Germany is facing a growing tide of bad sentiment across Europe after the conditions it imposed on Greece in return for financial assistance was condemned as a ‘debtors prison’ by some, including former Greek finance minister Yanis Varoufakis.

Many in the Greek media had published mocked up pictures showing leading German politicians as Nazis, as well as the hashtag #BoycottGermany. Many in Britain, and in other areas, felt this was a step too far and incredibly tasteless.

Is the anti-German sentiment fair though? We’ll allow you to decide.

Germany is one of the most diverse and historically varied countries in the world. The idea of Germany as a specific area within Central Europe can be traced back to the Romans, when Emperor Caesar referred to the area east of the Rhine as Germania, which remained unconquered at that time,

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distinguishing it from the western area of Gaul (Modern France).

Germanic tribes successfully defeated the Romans at the Battle of the Teutoburg Forest (AD 9), meaning that Rome never annexed the area of Germania, although there were some areas under Roman control.

Germania Superior and Germania Inferior were established along the Rhine.

Following the fall of the Western Roman empire, the Franks successfully defeated the other Germanic tribes of the same area, meaning the beginning of the Frankish empire, which was eventually split between Charlemagne’s heirs, leading to the area being renamed East Francia.

The medieval German state was known as The Holy Roman Empire, established by Otto 1st in 969, who went on to be its first emperor. Things then changed once again by the High Middle Ages, with regional dukes, princes and bishops gaining power at the expense of the emperors.

In the early 16th century, Martin Luther led the reformation against the Catholic Church, with the majority of the Northern German states converting to Protestantism. The Southern states remained Catholic however, leading to the two parts of The Holy Roman Empire going to war, in the thirty years war. The war was absolutely catastrophic for the German people, with more than a quarter of the population and half of the male population in the German states killed. The end of the war in 1648 effectively marked the end of The Holy Roman Empire, with Germany

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Marienplatz town hall, Munich

GERMANY FACTS --Area: 357,168 km2 Population: 82,175,700 (estimate) Per capita: $48,111 Figure correct October 2017

Frankfurt, Germany

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becoming a modern nation state. The areas of Germany were divided into sections including Prussia, Saxony and Bavaria.

Following on from the Napoleonic wars and the French Revolution, feudalism fell across Germany and instead was replaced with a more liberal, capitalist system. Capitalism came into its own with the industrial revolution sparking massive expansions in the cities and wealth increased enormously. Socialism flourished in the newly industrial towns and cities too, becoming one of the dominant ideologies of German politics.

Around this same time German universities established themselves as world class institutions, particularly in science and the humanities, while music and the arts flourished too. German institutions were also credited with producing many world-class scientists and musicians at this time.

Germany was eventually reunified by famous German chancellor Otto Von Bismarck in 1871 with what was to become known as The German Empire.

Along with the newly reunified country, Bismarck also created a new Reichstag, an elected parliament, which only had a limited role in the imperial government. Germany joined the other powers in colonial expansion in Africa and the Pacific.

By the turn of the 20th century Germany was the dominant power across Europe, with its newly rich economy fuelled by the industrial revolution overtaking Britain’s in 1900. This led to a naval race and a very aggressive foreign policy.

This was the precursor for Germany lurching into World War 1, or The Great War, after their aggressive foreign policy and plans for expansion had aggravated relations with other countries. Famously, the war was sparked by the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a diplomatic crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia, and entangled international alliances formed over the previous decades were invoked. Within weeks, the major powers were at war and the conflict soon spread around the world.

An alliance was formed with the so-called Central Powers of Germany and Austria-Hungary. Although Italy was a member of the Triple Alliance alongside Germany and Austria-Hungary, it did not join the Central Powers, as Austria-Hungary had taken the offensive against the terms of the alliance.

The other side of the war was the Allies, which was formed between France, Great Britain and Russia. After 4 years, 3 months and 2 weeks, the war ended in defeat for the Central Powers and The Great War remains one of the most costly in human history, in terms of financial cost and human lives lost. More than 70 million military personnel, including 60 million Europeans, were mobilised and over nine million combatants and seven million civilians died as a result of the war (including the victims of a number of genocides).

A raft of treaties were drawn up, and the German empire was divided out amongst the victors of the war. Despite sweeping political changes in order to avoid a repeat, peace fell apart once again just 21 years later, in what was one of the world’s darkest hours and especially dark for Germany.

Following on from World War 1, many Germans felt humiliated and this, paired with the horrendous economic situation following the Great Depression, meant that Adolf Hitler’s Nazi party came to power in 1933, with Hitler promising nationalism and economic prosperity. Hitler promised the German people a government who would end the humiliation caused by the terms of the treaties following their defeat in the first world war.

Nazi Germany’s foreign policy promised to create a Greater Germany, which was met by annexing areas of Czechoslovakia and Austria.

Hitler’s government began to make increasingly aggressive threats in its demands for territory, threatening war with any country who refused their demands.

Hitler had already consolidated his power by this point, eliminating all political opposition and merging the roles of president and chancellor following the death of the president of the Weimar Republic. The government controlled almost every aspect of the German people’s lives and a referendum in 1934 confirmed Hitler as the Fuehrer, or leader of

Nazi Germany indefinitely.

The Nazis did successfully bring Germany out of the depression, however this was achieved mainly by huge military spending and infrastructure projects, including the Autobahn motorways.

After invading and taking control of Czechoslovakia and Austria in 1938 and 1939, before invading Poland later in 1939, an all-out world war was sparked and Britain declared war on Germany shortly after.

Hitler had made a non-aggression pact with Joseph Stalin, however he attempted to invade Russia later in the war, bringing about his eventual defeat.

The most harrowing and traumatic aspect of the Nazis regime, however, was racism, which was at the heart of Nazi ideology. Antisemitism in particular was rife, and Hitler’s Nazis believed that Germanic people were the purest branch of the Aryan race and as such, the best to lead the improvement of the race. After invading Poland successfully, Hitler’s Nazis erected and maintained a number of concentration camps where prisoners were routinely executed, but it was in Auschwitz and a number of others where Jews, Romanies and other undesirables were exterminated with poisoned gas before the bodies were burnt in ovens.

In total it is estimated that 6 million Jews were killed in the camps, with millions more other disabled, black and Romany people also being murdered by the regime.

The Allies of The United Kingdom, The United States, The Soviet Union and others finally defeated Germany in 1945, ending the war in Europe.

Following on from Hitler’s refusal to accept defeat bombing campaigns were escalated in the final year of the war, worsening the destruction.

Germany was left in ruins with catastrophic damage done to infrastructure and cities. Dresden in particular was reduced to rubble, where the allied bombing campaigns were concentrated.

Under Allied occupation, the German territories were split up, and denazification took place with many of the high command of the Nazi party put on trial for war crimes at the Nuremberg trials.

Germany was split into two territories with West Germany and East Germany separated by the Berlin Wall, which indicated the border between Soviet controlled communist East Germany and the democratic West Germany. Millions of East Germans fled the country over the course of communist rule, whilst the Soviets tried everything they could to stop people fleeing.

Whilst East Germany struggled with poverty, corruption and totalitarian rule, the West flourished economically to become the powerhouse of Europe once again and also succeeded in sport with the West German football and athletics teams in particular doing well.

West Germany was also rearmed under the scrutiny of NATO, but without access to nuclear weapons, in the 1950’s.

Germany was finally reunited in 1989 after the collapse of the Soviet Union and the Berlin Wall was torn down by jubilant Germans. The remnants of the wall still stand as a reminder of the turmoil of separation and the horrors of war.

Returning to modern Germany, and the country has once again returned to prosperity, acting as the economic powerhouse of Europe. Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP. In 2017, the country accounted for 28% of the euro area economy according to the IMF’s latest figures.

Germany’s issues with the rest of Europe are well documented, and as Joanna Mckay wrote in an article entitled “In defence of Germany: why the EU’s biggest champion doesn’t deserve the vitriol”, the German people often feel aggrieved at having to bail out other countries, as they were promised when Germany founded the Eurozone in 1999 that they would not be forced to bailout other countries in return for the treasured Deutschmark.

Mckay also went on to say that The Maastricht Treaty of 1992, which paved the way to the single currency, aimed to link reunited Germany

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Stuttgart, Germany

irrevocably to the EU, and was an attempt by Kohl and then French president François Mitterrand to bind their successors to the European project.

There is, of course, a danger that Germans may turn on Chancellor Angela Merkel, who has been in power since the 1990’s, with Germany having its reputation damaged following the Euro Crisis of 2008 and beyond.

In particular, the terms they are seen to have set for Greece, without any debt relief.

They are undoubtedly the leaders of Europe in many respects and there is a well known adage in the EU that if you want anything to get done then you need the approval of Angela Merkel.

So what’s the secret to this success and where do Germans make their money?

According to OECD figures, the German economy registered a $3.46 trillion nominal GDP in 2016, a 1.8% increase on GDP from the previous year.

They also report that “Germany is the third largest exporter in the world with 1.21tr euros ($1.27tr) in goods and services exported in 2016. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Exports account for 41% of national output. The top 10 exports of Germany are vehicles, machineries, chemical goods, electronic products, electrical equipments, pharmaceuticals, transport equipments, basic metals, food products, and rubber and plastics.

The economy of Germany is the largest manufacturing economy in Europe and it is less likely to be affected by any financial downturn. In July 2017, the International Monetary Fund gave the country’s economy “yet another bill of good health” and some advice on steps it might take to maintain this level in the long run.

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All in all fairly positive news you’d assume, but there are issues that may need to be addressed. It was covered most recently by Ben Chu in The Independent, responding to comments by Donald Trump about Germany’s staggering $300bn trade surplus.

In simple terms this is the country’s ‘current account balance’, and represents the biggest surplus in the world by some distance. Trump, commenting on it, said that the Germans were “bad, very bad” and vowed to limit US car imports from the country.

At a meeting with European Union leaders in Brussels Mr Trump reportedly said: “Look at the millions of cars they sell in the US. Terrible.

We will stop this,” German news magazine Der Spiegel reported, citing people who attended the talks.

Explaining the issue, Chu said that German households spend a relatively low proportion of their collective income. Private German businesses, in aggregate, invest considerably less than their collective profits. The German state’s infrastructure spending is also exceptionally weak as a share of GDP. This economy-wide underspending means there is a chronic excess of national domestic saving over domestic investment in Germany. It follows as a simple accounting identity that this excess has to be exported abroad. There’s nowhere else for it to go. So Germany, through various means, acquires foreign currency assets on a massive scale every year.

The issue this creates is that it pushes up the price of other country’s currencies against the Euro, and also artificially stimulates German exports. Germany does, absolutely, make high quality exports but the issue Chu cites is that they export much more than they would if they didn’t run such an enormous surplus.

In order to compete with this other countries are forced to spend more on

borrowing money to invest over their total tax intakes, and this clearly has riled the Americans.

There is an election this month to consider too. Many predict that the sitting chancellor Angela Merkel will win enough votes to stay on. Her approval ratings, even through the worst of the Euro crisis, stayed fairly stable and in Germany she is seen as a safe pair of hands.

There are reasons for Merkel to feel nervous, though, as the far right has been building momentum for some time. Notorious thorn in the side of establishment politics Nigel Farage has given his backing to the Alternative for Germany, or AfD, party. He spoke at a gathering of AfD supporters, telling them it would be a “historic achievement” if the party entered the Bundestag. “For the first time in modern history, there will be a voice of opposition in German parliament,” Farage told supporters in Berlin.

The party are seeking to become the third biggest party in Germany, and polls are predicting they may well achieve it. Merkel seems on target to register a fairly comfortable victory but there are reasons for concern at the rise of the far right, not least for the traumatic history of a country always aware of the problems of far-right rhetoric.

Covering the election in TheWeek, they noted The AfD, which was founded as an anti-Euro party but has since adopted a more strongly nationalist agenda, is currently polling between 8% and 11%, with around two weeks until Germany goes to the polls. It is behind the Social Democrats (SPD), on 25%, and Merkel’s Christian Democrats (CDU), on 37% - and ahead of far-left Die Linke.

The AfD “took a further lurch to the right last year when its leader in the state of Thuringia, Bjoern Hoecke, called in a speech in a Dresden beer hall for a ‘180-degree turn’ in Germany’s culture of commemorating and atoning for its crimes in the Second World War”, says The Guardian.

Deep wounds and uncomfortable comparisons with former leaders are brought back to the fore whenever AfD leaders and politicians express outrageous and unhelpful opinions.

TheWeek also noted of Merkel’s campaign that she is wary of complacency setting in among her supporters, and plans more than 50 major rallies in towns and cities across Germany in the run-up to the election.

The chancellor has promised tax cuts of €15bn (£13.6bn) and increased spending on infrastructure, defence and security. By contrast, Schulz is “struggling to ignite his candidacy with a platform of social justice amid a stretch of 12 quarters of unbroken growth”, says Bloomberg. “Polls suggest Germans are more concerned about migration than about pensions or the economy.”

In political environments where populist sentiment has already caused huge upsets, it’s not surprising that Merkel is planning to ensure that complacency doesn’t set in.

For a country that has such a rich, varied and diverse culture it’s often sad to imagine the deeply troubling and traumatic history, however an industrious, committed and hard working population have shown time and time again that they’re willing to work hard to display the very best characteristics of the German people.

The country of Boris Becker, Anne Frank, Henry Kissinger, Albert Einstein, Karl Marx, Beethoven and Martin Luther doesn’t need too much introduction as one of the greatest countries in the world, but so often unfair accusations are levelled at Germany, so it’s useful to remind ourselves sometimes.

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THERE’S NO PLACE LIKE HOME The changing nature of citizenship

Words : Alex Timperley | View : Pamela Au

The question of citizenship is a tricky one. The term itself is hard to define and it means something different to everyone. It has many uses and meanings and is constantly evolving along with our society. It has been debated by our finest minds for thousands of years already, and the debate is set to carry on almost indefinitely.

Citizens of the Athens which Aristotle would recognise voted on public policy much as we do today, though they voted directly on each issue, whereas we vote in a variety of representative systems. Citizens would also run to hold public office, volunteer their skills for public benefit and generally aim to work selflessly for the benefit of the collective.

The ancient Greeks were fairly preoccupied with citizenship, which is not entirely surprising when you take into account that Athens and other Greek cities were the places where the idea of democracy really began to take hold. If the laws of the land are based on the will of the citizenry, then a good definition of what makes a citizen is vital.

On the other side of the coin, Athenians were only permitted to be citizens if they had enough wealth regardless of their activity in public life and their contribution to the city. A manual labourer could not be a citizen in Athens despite literally building the city. Likewise, today in oligarchies around the world there are only a small class of very rich people – usually men – who are allowed to affect public life and the laws of the land despite the illusion of democracy. This is the ancient Greek version of citizenship given a dire modern twist.

Aristotle posited in his seminal Politics III that a citizen is someone who has a share in both the act of ruling and in the position of being ruled. It is not enough for Aristotle to say that a citizen is someone who has access to a city and the institutions therein – after all, even slaves and women could claim those benefits and they were certainly not in consideration for citizenship in the terrible ancient world.

Rather, to be a citizen in ancient Greece it was vital that you actually took part in the administration of justice and the holding of public office. How did people take part and earn the status of citizen? The methods were not that different to what we would recognise today.

Citizenship has strong links to the concepts of justice, democracy and liberty, and the ethos of being a ‘good citizen’ has persevered through to the modern era and is the ethical underpinning in political philosophy for much of modern life. The series of rights and responsibilities which go with being a ‘good citizen’ are indivisible from the laws of the land and the collective responsibility to maintain a functioning society. The rights of citizens are fluid, encompassing the political and economic trends of the day, but are binding.

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Certificate of US Citizenship

Today, we tend to think of citizenship as the relationship between ourselves and our place of birth. You are a citizen of the UK, or Germany or Hong Kong, or wherever else. There are then other layers which are a relevant part of our identity, such as being a citizen of the European Union or indeed the world.

For example, it is quite possible to be born in Manchester and then emigrate to Australia. At home your identity would be that of a proud Mancunian, but over in Australia your identity is broader and you are known as British, or European. All of those identities are separate but also relevant to each individual who is a citizen of Manchester, the UK and the European Union (for the moment), with concurrent responsibilities and rights associated with each. For these reasons, the question of what citizenship means is probably one of the most important things facing us from day to day because it defines who we are and our place in the world.

However, there is one group to whom the traditional idea of national citizenship is becoming basically irrelevant: the super wealthy. The so-called ‘global elite’ live in a world where the idea of being bound to a particular nation state through citizenship is becoming an outdated, even archaic, notion. Welcome to the world of citizenship planning.

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Citizenship planning is the process of moving your residence to another country, or to split your current residence in between two different countries. Shifting your citizenship to another country has become mixed up with the financial planning industry as high net worth individuals try to arrange the kindest possible financial settlements. In this way, citizenship has become unmoored from identity for those with enough money, as they move from being a part of their communities to join a class of itinerant super-rich who simply pay to change their identities through the medium of citizenship as it suits them individually.

Most countries offer citizenship to foreign nationals via a complicated and lengthy process of application which can be enough to drive the most patient person to distraction.

For instance, to become a citizen of the United Kingdom through traditional means a person must be over the age of 18, not have a serious or recent criminal record, pass a test about life in the UK, have lived in the UK for at least five years before the application, spent no more than 450 days outside the UK over those five years and spent no more than 90 days outside the UK over the previous 12 months. Assuming you meet all

of those criteria, you may apply and then wait to see how long it takes to become a citizen.

The USA has an even more complex, 10 step process for those looking to gain citizenship in the traditional manner. You must complete a series of complicated forms, have your biometric information recorded, complete an interview with the US Citizenship and Immigration Office and then, assuming all that goes well, have to swear an oath of allegiance to the United State of America to prove that you are the real deal.

However, if you have a lot of money then you can avoid this messy and elongated process which can take years by simply buying citizenship in a country of your choice. The first way to do this is to invest in a country which offers expedited citizenship when you pump a certain amount of money into its economy.

The UK offers a scheme known as “Tier 1 (investor) visa� which massively cuts down on the time it takes to acquire citizenship. Whereas the traditional path requires at least five years of residency as mentioned previously, those with enough money can cut this down to two years. All

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it takes is investing £2m in UK government bonds, share capital or loan capital in active and trading registered UK companies within three months of arriving. You can stay in the country for three years and four months on this type of visa with an option to extend for a further two years, following which you can apply for permanent residency.

Alternatively, if you invest £5m you can apply for permanent residency after three years, or after two years if you invest £10m.

The USA runs a similar scheme where rich investors can acquire an Immigrant Investor Visa by investing US$1m into the economy and creating at least 10 full time jobs for US citizens within two years of their arrival. Those who do so can become permanent residents and apply for full citizenship after three years. Considering that the process can normally take five, 10 or more years, this is a big deal to those who can afford to skip the queue and are inclined to invest.

Another good example can be found in Spain, where anyone who invests €500,000 in Spanish property is granted a residency visa and the opportunity for full Spanish and EU citizenship a further five years down the line. Similarly, people who would like to become citizens of Austria can make large donations of unspecified magnitude alongside other notable contributions such as job creation to gain citizenship. Few succeed in satisfying the slightly vague Austrian requirements, but the rewards are significant enough that people will continue to try.

For those with money this is a tried and tested way to gain citizenship of the European Union, something which is treasured around the world thanks to its economic might and the strength of its passports which give access to more than 160 different countries around the world.

However, what if you don’t have the patience to even wait that long?

Perhaps it is worth considering simply buying citizenship outright.

The Malta Individual Investor Programme (IIP) might be the perfect option for you if time is a consideration. High and ultra-high net worth individuals can pay what would be a relatively minimal fee to buy Maltese citizenship and reap the benefits of a stable, financially sound country which is a full member of the European Union. Successful candidates are granted citizenship with a Certificate of Naturalisation, which can be extended to include their families, and once awarded with this they have the right of establishment in any EU member state as well as Switzerland. It is worth noting that more than 800 people had taken advantage of this scheme as of November 2016 and the final number is strictly capped at 1,800, so the Maltese government is currently advising people to act sooner rather than later if they would like to apply.

If you would like to be a citizen somewhere a bit more tropical, the Caribbean is considered to be the global capital of citizenship-by-investment. Dominica in particular is very friendly to investors looking for new citizenship. The Caribbean island has an impeccable international reputation and potential citizen-investors don’t even have to visit the country in order to become a citizen – simply deposit US$100,000 into the correct investment programme and you are set to receive a passport which gives access to more than 115 countries around the world. Much like Malta, Dominica is a secure country with a stable economy which boasts a high standard of living and a low crime rate. However, it is worth bearing in mind that the price is rising to US$175,000 imminently.

It is already an established fact that there are very few boundaries in life for people who are extremely rich. Money opens most doors, and that includes the doors to citizenship of most countries in the world. By investing enough money you can generally jump awkward queues and speed up a naturalisation process which has significant benefits at the end.

The nature of citizenship is changing in front of our eyes and it is likely to continue doing so into the future. As the world becomes more connected it is easier than ever for people to move and choose their citizenship based on where they want to be rather than on where they were born.

Borders don’t really mean much when you can fly across them on a passenger jet or conduct all of your business over the internet. The process of being able to buy citizenship wherever you please might well eventually lead to the end of national citizenship as a concept in itself.

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Collection of passports

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THE COST OF CONSERVATION Can trophy hunting ever be sustainable?

Words : Alex Timperley | View : Maggy Meyer

It is undeniable that we have had an almost incomprehensible effect on our environment. Even those people who choose not to believe in science and climate change surely cannot deny that the explosive growth of the human race has changed many ecosystems and biomes beyond recognition. There can be little debate that we are facing a serious biodiversity crisis, and unlike previous mass extinction events this one can be blamed purely on one species.

Habitat loss is the greatest threat to biodiversity we are facing today.

The spread of mass agriculture, the loss of natural land for housing and infrastructure development, the pollution of the oceans and the warming of the atmosphere have all played their part, and it is vital that we change our ways. For the first time in human history we are actually in a position to understand our impact on the world and have the opportunity to do something beneficial.

The fossil record is filled with evidence for the striking and abject changes we have forced upon collected animal life of the world. For example, the earth’s megafauna – very large animals – all began to gradually go extinct from approximately 80,000 years ago. Previously it was thought that a changing climate may be responsible for the curious disappearance of very large animal life on the planet, but evidence published in science journal Ecography in 2015 effectively ended the debate and pointed the finger squarely at us.

Animals such as the glyptodon (a giant armadillo the size and shape of a Volkswagen beetle), the giant sloth, the woolly mammoth, giant kangaroos, giant wombats and many more all happened to go extinct at

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approximately the time human beings arrived. The large scale patterns prove a strong likelihood that we simply exterminated these animals which had previously had no real predators and so didn’t identify and adapt to the danger we posed quickly enough. This pattern of destruction was repeated all over the world across tens of thousands of years whenever humans arrived into a new ecosystem.

It also continued later on as humans continued to spread across the globe. Nine species of large bird known as moa thrived in New Zealand for millions of years until humans arrived on the islands in the 13th century, and then the big birds were wiped out through over hunting. Likewise, the giant Haast’s eagle survived happily until approximately 600 years ago when they also disappeared. These were the largest birds in history with a wingspan of up to three metres and a standing height of 90 centimetres, but they didn’t manage to survive the arrival of human beings onto their island.

The capacity and the will of the human race to destroy large animals are well established throughout history. For whatever reason, whether that is overhunting or feeling threatened, history shows that the human race will systematically either wipe out large animals or make the world unliveable for them so that they fade away; the current issues facing whales, elephants, rhinos, giraffes, lions, tigers and everything else are part of the same tradition. In natural extinction events, you can see a gradual decline of genetic diversity in a species’ DNA records as they struggle to adapt – but in these large animals which had the misfortune to meet humans there is no such evidence. The decline was short and sharp rather than long and more natural.

Lion mother of Notches Rongai Pride with cub in Masai Mara, Kenya

Scientists estimate that there are could be as many as 100,000,000 species of life on planet earth, including trees, insects, animals, and all the rest. They also estimate that thousands of species go extinct every single year, the total figure being somewhere between 1,000 and 10,000 times the natural or ‘background’ extinction rate that would be expected even if humans didn’t exist. On top of that, there are literally thousands of species which are considered to be endangered or threatened, and that figure includes almost all of the larger animals we have left.

In 1800 there were estimated to be more than 26 million elephants in Africa alone, but today there are just over 400,000 still in the wild. They form tight family groups and wander between 37 countries across the length and breadth of Africa. Giraffes are facing a similar plight. The world’s tallest animal has lost almost 40% of its number in the last 30 years and it is now estimated that there are fewer than 100,000 left in the wild.

There are only three northern white rhinos left in the wild and the only male is sterile. The African lion is likely to have disappeared by 2050.

The blue whale is the largest animal ever known to have existed and was hunted to the verge of extinction in the 20th century. We managed to kill more than 90% of their number.

As species go extinct at this rapid rate, the overall biodiversity of areas and the planet as a whole is affected badly and the knock on effects tend to cascade rapidly and affect everything, including humans. For the first time we have the tools and the will to take stock of what happens when animals are removed from an ecosystem and we can try to fix it. Doing this requires somewhat radical solutions.

One solution which has been generating a lot of publicity and debate recently is known as sustainable utilisation. This is something of a ‘buzz word’, but it has essentially come to mean that the funds used from big game hunting are ploughed back into conservation to the larger benefit of the animals. Death pays for life.

This seems counterintuitive, and that is a fair assessment in many ways.

The fact is that by using this method animals will still die and, arguably, promoting hunting in a ‘legitimate’ way also serves to encourage the illegal poaching which is devastating large swathes of the natural world.

This is especially a problem in Africa where there are well organised and resourced criminal organisations which need no encouragement in their endless hunt for ivory, valuable skins and all the rest of the materials which are harvested from endangered animals and sold on for a huge profit.

However, as always context is key, and what might seem wrongheaded certainly seems to be a fairly good solution in the right circumstances.

The argument for sustainable utilisation is fairly simple. A safari park or a large conservation area is wildly expensive to run and protect, and those funds have to come from somewhere. The big parks like the Central Kalahari Game Reserve in Botswana, the Mundulea Reserve in Namibia and the Zambezi Valley in Zambia are famous enough that they get a steady supply of tourists and government grants each year to ensure their running.

Unfortunately, not all parks are this renowned or well-visited and the needs of conservation are not determined by whether the animals happen to live in a rich country or in a place where tourists want to go.

Endangered animals need protection regardless of where they are, and the ones in less easily accessible places are just as valuable as those in places which are a comfortable journey away from a major international airport.

For these smaller parks, another funding solution must be found. A great example of this principle in action is the Zinave National Park in Mozambique which recently received a shipment of 6,000 animals from the Sango Wildlife Conservancy, which was only made possible due to sustainable utilisation according to the owner, William Pabst.

60% of the money required to keep the Sango reserve running each year comes directly from trophy hunting. There is a big market for rich tourists who want to hunt large, famous animals in the heart of Africa, and people like Pabst are cashing in with an eye on the greater good. Whatever your personal feelings towards the idea of this, and indeed the question of why these people want to kill animals in the first place, in some instances there

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Three giraffe stood infornt of mount Kilimanjaro, Kenya

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African elephant, Kenya

is a measurable upside to allowing it in tightly controlled conditions.

The plan is for the 6,000 animals which were gifted to Zinave National Park to essentially reboot the local ecosystem. Nature is amazing and these finely balanced systems need all their constituent parts to function properly. A forest without birds and insects will die in the same way that a savannah without its large animals will slowly die. The question for many is: does the end justify the means? Are the lives of a small number of animals worth the survival of many others? It is left to us to make these decisions and, at times like this, radical solutions will be required to reverse the significant damage we have done.

However, the argument that this could be the top of a slippery slope is also certainly a valid one. For instance, at the 17th meeting of the Conference of the Parties to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) in Johannesburg in 2016, a coalition of South African, Zimbabwean and Namibian interests combined to suggest legalising the ivory trade. After all, if legalised hunting to raise funds for conservation is fine then why not ivory harvesting? Many felt that South Africa was simply using its economic might to bully the rest of the continent under the guise of concerns about

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conservation, but regardless of the truth it is easy to suspect that sustainable utilisation might be a box we will perhaps regret opening in the future. It is not a coincidence that those three countries are home to the ranges of the majority of remaining African elephants. 59% of the largest carnivores and 60% of the largest herbivores are now considered to be endangered and they really don’t need humans to invent another legal way to attack them.

Many proponents of sustainable utilisation seem to be operating under the idea that animals should have to pay their way if they want us to work for their conservation, as if they are not living beings which deserve to exist just as much as we do. Surely wild animals have a right to exist in the places they have done so for millions of years without humans ‘sustainably utilising’ them to a slow extinction? This attitude towards the natural world is clearly an offshoot of the broader capitalist mindset which has taken over the world, and it is very dangerous. As mentioned previously, our ecosystems have evolved over millions of years and developed a fine balance. If we over-exploit them to oblivion then we will suffer as well.

Introducing a for-profit model into the conservation of animals is a very

real danger and people are probably correct to worry about it. This is the sort of financial short termism which has had such an immiserating effect on so many other spheres of life. By turning wild animals into a commodity we risk introducing market forces into an arena where they have no business being.

Nature does not need to be kept absolutely pristine. In fact, nature is often extremely messy and in many ways destruction and death end up being the agent of change which strengthens a whole ecosystem. Think of the forest fires which naturally rage through our woodlands and act as a necessary renewing force. It is easy to see how sustainable utilisation could fit into this category if done correctly, as with the example earlier from Mozambique. The International Union for Conservation of Nature agrees, arguing the following: “Well-managed trophy hunting can provide both revenue and incentives for people to conserve and restore wild populations, maintain areas of land for conservation, and protect wildlife from poaching.�

However, it is vitally important that sustainable utilisation is not allowed to undermine the principle of conservation for the sake of conservation. If it is allowed to poison the well then the world will end up much poorer for it.

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SHOULD YOU BE CONCERNED? Haunted property, what’s the story?

Words : Emma Martin | View : Vladimir Mulder

Whether you choose to believe in the supernatural or not October is a season that welcomes trick-or-treating, pumpkin carving, and apple-bobbing. Most importantly, though, Halloween gives us the opportunity to discuss the idea of the paranormal, revelling in stories of haunted houses and mysterious happenings.

Many might consider haunted houses to be bogus, based on stories concocted by eccentric individuals to stir up attention. However, belief in haunted houses is potentially far more prevalent than you might think. A study carried out in 2015 by the Portman Building Society (later taken over

by Nationwide) actually revealed that one third of people claimed that they have lived in a house recognised as being haunted.

So with potentially one in three of us identifying haunted property as being (in some terms) real, we can’t ignore the effect that unwelcome ghosts and ghouls might have on the property market…

What makes a ‘haunted’ house?

Do you hear things that go bump in the night? Does your house have unexplainable cold patches? Have you ever sensed that you’re being watched? Well, these are all tell-tale signs that you yourself might be sharing in the supernatural! Of course, some things are easily explained like a draughty window or old boiler making noise, but for a growing number of people recurrent mysterious activities dubbed ‘paranormal’ can cause anxiety, discomfort and fear.

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One of the most familiar plots in the classic cult horror genre is that of the haunted house. Such films that make use of the popular device include blockbuster The Others (2001) featuring Nicole Kidman, which sees a young family move to a beautiful new home, only to find themselves plagued by supernatural happenings; The Woman In Black (1989 & 2012) which recounts the story of a young solicitor sent to a remote home to deal with his deceased clients affairs; and The Amityville Horror (1979 & 2005) which deals with the supposed real-life experiences of the Lutz family who bought a house due to its cheap price, even after being told that it was the scene of several gruesome murders.

The concept of the haunted house itself is one of the oldest, and most well-known to us, not only through films and books, but written into the history of our own homes. Often houses labelled as ‘haunted’ have a rich history, with tales of its past handed down by generations, each scarier and more embellished than the last. But with ghosts and the afterlife symbols of spiritual importance in many cultures, and research confirming a widespread belief in the paranormal, we cannot simply dismiss tales of spectral guests as being counterfeit.

The problem with the idea of haunted houses, though, is that they can never be proven. Despite many paranormal investigators claiming that they can verify the existence of ghosts, there is no concrete evidence that supports their arguments. It is this inability to prove (either way) the presence of spirits that can play havoc when it comes to people disagreeing, especially when it comes to the property industry.

Large old property

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Would you buy a haunted house?

Hallway in abandoned building

The films mentioned previously all ignite fear and, whilst they might all sounds like bizarre stories reserved for the big screen, represent an all too familiar situation for many landlords and tenants who have been ousted from their houses due to weird and often unexplainable goings-on.

When looking at property it’s important to consider what the term ‘haunted house’ might mean for landlords. Whether you believe in ghosts or not you could find yourself in the situation of becoming lumbered with a ‘haunted’ house. With a house’s reputation often preceding it, you could easily inherit a house known to locals as having a resident spirit.

Whilst inheriting a haunted house might be unavoidable, buying one is a very different story. Would you want to buy a house if you knew it had the reputation of being haunted? Well, a survey by Realtor.com discovered that one third of us would rather not risk buying a haunted house. With this in mind, the reputation of a house as haunted could significantly deteriorate its value, and the ability to sell it, much like a house that has a bad reputation, sits within a flood area or has substandard electrics.

The Ghostbusters Ruling One famous example of how a haunted house got its owner into hot water is illustrated in the case of Stambovsky v. Ackley which took place in 1990, a case commonly referred to as the Ghostbusters ruling.

The case took place in the New York Supreme Court and argued against a property purchase contract made between Jeffrey M. Stambovsky and Helen Ackley. Stambovsky had agreed to purchase Ackley’s house, located in Nyack, New York, across the Hudson River from the famous Sleepy Hollow, for $650,000. However, after having paid a $32,500 down payment, Stambovsky became aware that the house had a reputation for being haunted.

On hearing the rumours Stambovsky wanted to rescind his contract, and demanded his money back under the grounds that he had not been informed of the hauntings. The argument from the prosecution in this case was that the house’s value could be significantly lower than the agreed price on the basis of its reputation.

Stambovsky initially lost his case, but later appealed and won. Stambovsky won his appeal on the basis of ‘caveat emptor’, or ‘buyer beware’. The reason that the courts ruled in his favour was due to proof that the seller has been aware of the reputation her home had as being haunted, and had, herself fuelled the reports for her own personal gain.

Ackley had actively driven the rumours of the house having poltergeists through mainstream media in the US including through Reader’s Digest and local press. Ackley broadcasted her house as haunted to the public in order to market her story and the historical walking tour that her house was included in. The courts ruled that in this case the buyer of the house was entitled to know about the history of the house. The ‘Ghostbusters Ruling’ has since been used widely within the courts as an example of the laws concerning admission of facts within property transactions.

Laws regarding disclosure of information when selling a property differ around the world. This being said, there are generally regulations globally which indicate that full disclosure of all known facts about a property should be divulged to a buyer. In the UK, for example, this is covered by the Consumer Protection from Unfair Trading Regulations 2008 which states that all marketing should be accurate and no information that could impact a buyer making an informed decision should be knowingly omitted.

The history of a poltergeist then, whilst slightly unorthodox, could well be included in this.

For this reason, as a landlord selling or renting a property, it is probably advisable to include all known information of a property when selling it.

It would be easy to think that disclosure of a ‘ghost’ or of ‘paranormal’ happenings would be low down on the list for a potential buyer, but the next example illustrates the extent to which it can affect a new homeowner.

In 2007 businessman Anwar Rashid purchased Clifton Hall, located in Nottinghamshire, UK. The 52-room mansion was bought for £3.6m and dates back to the Norman Conquest. On moving in, Rashid and his family immediately began to experience the house’s dark secret… he

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Haunted hall way in abandoned house

commented, “The day we moved in we had our first experience. We sat down in the evening to relax and there was a knock on the wall. We heard this, ‘Hello, is anyone there’? “We ignored it the first time but two minutes later we heard the man’s voice again. I got up to have a look but the doors were locked and the windows were closed.”

couple moved into the rental property in Toms River, New Jersey on March 1st 2012, however abandoned the house just ten days later, after reporting unnerving events such as footsteps in the basement, voices saying ‘let it burn’, and finally an incident where the couple reported having their bedsheets pulled from them as they lay watching television.

Over the next year more paranormal activities allegedly took place, including apparitions and screams from the corridors. According to Rashid they decided to move out and flee the house on finding unexplained red blood drops on their baby’s quilt.

The couple, along with Callan’s two children, fled the house for a nearby motel, refusing to return under claims that “their lives would be in mortal danger” should they go back to their rental home. The landlord, Dr. Richard Lopez, an orthodontist whose practice is located next to the purportedly haunted house, confirmed that he had been renting out the property for a number of years prior to the accusations with no complaints.

So frantic, and wanting to have no more to do with the house, the Rashid’s stopped paying the mortgage and gave the house back to their mortgage provider, forfeiting their money and moving on. Rashid commented, “When people used to tell me about ghosts, I would never believe them and would say ‘whatever’. But I would have to tell any new owner that it was haunted having experienced it. I couldn’t sleep knowing that I have kept something so serious from them.”

Chinchilla and Callan requested for their US $2,250 security deposit to be returned due to the allegations, and their rental agreement to be withdrawn. As a counter to the request Dr. Lopez made a counter suit against the couple for breaking the terms of their one-year lease under the accusation that the couple had made up the ghostly claims in order to get out of the contact.

Renting out a haunted house In 2012 a New Jersey couple Josue Chinchilla and Michele Callan made the headlines by suing their landlord because of a reported ghost. The

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In order to try and prove the hauntings Chinchilla and Callan hired paranormal investigators, and got a priest to visit the home in order to back up their claims. Whilst the investigators reported that the house was

in fact haunted, possibly by a demonic presence, it was unlikely that this would get them out of their lease – with no clause regarding the house being haunted, the legally binding contract would still be enforced.

This illustrates why it could be significant to research any property you’re looking to move into as a tenant searching for a home, or, as a landlord to advertise any reported issues with the house through your letting agent to be as transparent as possible.

How to make your haunted house work for you….

So you think you might have a haunted house? Well, it’s not all doom and gloom. Although this article has discussed how the value of a property could be impacted if it’s advertised as coming with a resident spirit, there are also ways that you can benefit from owning a haunted property.

There is an incredible market for things that can frighten, as illustrated by the success of Halloween as a seasonal holiday, and the incredibly lucrative scary film industry. One prime example of how haunted houses can rake in the cash is through the viewing figures, and return of 2009 film Paranormal Activity. The film, which only cost US $15,000 to produce, ended up making a whopping US $193m for film company Paramount. The film has the very basic synopsis of following paranormal activities within a

seemingly normal household – so what’s to stop a ‘real’ haunted property bringing in some extra cash?

By advertising your house as haunted and reporting on the strange goings on you can gain media attention, which in turn can translate into money. Houses can be turned into museums, attractions, hotels and, especially at this time of the year, have a huge market as venues for séances and other such activities.

Whilst most of us would probably opt against buying a house with added presences, there is a surprising market for haunted real estate. Charles Wasdell, the head of research at Propertyfinder.com comments, “An interesting and spooky history – particularly involving any famous or infamous characters – can add intrigue and appeal for more eccentric buyers,” So it seems like the jury is out when it comes to ghosts, but whether you believe in them or not they have the ability to affect property prices, ability to rent and even be relevant within a court of law. With that in mind it’s probably best to err on the side of caution when dealing with spirits, lest you end up living a real property nightmare!

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For more information, contact: 0161 772 1394 www.fortisdevelopments.com

A NEW COMPETITION The rise of esports

Words : Alex Timperley | View : Ohi shiapply

The International 2017 took place over the first two weeks of August 2017 at Seattle’s KeyArena. Qualification for the tournament was ongoing for two months, and only the best made it through the gruelling trials – 18 teams from around the world, ready to compete for glory. The action promised to be thrilling.

The prize pot on offer was in excess of US$24m, the biggest in history, and the KeyArena was full to its 15,000+ capacity every day of the tournament, with hundreds of thousands more watching on around the world via internet livestreams. Viewing figures of more than five million over the course of a fortnight put The International 2017 above almost every other sport in the world, with the exception of the big hitters like football, cricket, cycling and baseball.

The star players are young, rich and are beloved by their dedicated fans.

They get traded between top teams for huge amounts of money and train every day to reach the top of the sport. They are subject to regular drug testing carried out by the same body which polices the Olympics, the World Anti-Doping Agency.

The only difference between them and more traditional sports stars is that they are playing computer games rather than kicking a ball or using a bat.

Spectators in Seattle are used to watching baseball or American football, but the crowds at KeyArena were there to see teams play Dota 2, a massive multiplayer game where teams battle to destroy the enemy base.

Competitive esports – multiplayer video games played in front of spectators for money by professional gamers – are rapidly taking over the world, but like all sports they had humble beginnings.

The first proper esports competition on record was held at Stanford University, California in October 1972. The Intergalactic Spacewar Olympics was fairly popular among students who were looking to play the game Spacewar, and the grand prize was a subscription to Rolling Stone magazine which was won by a man called Bruce Baumgart. The early success of this tournament can perhaps be attributed to the location – Stanford is a world famous centre of education in computing and technology.

The first notable large scale event would be held almost a decade later

by Atari. This was the company which developed classic games such as Pong and Breakout and basically defined the early video game industry throughout the 1970s. These Atari games were spearheading a craze for arcade machines which were installed in bars, restaurants and

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amusement arcades and became a gathering place for young people.

Dozens of articles and stories praising the company appeared in the media and Space Invaders merchandise became wildly popular. There was even a film, Tron, which reflected the amazing popularity of video games. After seeing this public gaming craze, the next step for Atari was obvious.

In 1980, the company held its inaugural Space Invaders Tournament which saw more than 10,000 people across the USA competing to win the grand prize. Bill Heineman won and the tournament established video gaming in the mainstream, giving the world a small glimpse of the future. Space Invaders was the first truly blockbuster video game and its long term impact has been compared to that of the Beatles on the music industry.

It is no surprise that the game became synonymous with video games in general across the world, and it is fitting that it is the root of the esports phenomenon.

The trend continued to grow in the 1990s, pushed on mostly by gaming giant Nintendo. The 1990s was the era in which Nintendo became a household name thanks to its stunningly successful consoles and the overriding cultural influence of characters such as Mario which continues to this day. On its original 1990 release in Japan, the Super Nintendo Entertainment System (SNES) sold more than 300,000 copies in the first few hours and the resulting disturbance caused the Japanese government to request that video game manufacturers release their products on weekends in the future. Nintendo would also go on to sell more than 20 million SNES units in the USA. As well as general world domination through its consoles and games, the 90s also saw Nintendo take its first major steps into the world of esports.

The first Nintendo World Championships took place in 1990 in Dallas, Texas and ended up touring through 29 other American cities. The finals were held in Universal Studios Hollywood in Tampa, Florida.

Competitors were split into three age groups and competed across games of Rad Racer, Super Mario Bros. and Tetris. All finalists received a prize of US$250, although that paled in comparison to the prize which each age group winner received – a US$10,000 savings bond, a new 1990 Geo Metro convertible, a 40 inch television and a gold-painted Mario statue. To the winner go the spoils, indeed!

Nintendo would go on to repeat the trick in 1994 with Nintendo PowerFest ’94 which also toured American cities and pitted the USA’s best gamers against each other for the chance to win big prizes and the respect and adulation of their gaming peers. The Nintendo World Championships then went dormant and would only make a return for the 25th anniversary in 2015 and the recent finals at the Manhattan Centre’s Grand Ballroom on the 8th October 2017.

Other popular competitions held in America in the 1990s include the Cyberathlete Power League, QuakeCon and the Professional Gamers League, all of which contributed to the entrance of esports into something approaching the mainstream. However despite all the interest in America, esports would not truly take off until the South Koreans got hold of it in the early 2000s and changed the game forever.

Esports have seeped into public life in South Korea and have come to dominate the national entertainment scene. All accounts of how this came to pass begin with the Asian financial crisis of the late 1990s. South Korea attempted to deal with the crisis by focussing on the creation of a world class telecommunications and internet infrastructure which was designed to boost the national economy. There was a related high unemployment rate at the time which left lots of people looking for something to do with their time. Combine the two and the conditions were perfect for esports to take a hold.

Money was being pumped in and technology was at the right point for mass market competitive gaming to be a realistic proposition. The wave of gaming internet cafes, or PC bangs as they are known, which sprang up are testament to this. Millions of people gather in the PC bangs daily to socialise and game, with the clubs acting as a combination of youth centre, internet café and cultural hotspot.

The government soon got involved by creating the Korean E-Sports Association (KeSPA) to manage it all, and cheap television stations were born which began to cover the nascent scene. To give an idea of how far

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Esports computer setup

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Electronic Sports in IntelGameTime Event at Pantip Arena, Bangkok

esports have penetrated national life and consciousness in South Korea, KeSPA is part of the Ministry of Culture, Sports and Tourism and is affiliated with the Korean Olympic Committee.

Soon enough, PC bang esports culture led to the formation of teams who would test themselves against each other in competitions and tournaments around the country. StarCraft, a science fiction game released by Blizzard Entertainment in 1998, came to dominate the scene and was the catalyst for the rise of esports in South Korea, becoming one of the most popular games in the world and the gold standard which the country’s best gamers would use to compete.

These gamers have since become household names. Champions are treated in the same manner as celebrities in any other sport would be, for better or worse. The veneration and financial rewards are offset by a need to publicly apologise for winning in a way which isn’t aesthetically pleasing or creative enough.

It is tough to pinpoint the exact moment when esports proved itself to be more than a passing phenomenon spawned from youth culture, but there was one event in particular which, in hindsight, was probably the clue we needed. The final of the 2004 StarCraft professional league attracted more than 100,000 people to Gwangalli beach in the south of the country and catapulted esports into the worldwide lens. Sponsorship deals and

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funding would follow soon afterwards, and the sport has been growing rapidly ever since.

Today esports is one of the most popular entertainment mediums in the world, and most likely the fastest growing of the lot. People play and watch it for the same reasons people play and watch any other sports – when you get lots of people doing one thing it is inevitable that talented individuals will emerge. It then makes sense that if you enjoy these games you will enjoy watching highly skilled individuals play, and as the rewards increase so do the tension, the suspense and the joy. It’s fundamentally no different to any other team sport, and more and more people are getting involved every year.

It is estimated that more than 300 million people tuned into esports over 2016 and this number is expected to grow to more than 500 million annually by 2020. Goldman Sachs valued esports at more than US$500m worldwide in 2016 and is expecting annual growth of 22% up to 2020 which would put its total value at more than US$1bn. Those numbers are extraordinary, and if a national economy achieved those growth levels consistently then people in government would be in the running for Nobel prizes in economics.

With growth like that is it really a surprise that Amazon spent almost US$1bn on Twitch, the world’s leading platform for livestreaming games?

The biggest accounts on Twitch have millions upon millions of subscribers and hundreds of millions of views, and people around the world happily pay a monthly fee to get exclusive content from their favourite streamers who earn six figure incomes or more.

by winning The International 2017 and netting themselves more than US$10m in prize money. Their defeat of two Chinese teams in succession made them the winners on the biggest day in esports history.

Zhang “y`” Yiping

More and more countries are now following South Korea’s lead and investing in esports to keep up with the next big trend, with national esports associations springing up in countries as diverse as Japan and the UK. The games industry is now many times larger than the global movie and music industries. Even professional sports teams and leagues are entering the esports market as they can see that is where the next generation of young customers can be found. The NBA is opening its own esports league in 2018 and world leading football clubs such as Manchester City and Paris Saint-Germain have invested heavily into the industry to get ahead of the game. Entertainment giants such as Google, ESPN and Sony have placed massive bets on the growth of the sector.

Esports is here to stay.

The esports stars you need to know Team Liquid

y` is only 18 years old but has already won nearly US$2m in prize money and is a veteran of almost 20 tournaments. y` plays for Wings Gaming, a Chinese team, and is arguably the most promising young esports player in the world. His Dota 2 play demonstrates tenacity and creativity, and he has a bright future ahead of him.

Lee “Faker” Sang Hyeok Faker is probably the greatest League of Legends (LoL) player of all time and is still only 20 years old. The South Korean is known for his hyper aggressive playing style which blows opponents away before they get settled. He has won many prestigious tournaments including the 2015 LoL World Championship, the 2016 LoL World Championship and the LoL Season 3 World Championship. Along the way he has picked up career earnings of approximately US$900,000 – a record for a League of Legends professional.

A European team based in the Netherlands which recently made waves

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WORLD MARKET VIEW The global financial crisis plunged property markets into a downward spiral. Nine years on, Global Property Scene takes a look at how the international markets are developing.

London, UK • Median sales price: $788,014* • Average price per sqft: $630

Note - Figures correct as of stated dates: *October 2017 --> Prices based on city centre accommodation > Global average house size currently stands at: 1,250m2 > Source: Numbeo

Los Angeles, USA • Median sales price: $611,600* • Average price per sqft: $455

New York, USA • Median sales price: $788,529* • Average price per sqft: $631

Top 5 cities based on city centre area: (Correct as of July 2017) Source: Wikipedia Figures in km2

21,516,000

• Median sales price: $388,750* • Average price per sqft: $311 14,543,124

15

14,910,352

Sao Paulo, Brazil 16,060,303

20

24,256,800

Area (000,000)

10

Cape Town, South Africa

5

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Dhaka

Karachi

Lagos

Beijing

Shanghai

• Median sales price: $274,000* • Average price per sqft: $219

Singapore Moscow, Russia • Median sales price: $633,750* • Average price per sqft: $531

Dubai, UAE • Median sales price: $588,375* • Average price per sqft: $470

• Median sales price: $2,216,250* • Average price per sqft: $1,773

Sydney, Australia • Median sales price: $1,342,875* • Average price per sqft: $1,074

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WHAT’S THE ALTERNATIVE? Stamps Words : Emma Martin | View : Leenvdb

Stamp collecting was so common in the 1950’s and 60’s that around half of all young people in Britain had some sort of collection. Nowadays stamp collecting may have declined in popularity, but it is by no means defunct.

Like any antique, stamps can come with a high price tag, and wherever there is money, there is interest. Stamps today have gained international interest from wealthy investors as well as collectors, and the art of philately can present an incredibly lucrative opportunity for those looking for a less traditional way to diversify their portfolio.

With global economic markets in constant turbulence due to political and social concerns, tangible items like stamps and antiques can offer an intriguing investment alternative for those willing to put in the time and research. As fluctuating markets make traditional investment strategies more and more unpredictable, there is a certain charm in collectables which have proven to be far more than a novelty, but a serious investment class.

2017 in particular has been a year of global change, peppered with key political events such as the European elections, Trump’s inauguration and Brexit. The impact of these universally significant milestones can be the cause of major chaos within stock markets, making currencies plummet and igniting concern among investors. Stamps offer a safe haven against these instabilities as their value is generally unrelated to mainstream markets, thereby protecting capital and offering a way to safeguard wealth outside of the banking system.

The Alternative Investment Report from Intelligent Partnership carried out in 2015 illustrated how investment in so called ‘passion assets’ actually outperformed many traditional forms of investment in terms of return. The term ‘passion asset’ refers to items like stamps, coins, wine, jewellery or art – articles which are in limited supply and usually high-value due to their rarity. With unique stamps confined to their original (or surviving) numbers the intrigue and excitement in chasing down the rarest is a thrilling quest that rewards the successful with prosperity.

The most expensive stamp to ever be sold at auction is the 1856 British Guiana 1c Black on Magenta, dubbed the rarest stamp in world, and considered one of a kind. In 2014 the octagonal shaped red-wine coloured stamp mark sold at an auction in New York for US $9.48m (£6.7m). The stamp, originally discovered by a 12-year-old boy, shows the value that some exceptional collectables can fetch.

Reports on rare stamps being found locked away in attics, nestled between pages of books, or in inherited collections that have been gathering dust, has only worked to reignite curiosity. Like winning the lottery, the unearthing of just one rare stamp could change your fortune.

Once such story hit the headlines in 2015 when a collection of 35 rare Chinese stamps were discovered in the rolling English hills in an attic located in The Cotswolds. The stamps, initially purchased in 1882 in Shanghai by an English missionary, were concealed in a cigar box and had been left in the attic untouched for over 100 years. On finding them they were valued at an auction house at between £800 to £1,000.

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Stamps of the world

Surprisingly, however, they were purchased by stamp dealer Allan Grant for £75,000 following a bidding war.

Savvy investor Grant was one of a handful at the auction who were aware that the stamps were actually worth a lot more than their initial estimation, and to the surprise of the auction house Lot 94 - ‘A Cigar Box of Early Chinese Stamps’ become one of the most exciting discoveries in philately of the last decade.

Allan Grant commented after winning the lot that he would be taking the collection to Hong Kong where the appetite for rare Chinese stamps is extensive and millionaire investors and collectors alike would be likely to pay in the realm of £250,000 to buy them. Instances like this highlight the extent of the opportunities available within passion asset investment.

anything about stamps, and they don’t need to. Our average investment period is seven years, and people see it as quiet wealth.” This is backed up when we consider that in 2008, the time of the financial crash, the value of stamps rose by 17.7%. This, along with a 133.5% rise in the last 10 years indicates the strength of the market.

Stanley Gibbons, who are experts in stamp investment and antique industry, have also highlighted clear growth in the sector, claiming that their client numbers have trebled since 2009. With many stamp investors believing that stamps offer an even better opportunity than the stock market the global philately industry is worth US $3bn a year as of 2015.

Intelligent Partnership’s report which centred on alternative investments revealed that in the last 10 years the annual growth rate of investments in coins and stamps was 12.75pc and 11.43pc respectively, surpassing the Financial Times Stock Exchange (FTSE) 100’s 4.31pc rate.

One of the clear ways in which philately is outgrowing, and already massively outperforming previous predictions as to its future, is with the internet. The emergence of online bidding platforms and websites dedicated to antique investment strategy offers global communication like never before. The web has rejuvenated alternative investments by opening up information and allowing investors the ability to enter the market in an informed and planned way.

Keith Heddle, head of investment at The Stanley Gibbons Group plc, observed of the market “During the recession, rare stamps and coins actually increased in value while pretty much every other asset was heading south. Most investors come to us saying they don’t know

China in particular is emerging as a key player in the stamp market, with a third of the 60 million collectors globally located in China. The nation supports passion assets in a big way, with 17% of investors in China holding wealth in the form of stamps, wine, art or coins. Managing director

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of Intelligent Partnership Guy Tolhurst illustrates why these forms of investment are so appealing to some, “Stamps and coins present investors with one way to beat financial repression: the low interest rates, money printing and silent currency war that central banks are resorting to in order to stimulate the economy. They can be a hedge against – and protection from – inflation, devalued currencies and punitive taxes.”

However, whilst it might sound like stamp investment is a great way to diversify your portfolio, there are pitfalls along the way for those who enter the field without having done prior research. Investment in any passion asset is niche and you need to be well versed in the market before entering.

Stamp trading is, as a whole, unregulated. This means that the price is not properly managed according to the managing director at Lowes Financial Management, Ian Lowes. He comments, “I wouldn’t suggest stamps as an appropriate investment unless you really know what you’re doing. The market is based purely on demand. It’s an unregulated industry where the price is not really properly managed. Also you’ve got to consider the cost of ownership – paying for storage and insurance and so forth. So the costs could become quite significant.”

victim to a forgery, or be caught out by the sometimes minuscule variances between stamps that can mean the difference between a value in the hundred or the thousands. Edward Klempka, a stamp collector of over 40 years explains, “A philatelist would spot how the stamp was printed, the type of paper it was printed on, the watermark, the colour of the ink and so on. You have to know what you’re doing. The ordinary person wouldn’t see a difference.”

However it would seem that with the right guidance the stamp market is working well for many as a serious alternative investment. The future of stamps has been doubted previously, but for now at least, it appears they are performing well in terms of value, and interest is steady.

Although there is a chief difference between a collector and an investor, it is easy for even the most serious investor to fall for the allure of stamps.

Owning an iconic stamp, whether you covet it as part of a cherished collection, or plan to sell it for a profit, there is always the excitement of owning a real piece of history.

With each collection holding its own wealth in history there is definitely something to be gained by delving into the world of philately, be it for a hobby or serious monetary pursuit.

For this reason it is recommended to get professional advice from an expert in the industry before trading in stamps as it is easy to become the

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KN IGHT KN OX

JOHANNESBURG INVESTOR SEMINAR

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Architecture Planning Structures Urban Design

Q&A It’s time for GPS to answer some of our readers’ most pressing questions

Words : Samantha Edwards

Q.

Q.

What does ‘non-resident landlord’ mean and how do I know what to do if I am classed as one?

I’ve noticed that a lot of the buy-to-let apartments currently on the market don’t have parking - should I still invest?

A.

A.

You are classed as a ‘non-resident landlord’ if you live outside of the UK for more than 6 months in a tax year. If you believe you may be eligible for the Non- Resident Landlord Scheme, please visit http://www.hmrc.gov. uk/international/nr-landlords.htm for advice and the application form. If you are buying a property under joint ownership, both parties will need to make an application.

In today’s market, parking spaces are a commodity that very few people have access to, due to the lack of available space in inner-city developments. Whilst this may be an issue if you are buying a family home, most apartments designed for the rental market are built with access to public transport in mind, with the majority of them built on established bus, tram or train networks. In fact, many major cities around the world are under pressure to reduce pollution levels, with some councils limiting the number of parking spaces available, to reduce the number of cars on the road and encourage the use of public transport.

Q. I only have an overseas bank account, can my rental return be paid to me overseas, or do I have to open a UK account?

A. There are no requirements in place that mean you must have a UK bank account for your rental payments to be paid into, although you may incur transfer fees, depending on your bank. You will need to provide your bank details to the management company prior to completion.

*These questions and answers are provided for general information only and may not be completely accurate in every circumstance.

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As long as you take this into consideration and make sure that any property you buy has these amenities close by, the lack of parking should not be an issue when letting out the apartment.

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SHOULD I MOVE TO? San Francisco Words : Andrea Wong | View : Topseller

San Francisco is the most northern part of California sitting at the tip of a peninsula and surrounded by San Francisco Bay and the Pacific Ocean.

The city is the fourth most populous city in California with an estimated population of 864,816, with the bay area (from the wine country to the Silicon Valley) home to a population of over seven million people.

Known for its steep rolling hills and year-round fog, the city by the bay is rated as one of the greatest cities in the world but with many residents paying a premium for rent, some have been deterred from moving to the fast-paced metropolis. Despite average house prices going through the roof, San Francisco is ranked highly on the world liveability rankings of 2017 and there are many reasons why making the move to the West is worth it.

The city was founded on June 29, 1776 when Spanish colonists established the strait of the Golden Gate. The concentration of immigration activity has since grown dramatically in San Francisco and has shaped the culturally diverse city that it has become today.

Its local culture and rich history is what sets San Francisco apart from other world-class cities, from experimental art and world-class cuisine to unique architecture and fascinating subculture - this eccentric city has it all.

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The significance of the Gold Rush The California Gold Rush was a crucial period in the city’s history and began with James Marshall finding gold nuggets in the Sacramento Valley in 1848. As the news spread around the world about his discovery, it prompted thousands of miners to travel to San Francisco in search of gold.

Just a year into the Gold Rush, the population of non-native people reached 100,000 in California, a huge jump when you consider it was less than 1,000 previous to this. During this significant period, approximately $2bn worth of rare metal was extracted, luring around 300,000 people to the state from other parts of the US and other countries. This period of vast immigration goes some way to explain how San Francisco became such a diverse city.

Hotbed of counterculture San Francisco has long been recognised as the birthplace of counterculture. It sparked key movements such as the hippies in the 1960’s as well as other alternative cultures which have noticeably shaped modern-day San Francisco. During 1967, the Haight-Ashbury district, home of alternative living, became filled with around 100,000 young, like-minded people in a drug-fuelled summer-long celebration. The social

Downtown San Francisco, USA

phenomenon is now referred to as the summer of love as it represents sexual liberation and freedom which was brought to the surface thanks to the movement. Haight-Ashbury is still a significant area today with shops selling fringed waistcoats and tie dye clothing, showing that the hippie culture still lives on.

before. This year, it is forecast that a huge 25.6 million people will visit the city, with total spending to reach around $9.22bn. San Francisco offers something for everyone; from excellent outdoor experiences to a world-class culinary scene, so it is no wonder that the tourism industry is truly prospering and is experiencing year on year growth.

Furthermore, San Francisco is considered to have one the largest LGBT communities in the world. The wave of people from the gay community who moved to San Francisco in the 60s and 70s initially sparked tension with some of the ethnic groups in the city, however fast forward into the modern era and San Francisco is a city which welcomes all types of people, from all cultural and ethnic backgrounds.

The Golden Gate Bridge is one of the most spectacular pieces of architecture in the city and is the famous backdrop in many travelling photos. The iconic bridge was once described as a bridge that was ‘impossible to build’, however this year marks its 80th anniversary and it stands proudly as one of the seven wonders of the world. As the second longest bridge in the US, the Golden Gate Bridge spans across the San Francisco bay.

Tourism San Francisco should be on everyone’s bucket list of places to travel.

Its intriguing culture has sparked interest from tourists in the unlikeliest corners of the world. The tourism industry is continuing to grow with 2016 reporting a recording-breaking number of tourists, up 2.3% on the year

The bridge is painted in a distinct colour called international orange and was initially used with the purpose of preserving the bridge and protecting it from the moisture from the fog which rolls in from the Pacific Ocean and is noticeable in the city on most days. Many have admired the striking colour of the suspension bridge as it complements the blue of San

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Francisco Bay and the sky.

Another famous attraction in San Francisco is the Painted Ladies which are a row of Victorian and Edwardian houses. They are painted in pastel colours which accentuate their unique architectural features.

Backdropped by the city skyline, the Painted Ladies are touted as “Postcard Row” having shot to fame after being featured in several TV shows and movies, but most notably their appearance in the sitcom “Full House”. Across San Francisco are thousands more of these Victorian-style houses which were built during and after Queen Victoria’s reign in the 18th and 19th century.

Culinary experience Foodies will certainly not be disappointed or ever run out of options with the endless list of ‘must try’ restaurants. The local cuisine comes from many different influences with abalone, Dungeness crab, shrimp and crusty sourdough some of the local favourites. Crusty sourdough was a staple in the city during the period of the California Gold Rush. Initially, the sourdough bread was a recipe that bakers in San Francisco had made by mistake, but they struck gold with this type of bread as it became

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incredibly popular during the period and is now an important part of the city’s culture.

Fisherman’s Wharf, one of the most-visited tourist spots in the city is particularly famous for San Francisco’s fermented bread, but also for the plethora of seafood stalls where tourists can indulge in fresh crab and clam chowder. The historic wharf benefits from breath-taking views of the sea and the California sea lions which camp out by Pier 39, situated on the edge of Fisherman’s Wharf.

With over 15% of San Francisco’s population of Hispanic origin, there are strong influences throughout the city with Mexican cuisine popular in many neighbourhoods. The Mission District is known as the “Latino neighbourhood” which has a distinct hipster vibe. Amongst traditional taquerias are a diverse range of up-scale restaurants and lively bars where the cool kids of the city spend their time.

Career opportunities San Francisco is home of the most forward-thinking, futuristic technology with tech giants such as Uber and Salesforce as well as large number of

Gold Gate Bridge, San Francisco

tech start-ups located in San Francisco and the surrounding area. These innovative firms are experiencing significant growth and are drawing many young talents across the world to the city. A company which has grown massively is the ride-sharing company Uber which has increased its workforce in the city by 84% in the last few years.

In addition to this, its banking and finance centre is amongst one of the most important in the world with over 30 major financial institutions in the city. The Financial District is filled with high-rise buildings and has one of the most recognisable skylines in the world.

Although the price tag attached to San Francisco for those wishing to live there is undoubtedly high, the impressive career opportunities that the city offers make it more than affordable. The good news is that the city has the highest household earnings as well as the highest minimum wage in the US, which suggests that salaries are sufficient to keep up with the living costs.

there are alternative types of housing for those who are keen to move to the city on a budget. The Bay Area Rapid Transit (BART) allows residents of areas such as Berkeley and Oakland to reach downtown San Francisco within 10-15 minutes. Housing in these neighbourhoods are available at a much better value and are popular options for those who cannot afford to live in the heart of the city.

Micro apartments of under 300 square feet have also been growing in popularity in recent years as urban areas are becoming overpopulated and house prices have risen significantly. These tiny homes have undoubtedly appealed more to the younger generation who are strapped for cash and are looking for something more short term. However, with generational attitudes changing, they may accommodate all types of households in the future.

With exciting employment opportunities on offer and an array of world-class activities to keep you entertained, the vibrant metropolitan of San Francisco is the perfect place to relocate!

Affordable housing Although San Francisco has one of the hottest property markets in the US,

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Specialists at providing buy-to-let properties to the private investor market, Knight Knox has a wide range of developments available across the UK. Working alongside a team of experienced developers, solicitors and agents allows Knight Knox to provide expert advice and guidance on a range of investments.

Over the next 29 pages you will see a selection of the investment opportunities available through Knight Knox.

--Contact us today to speak to one of our experienced property consultants. +44 (0)161 772 1394 info@knightknox.com www.knightknox.com

Top: Images taken from Knight Knox Investor Seminar Manchester 2017 - X1 The Landmark is the featured model and plan.

Middle: Left cgi image: X1 Media City Tower 4 - available. Middle cgi image: X1 The Gateway - sold out and in construction. Right image: X1 Media City Tower 1 - sold out and in construction.

Bottom: Left image: X1 The Quarter - sold out and tenanted. Middle cgi image: X1 The Gateway - sold out and in construction. Right image: Queen’s Brewery - sold out and tenanted.

NORTHILL APARTMENTS Salford Quays PRICES FROM :

ÂŁ109,995 269 luxury apartments Excellent transport links Within walking distance of MediaCityUK High rental demand in the area Easy access to Manchester city centre

Northill Apartments is the latest addition to the flagship development, Fortis Quay and is sure to be popular amongst the thousands of young professionals looking to live and work in Salford Quays.

There will be a range of luxury apartments from studios to 3 beds, which will raise the bar in modern living. All apartments will be designed to the highest possible standard with state-of-the-art fixtures and fittings, making it the perfect addition to any property portfolio.

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PALATINE GARDENS PHASE 2 Sheffield PRICES FROM :

ÂŁ94,500 Phase 1 in construction Close to city centre Public transport nearby High rental demand in local area Fully let and managed by an experienced letting agent

​ alatine Gardens Phase 2 is the latest luxury residential P development to arrive on the oversubscribed Sheffield rental market. Situated in the Shalemoor area of Sheffield, Palatine Gardens Phase 2 is within walking distance of both the city centre and the trendy Kelham Island district.

These large luxury apartments will provide residents with high-end fixtures and furnishings, as well as a stunning enclosed garden and secure bicycle storage.

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X1 MANCHESTER WATERS Manchester PRICES FROM :

£109,995 5 minutes to Manchester city centre Waterfront location Good local transport and amenities Private tenant amenities Managed by award winning X1 Lettings

X1 Manchester Waters is the 28th joint venture development from Knight Knox and X1 and will deliver luxury waterfront apartments to the thriving buy-to-let market.

Located just 5 minutes away from Manchester City centre the location of this development is unrivalled, giving tenants the tranquillity of waterside living as well as everything that the UK’s ‘second city’ has to offer on the doorstep.

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X1 MEDIA CITY TOWER 4 Salford Quays PRICES FROM :

£124,950 Studios, 1 and 2-bedroom apartments Lettings and management company in place Private communal facilities Great transport links and shopping All 3 previous phases sold out

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The fourth and final tower in X1 Media City will follow in the footsteps of its predecessors, offering high-end residential living in a highly sought-after area.

This development’s stunning glass-fronted exterior perfectly epitomises the luxury within, and is just a stone’s throw away from the iconic MediaCityUK site on the picturesque Salford Quays waterfront.

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X1 THE LANDMARK Salford PRICES FROM :

£130,000 Private communal facilities Beautiful balconies with dynamic city views Prime city centre location Within walking distance of local amenities Experienced management company in place

The newest addition to the Greater Manchester skyline, X1 The Landmark will provide 191 stunning apartments to the thriving Salford rental market.

Situated in a prime location between two thriving cities, X1 The Landmark will offer residents the best of both worlds—able to enjoy the picturesque waterfront destination found in Salford’s MediaCityUK, yet just a stone’s throw away from Manchester’s dynamic city centre.

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X1 THE CAMPUS Salford PRICES FROM :

ÂŁ89,995 Built by experienced developer X1 Close to excellent public transport links Close to local shops, bars and restaurants On-site gymnasium Private student accommodation is a booming investment class

X1 The Campus is the latest student development from the award-winning X1. This newly-built development is well located on the university campus, and will offer students great on-site ammenities and facilities.

Salford plays host to everything which a modern student could possibly want from a university city – not just a fantastic university which is a leader in its field, but also a range of pubs, restaurants and shops in the local area.

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THE TOWER AT X1 THE QUARTER Liverpool PRICES FROM :

ÂŁ89,995 Highly sought-after location Lettings and management company in place Private communal facilities Great transport links and close to shopping Built by experienced developer

The Tower is the fifth and final phase of X1 The Quarter, X1’s award-winning development near the beautiful Liverpool waterfront, with all previous phases sold out and fully tenanted.

The success of the previous phases demonstrates the huge demand for prime residential accommodation in Liverpool, and The Tower at X1 The Quarter is sure to prove popular with both investors and future tenants.

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DE VELOPMENT

««««« BEST RESIDENTIAL DEVELOPMENT MERSEYSIDE X1 The Quarter

by X1 Developments

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X1 THE GATEWAY Salford Quays PRICES FROM :

SOLD OUT Situated in a prime residential area Within easy walking distance of MediaCityUK Let and managed by X1 Lettings Great on-site facilities Waterfront views

With a sleek, modern design, a luxurious finish and a desirable location, this new residential development raises the bar when it comes to providing future tenants with a first class cosmopolitan living experience.

Situated in the heart of the Quays, this prime residential development brings a mixture of 191 stunning 1, 2 and 3 bedroom apartments to market.

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BARREL YARD Manchester PRICES FROM :

SOLD OUT 1, 2, 3 & 4-bed apartments and townhouses Lettings and management company in place Short distance to Manchester city centre Built by an experienced developer Great transport links

Barrel Yard is located in South Manchester, just minutes away from the exciting city centre. The development benefits from local public transport as well as being a short drive from the city centre, where residents can enjoy all the retail, recreation and cultural amenities that Manchester has to offer.

Furthermore, trendy local areas such as Chorlton and Didsbury are only a short drive away from Barrel Yard.

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BRIDGEWATER GATE Salford PRICES FROM :

SOLD OUT Local rental market is booming Private rooftop terrace Great transport links Built by an experienced developer On-site lettings and management company

Bridgewater Gate is enviably located on the edge of Manchester city centre in the thriving area of Castlefield.

This luxurious development will have all the advantages of being a short walk away from the local parks and independent shops of suburbia, but also the vibrant bars and restaurants of the city.

It also sits within walking distance of MediaCityUK, home of the BBC and ITV.

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NOW SOLD OUT

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X1 AIRE Leeds PRICES FROM :

SOLD OUT 1 and 2-bedroom apartments Lettings and management company in place Private communal facilities State-of-the-art apartments Prime location in the heart of Leeds

X1 Aire is Knight Knox’s latest development in the heart of the thriving city of Leeds. This newly-built development provides state-of-the-art living for a vastly undersupplied Leeds rental market, containing a stunning array of apartments ranging from bespoke studios to 2-bed penthouses.

X1 Aire will take boutique city centre living to the next level, providing state-of-the-art apartments to the private rental market.

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COMPLETED & TENANTED

SPECTRUM Manchester PRICES FROM :

ÂŁ172,950 Completed and tenanted development Private landscaped gardens Great central location Finance options availlable High quality fixtures and fittings

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Spectrum delivers the best of both worlds, combining chic, urban living with the tranquility of private landscaped gardens.

These studio, one, two and three-bed apartments are finished to the highest specification, with floor-to-ceiling windows and full-length balconies in most apartments.

Light floods into the living space and views across the city are a constant reminder of how close you are to all conviniences and amenities.

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THE COURTYARD AT X1 THE QUARTER Liverpool PRICES FROM :

SOLD OUT Finance options available Experienced management company in place Proven rental demand 5 minute walk to Liverpool ONE Opposite Liverpool Marina

Built by an experienced developer in the residential buy-to-let market, The Courtyard at X1 The Quarter presents a unique concept in luxury living for the residents of Liverpool.

Completed in September 2014, the development contains 77 modern 1, 2 and 3 bed apartments, in addition to 3-bed townhouses. Offered at an extremely competitive purchase price, these new-build apartments have been fully tenanted from completion.

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IN CONSTRUCTION

MULBERRY PLACE Salford PRICES FROM :

SOLD OUT Highly sought-after location Lettings and management company in place Close to Salford and Manchester City Centres Excellent local transport links Sold prices in Salford up 22% on previous year - July 2017

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Located in the heart of Salford, Mulberry Place brings 38 chic apartments to the city’s thriving buy-to-let market in the form of spacious one and two bedroom apartments.

Residents of Mulberry Place will also benefit from excellent on-site facilities such as a beautifully landscaped communal courtyard, bicycle storage and off-street car parking spaces provided for selected apartments. Some apartments will also enjoy the benefit of having their own balcony.

COMPLETED & TENANTED

THE TERRACE AT X1 THE QUARTER Liverpool PRICES FROM :

SOLD OUT Assured 6% rental income for 5 years Fully managed and let by X1 lettings Great central location High-end fixtures and fittings Built by experienced developer

The Terrace is the fourth phase of the highly successful X1 The Quarter development. All four phases (including The Gallery, The Courtyard and The Studios) are completed and tenanted, with the fifth phase, The Tower, currently in construction.

This development is a 101-unit new-build in the vastly popular city of Liverpool, launched as a direct response to the incredible demand for prime residential apartments in the region, shown by the incredible success of the previous phases.

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COMPLETED & TENANTED

BELLS COURT Sheffield PRICES FROM :

SOLD OUT Assured 7% rental income for 1 year Fully-furnished Excellent city centre location Luxury studio apartments High rental demand in Sheffield

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Located in the heart of the city centre Bells Court is a high-end residential conversion, bringing 29 luxury studio apartments to the ever growing rental market in Sheffield.

Ideal for both students and young professionals Bells Court answers the growing need for premium rental accommodation, and is perfectly located for tenants to enjoy all that the city has to offer.

LOOKING FOR PROPERTY TO BUY? BE SURE TO VISIT THE

The UK’s largest and longest running property investment event is presented at ExCeL London every April and October.

The major names in UK and international property will be out in force with plenty of ‘off-market’ bargain deals and show exclusives to choose from.

E FREW

SHO Y ENTR

REGISTER ONLINE AT www.propertyinvestor.co.uk NOTE: Seminar booking opens approximately 6 weeks before show opening day

From conception to completion Knight Knox has an established portfolio of off-plan premium investment opportunities ranging in price from £89,995 - £482,495.

Contact us today to speak to one of our experienced property consultants. +44 (0)161 772 1394 info@knightknox.com www.knightknox.com

Top: Images taken from Knight Knox Investor Seminar Manchester 2017 - X1 The Landmark is the featured model and plan.

Middle: Left cgi image: X1 Media City Tower 4 - available. Middle cgi image: X1 The Gateway - sold out and in construction. Right image: X1 Media City Tower 1 - sold out and in construction.

Bottom: Left image: X1 The Quarter - sold out and tenanted. Middle cgi image: X1 The Gateway - sold out and in construction. Right image: Queen’s Brewery - sold out and tenanted.