Qandor Magazine | Issue No. 3 | June/July 2020

Q. Magazine ISSUE No. 3 – Jun / Jul 2020

OCEANIC HOUSE Beauchamp Estates’s Gary Hersham presents a luxury apartment of TITANIC proportions

BUILDING SUSTAINABLY

The do's and don’ts for greener construction ®

Qandor.

TROPOLIS. TM

IN THIS ISSUE

THE FORMALITIES

04

Q. Magazine

FOREWORD A letter from our Founder, Matt Siddell

ISSUE No. 3 – Jun / Jul 2020

06

TROPOLIS A new property education program launches

ARCHITECTURE & DESIGN

OCEANIC HOUSE

10 LIVING SPACES

Beauchamp Estates’s Gary Hersham presents a luxury apartment of TITANIC proportions

LOFT’s Benjamin Hall looks at what the future holds

BUILDING SUSTAINABLY

14 INCREASE THE VALUE OF YOUR

The do's and don’ts for greener construction ®

Qandor.

PROPERTY

TROPOLIS. TM

Joe MÜhl emphasises the importance of quality brands

Cover image featuring Gary Hersham, founder of super

18 FLIPPERING

Beauchamp Estates. For more information visit www.beauchamp.com

ISSUE NO. 3

prime real estate agency,

Neil Scroxton explains how this trend is sinking

22 AFTER CORONAVIRUS Architect Dicky Lewis discusses three important changes to work spaces

26 TECHNOLOGY KEEPING THE MARKET MOVING Oliver Lowrie explains how VR has revolutionised architecture

PROPERTY OF THE MONTH

30 OCEANIC HOUSE

FINANCE

54 DEVELOPMENT FINANCE

Former home to Titanic’s White Star Line

Paul Oberschneider explains how the landscape

Company, now the pinnacle of luxury

may change

London living

56 IS NOW THE TIME TO INVEST? MAB’s Rachel Geddes investigates

60 PEER-TO-PEER What does the lifecycle look like?

64 CASH IS KING Grazina Thompson’s advice on how to ensure your projects are sufficiently funded

66 BUILD TO RENT Chris Oates looks at how the market has soared

PRIME

71 CENTRAL LONDON How will this market perform ‘post corona’ DEVELOPMENT & CONSTRUCTION

36 HAYWOOD HOMES Looking back on a career well built, by Antony Senny

40 PROJECT MANAGEMENT Four reasons why a project manager is essential

42 SMART HOMES Luke Crutcher walks through the do’s and don’ts of updating your home tech

46 DISRUPTION THOUGH TECHNOLOGY How Fonn is leading the way

50 BUILDING FOR THE FUTURE Doug Johnson takes the lead on sustainable development

WHAT IS ‘NORMAL’ ANYWAY? Qandor Founder Matthew Siddell Managing Director Kevin Taylor Managing Editor Gabrielle Winandy For editorial and advertising enquiries, please email: magazine@qandor.org Visit our website: www.qandor.org Contributors Antony Senny Benjamin Hall Chris Oates Dicky Lewis Doug Johnson Grazina Thompson Jan Tore Grindheim Joe MÜhl Luke Crutcher Martin Brooks Neil Scroxton Oliver Lowrie Paul Oberschneider Paul Watson Philippa Somerset Rachel Geddes QANDOR TEAM Membership Director Seeta Gharu seeta@qandor.org Membership Manager Rekha Patel rekha@qandor.org Videographer James Evans james@qandor.org

There are so many buzzwords and catchphrases flying about, it’s sometimes dizzying to keep up with them all. It all boils down to one stark realisation: the world will not be what it was just three months ago. And I know many people are uncomfortable with that. There’s an element of safety and security in the familiar. What I have come to realise however, is that it’s never impossible to adjust, refocus and reinvent a business. Three months ago, Qandor evolved from a club that produced a calendar of physical events and meetings to one that continued to offer our members the support and value they expect using the power of digital connectivity.

Had we not quickly and efficiently refocused the business this way, I don’t believe the club would be here today. But we did, and our network of fantastic members has supported us wholeheartedly - leaning into the change of scenery, familiarising themselves with all things Zoom, Hangout and Remo and continuing to use the club as a resource for information, learning and superior networking.

The importance of having a good team in place is paramount now more than ever. I have been able to focus a majority of my time on building my new venture, Tropolis (p.06) while relying on the Qandor team to continue rolling out the club’s agenda and welcoming new members. The result of this is that every two months, I get to see an impressive publication full of insight, analysis and advice written by our members and packaged up as Q. Magazine. From Dicky Lewis’s thoughts on how workplaces may change in the coming months (p.22) to how Prime London’s property market is responding to the events of 2020 (p.71).

Sustainability - perhaps another buzzword to some yet so important nevertheless - is the future to which we should all be adapting, and Doug Johnson explains how and why this should be done (p.50). And LOFT’s Benjamin Hall takes a look at how living spaces will be changing in the future as more people look to their homes as their hub for both business and leisure (p.10).

My team and I are incredibly grateful and proud of each of our members for their invaluable contributions and support during this time - thank you!

Matthew Siddell Qandor Founder

JOIN US.

FEES START AT JUST £50pm Become part of an exclusive community of business leaders, entrepreneurs and investors in real estate and construction Book a call with our membership director to find out more

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PROPERTY EDUCATION

THE TROPOLIS ACCELERATOR PROGRAM.

The Tropolis Accelerator Program, developed by Qandor’s sister company Tropolis, covers a huge variety of property strategies including self-build, land buying, development, refurbishment, auctions and flips.

The program gives clients a deep understanding of many aspects of property investing including sourcing deals, legals, funding, refurbishment, property and tenant management, and how to find and work successfully with the right people.

MORE INFORMATION 006 – Qandor – Issue No. 3

Issue No. 3 – Qandor – 007

Experts & Masterclasses Our network is extensive and extremely valuable and we’ve assembled a panel of experts to give masterclasses at live events exclusively for Tropolis.

These masterclasses give exclusive access to significant amounts of experience, expertise and property insight.

If you want to learn the secrets of successful developers or find out how to get the best out of your architect or builder by being taught by one, the Tropolis masterclasses are definitely for you.

The Tropolis panel of experts is comprised of more than 25 specialists with a Masterclass each.

550+

Combined years of business experience

5000+

Homes and properties developed

£1.5bn

Value of property developed

MORE INFORMATION

The Tropolis Experts Panel

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INTERIOR DESIGN

THE LIVING SPACES OF THE (NEAR) FUTURE. BENJAMIN HALL Managing Director LOFT www.loft-interiors.co.uk

People around the world were ready to embrace the need for well-designed interiors before the Coronavirus pandemic struck.

The global lockdown has helped reinforce how important the quality of residential living really is. More than that, it’s highlighted how we interior specialists have to constantly adapt to an everchanging world to best suit the needs of the end user.

A person’s home should feel like a safe haven.

There’s a sense of security and comfort that can only come from being in an inviting, familiar setting. Simple touches such as soft, plush sofas, plumped-up cushions and cosy throws and rugs are an excellent way to achieve that feeling.

Open plan living may fall out of fashion. While working from home, we’ve realised how important it is to place a divider between our work and personal lives.

Instead, separate spaces will be set up to create functional areas for different activities.

Rooms will be purely dedicated to working, relaxing and eating, as opposed to makeshift offices being fashioned in bedrooms and on the dining room table. This will help us switch off at the end of the working day, preserving mental wellbeing.

It’s vital that everyone in the Interior Design industry recognises how to respond to these changes. LOFT has introduced a new range of flexible and multifunctional furniture that focuses on comfort and aiding with the work/life balance.

Quality furniture is an investment.

By thinking about how the world might ➳ Issue No. 3 – Qandor – 011

change a few months down the line, you can put yourself ahead of the game in terms of preparation.

We’ve been able to set up video calls to help clients during these times, ensuring they receive the best advice in the safest way possible. Our Interior Designers and Installation & Delivery teams have undergone stringent safety training as well. It’s through their hard work and dedication that LOFT

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have been able to help our frontline heroes, as we’ve donated and installed around £8000 worth of stock to the NHS, care homes and domestic abuse shelters.

Depending on the property market post-Coronavirus, there may be a stronger emphasis to renovate over relocate. Instead of buying properties with the space readily available, rooms could be reconfigured to enable flexible working. This means the need for enhanced storage solutions will grow, as people look towards putting their work away to fully focus on their home lives at the end of the day.

Biophilic design has an important place in the Interior Design world, and after weeks of being stuck inside for most of the day, we believe this trend is going to soar.

More plantlife, brighter colours and natural light will take precedence. Our outdoor spaces will change for the better, too. No

matter how much or how little room a person has outside, they will find ways to enhance it, as reconnecting with nature greatly benefits our mental wellbeing.

One of our specialist areas is the buildto-rent (BTR) sector. We’re expecting the demand for BTR accommodation to still be high once the Coronavirus pandemic has subsided, but there will be a greater need for social distancing measures. We may be required to redesign existing spaces to meet expectations and to maximise residents’ wellbeing in these spaces. Over the last few years, there has been an increased emphasis on human wellbeing with Interior Design, and we feel this will remain at the forefront of everyone’s minds.

Conclusion Even though the pandemic has caused many businesses to re-evaluate their future plans, the basic premise of LOFT’s goals will remain the same. We aim to create safe and comfortable interiors through our expert services and quality furnishings and with the continued support of our environmental and ethical-focused suppliers.

We can always adapt to what the future may bring. Our property staging services along with virtual tours will allow clients to show off properties to their full potential whilst respecting social distancing.

What matters for us in the long run is creating homes that bring about a high level of joy. People will find more value in their homes, which will boost mental health and wellbeing to no end. We regularly update our blog with the latest design tips and industry updates, so be sure to check out our website to stay on top of all the recent developments. Q.

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INTERIOR DESIGN

HOW TO INCREASE SALES VALUE BY ADDING QUALITY BRANDS. Joe MÜhl Managing Director of Contracts and Commercial Projects Ocean Bathrooms www.oceanbathrooms.com

What are the reasons to use a specialist company when quoting for a commercial project?

Specialist companies have an extremely comprehensive knowledge on the subject they know best, including all global products and brands.

Using a specialist company will ensure you obtain the maximum out of your budget, using the best possible products.

The requirements for every project will vary depending on particular needs and desires, for example: is maintenance the most important requirement? Design?

Robustness?

Most specialist companies will offer 014 – Qandor – Issue No. 3

a fitting service to ensure that the chosen product and design is fitted comprehensively with long warranties. This may cost a little more, but why not pay extra in the beginning to avoid bigger costs long term?

Why should you pick a quality branded product instead of a Chinese unbranded import?

No one would go and buy an unbranded phone over an iPhone or Samsung, or a car that hasn’t been through rigorous safety checks complete with warranties. So why think it’s any different with bathrooms?

From my 14 years of experience working with bathrooms, I can honestly say that with all the suppliers and manufacturers I work with I can: • Expect to buy a quality product at

a fair price with great warranties; • Have a dependable customer service backup if anything should go wrong; • Will pay re-fitting cost if a product is found to be defective.

There are surprisingly many big named companies who don’t offer this, and that’s because they are buying unbranded products from China. The price is often inflated, and warranties are offered that can be impossible to fulfill.

Clients are always going to feel they are getting more for their money with reputable brands such as Majestic Showers, Dornbracht, Axor, Hansgrohe, Duravit or Geberit. These are great examples of manufacturers who are well established in the global marketplace of new build homes,

luxury residential homes and commercial environments. It invokes a feeling of confidence in the product, like knowing the TV at home is a Samsung or the contract on your phone is for an iPhone. Most end users recognize the quality of the brand and will eagerly research new products and brands.

So, what can a branded product do for you?

The branded products Ocean Bathrooms work with offer many services to contractors, architects and designers. Many specialist retailers like ourselves have chosen to work with these companies to ensure that all projects run smoothly from concept, specification, final list, installation to after care. These services are: • A specification service ensuring the best product for your project; Issue No. 3 – Qandor – 015

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• Contract pricing for developments and commercial projects. The savings made here can be considerable; • Staged delivery so you don’t have to accept products at the same time if you don’t need them; • Maintenance training for a Duty Manager or In-house Customer Service.

For example, a small scenario: After 6 months, a tap starts dripping. Maybe the filter needs cleaning. Normally, a plumber would be called at £50 an hour. But with maintenance training to the buyer, a quick unscrew of the tap head and a wash through running water to clear any residue limescale will have the tap running perfectly: no expense incurred.

I recently won a contract using branded products, even though the original spec was unbranded. The brands I used were quality branded products with guarantees, and the spare parts can be obtained online within 48 hours. There is a 25-year spare part guarantee, technical back up and installation videos where required.

A supplier representative went to the site to personally run through the products and to advise on any technical issues. I added the project to our FONN Project Management app so the plumber, tiler, contractor and myself could access all the current information.

What are Maintenance Videos?

Most of our suppliers have videos showing how to change washers, make cistern

adjustments and how to clean products.

All aimed at saving the end user time and money. We can email them to the vendor, so they have access to them as well as the Welcome Pack. After sales and technical care, call lines and technicians are available for any issues that may arise in the future under warranty or even out of it.

Replacement parts are usually available in 48 hours from Germany (Dornbracht, Axor Hansgrohe) or next day from UK stock.

Manufacturers Eco-Credentials: what are they?

All of our suppliers have accredited ecocredentials. The brassware specialists Dornbracht, Hansgrohe, Axor and Vola all use ‘green brass’. This is brass which is completely pure and contains no added lead. Many manufacturers add lead to brass to make it feel heavy, which is a very sobering thought when buying, let’s say, a tap. All ‘green brass’ brands re-cycle their own waste.

Sanitary ware specialists such as Duravit re-use all waste ceramic in road core and Geberit use re-cycled steel and plastic in their frames and cisterns. This is another great consideration to take into account when choosing your Specialist Company.

To sum up: In my experience, using quality brands with exceptional guarantees and after service care will work out cheaper in the long run. The name of the branded product will resonate with the end user, thus increasing the sales value and or rent/HMO. Q. 017 – Qandor – Issue No. 3

ARCHITECTURE

THE DEATH OF FLIPPER-ING. NEIL SCROXTON Managing Director & Founder Scroxton & Partners www.scroxtonandpartners.co.uk

No, I do not refer to a final chirp of “click-click-click-click” followed by one last solitary bubble floating to the surface of a perfectly calm sea as the world’s most famous dolphin checks-out to the great coral in the sky. Instead, I refer to the practice of gaining planning permission and ‘flipping’ the site on for a profit.

As an architect, I must be honest, I hate this development strategy. I’m not alone, all architects do. I trained to use my skills to build homes and workplaces, not to massage spreadsheets and I mourn the days when clients that submitted a planning application expected to get their hands dirty and worried about concrete splatters of their 018 – Qandor – Issue No. 3

Range Rovers rather than parking tickets.

However, as a business owner and investor, I obviously understand why the practice of flipping exists.

What I don’t understand is the delusion that it helps with the housing crisis. The reality is that the strategy kicks the can down the road and property professionals need to understand that empty sites waiting to be sold on are no good for anyone.

I write this piece (rant), which was not my originally intended topic because I have just binned another potentially good site sent to us from a would-be flipper. The site that has already been cleared has permission for 12 units. All they want is £900k for a potential GDV of £3,375,000… bargain.

A quick calculation shows the build cost for these units to be just under £2m - without

considering stamp duty, legal fees, sales fees, borrowing costs and the professional fees the scheme requires, let alone a profit. The numerically quick will see that this site is probably only worth a third of the asking price at best.

Unfortunately, this type of ‘opportunity’ is now commonplace. Perfectly good sites that no one will develop, adding units to the local authorities housing supply figures and f*cking it up for the rest of us that would like to get a good planning permission on a site down the road while this one sits waiting for some mug to pay too much for it (did I mention I’m not a fan?).

So, what has gone wrong? Why is a once reasonable strategy practice now failing so often for many developers? The short answer is that land prices don’t seem to

reflect GDV realities, coupled with the rising construction standards, materials and labour costs. So, the easiest place to cut cost out of the spreadsheet is in the professional team.

When the spreadsheet says that there is only a couple of percent left to pay the team then the only option available seems to be to get the cheapest, “they’re only drawings after all”.

And what really is the difference between £30k’s worth of drawings and £15k’s worth?

Well, the difference, my friends, is sale!

The difference is flipping being a positive process and a good way of helping those that want to buy planning permissions and build houses and meet the country’s housing needs.

In a relatively flat market, Flippers need to reassess their spreadsheets and start to look at the relationship between the target land value and professional fees spent rather ➳

Issue No. 3 – Qandor – 019

than the relationship between target land value and forecast GDV. This is because the latter always ignores the different challenges of building and financing a project that different types of purchaser face.

On the example above, the right commercially minded professional team given the right resources would advise BEFORE a planning application is submitted exactly how to achieve a site sales price of £900k. In fact, they could help structure multiple routes to exit, making the investment more robust.

The right team would either demonstrate how to reduce the build cost without effecting the GDV or advise on how to increase the GDV without effecting the build cost. But that advice takes time, skill, and a client that is open and honest about what they are trying to achieve with the site.

The practice of flipping will not disappear until legislation prevents it.

Therefore, and despite my own rantings, I chose to embrace the practice knowing that many clients simply don’t want the risk of 020 – Qandor – Issue No. 3

building. And so as I look to the growing pile of ‘non-opportunities’, I am being asked to appraise for builder-developers, and a thought comes to mind: invest money wisely in the team that you use, because the value of your resale is in the quality and deliverability of the scheme, not the computations of a spreadsheet.

Note: I wrote this a day before Covid-19 changed our world. We have a responsibility to get the economy moving again as the nation gets back to normality. Construction mobilises workforces, provides homes and puts food on the table for millions of workers.

Holding sites, trying to create a profit through an administrative process and slowing the implementation of projects will not help us bounce back. Q.

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• Full Service Show Home Interior Design & tailored furniture packages

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ARCHITECTURE

3 POSITVE CHANGES TO WORKSPACE POST CORONAVIRUS. DICKY LEWIS Architect and Director White Red Architects www.whitered.co.uk

What we learn from the lockdown could help design the workplaces of the future.

As most of the world is adjusting to life under lockdown, the majority of businesses have had to embrace running their operations remotely with staff working from home where possible.

Companies more versed in remote working were first off the mark to shift operations with the larger technology companies such as Google, Apple and Facebook leading the way and advising their staff to work from home in late February or early March. Prior to the COVID-19 outbreak, many companies wouldn’t have even

considered working remotely as a possibility but as a consequence of a forced lockdown, we have seen unlikely industries such as law firms, insurance agencies and financial institutions make the move. Even Lloyd’s of London recently closed down its underwriting room for the first time in a 330-year history.

As designers, we are required to evaluate the function of the workplace and understand how a company operates in order to design a successful space. I’d like to optimistically look at what we could learn from the lockdown and what we could look to improve in a post coronavirus world for the better, coming out stronger:

Issue No. 3 – Qandor – 023

Flexible space On the other side of the lockdown, many businesses will be re-assessing their overheads and, in particular, their office costs. Lots will be thinking about either reducing the amount of area needed or assessing how to maximise the efficiency of their existing space.

Flexible spaces are typically required in order to accommodate agile working for employees. Agile working is not a new concept, but the lockdown has shown how relatively few regular adopters were prepared for staff to work remotely. Perhaps the common misconception was that it was only suited to the ‘tech’ industries and not the traditional disciplines.

The recent rise of ‘co-working’ has seen a shift towards embracing the concept of introducing flexible space, but a large number of co-working spaces are actually only a rebranded version of a previous model, the serviced office, not fully embracing flexible space. We imagine co-working spaces as 024 – Qandor – Issue No. 3

places littered with entrepreneurs typing away on their Macs whilst sipping lattes on a sofa, but this isn’t actually the case. ‘Co-working’ or flexible space typically only accounts for approximately 5% of the area within a coworking scheme and it is usually recognised as a loss leader to create a trendy atmosphere and attract companies to the traditionally let units which make up the majority.

Recognition for the need for flexible space in all workplaces could be one of the most important consequences of this lockdown. Businesses should either implement more remote working or aim to maximise the efficiency of let office space; flexible spaces are key in supporting that.

One of our current projects, the refurbishment of an entire office building on Henrietta Street in Covent Garden, makes use of communal and entrance spaces. We proposed to create the former reception lobby into a flexible space capable of maximising the efficiency for the traditionally let office space

floors above. This has a variety of benefits, from creating an atmosphere as you enter the building to promoting informal meetings and enhancing serendipitous collaborations between companies, teams and colleagues.

Collaborative Space Health and Wellness in the workspace extend beyond the provision of handwashing facilities or a bombardment of alcohol gel dispensers. It is becoming ever more increasingly important to consider how the overall design of the working environment can contribute to the wellness and mental health of employees.

Making design changes can assist in nurturing improvements such as creating healthy habits, increasing productivity by positive mood reinforcement and facilitating the reduction of stress.

Multi-use/Collaborative spaces encourage colleagues and team members to come together, discuss problems and communicate solutions. Creating spaces for open conversation can assist in minimising the build-up of stress or anxiety. Open-plan offices are commonplace, but a lot of people find this format distracting. Collaborative space should be able to accommodate what open plan does not. As businesses re-evaluate their spacial requirements post-lockdown, implementing more collaborative spaces could be a good way of using any unused space.

We recently completed a fit-out for a large technology company. Whilst they fully embraced flexible working practices, their concern was that the physical office space was inhibiting staff collaboration and interaction. Through the use of collaboration spaces, delineated zones for teams and even

an ambient sound strategy, we assisted in designing a space for teams to engage and employees to utilise the office in order to suit their personal working practices.

Event Space Humans are social creatures and the recent social distancing restrictions have certainly reminded us of that. Video conferencing and other communication technology have been vital in overcoming the restrictions, but they are no replacement for the interactions we’re used to in the physical office environment and the events that we usually attend.

With the re-evaluation of spaces, one possibility would be to consider the inclusion of an event space to host social events, talks, presentations and exhibitions. The inclusion of event spaces can assist in the workspace becoming a destination for both employees and a wider network of the business.

One of our office refurbishment projects proposes the introduction of a mezzanine structure with an event space below and a ground floor cafe in the main atrium space.

As a part of a wider technology campus, this regeneration encourages the building to become a focal point for engagement between companies to host and attend events: a hub for the campus.

Summary The current lockdown will, of course, have profound impacts on the way workspace is considered by businesses. We would like to look optimistically towards the changes and hope that we can learn from this period of change in order for the workplace of the future to be better for it. Q. Issue No. 3 – Qandor – 025

ARCHITECTURE

KEEPING THE PROPERTY MARKET MOVING THROUGH TECHNOLOGY. OLIVER LOWRIE Director Ackroyd Lowrie www.ackroydlowrie.com

“In times of crisis, it is important to try to focus on the things that we can control” is a message that I have heard repeatedly since the emergence of Covid-19. As architects, there are plenty of parts of society that we have absolutely no ability to control.

Covid-19. With the sudden onset of remote working, new challenges have emerged. Our role as Architects has been to build tools and systems to overcome each of these challenges and ensure that our clients experience business continuity. This has been developed into an end-to-end remote service that can be broken up into 4 stages.

However, if you are a developer then you are going to want to read this article, because all of the focus of our business has been on ensuring that you can continue to do deals, employ people, and deliver housing stock to the market.

The challenges of acquiring a site, gaining planning, building it out, and then selling it were many and varied before

Get your free site capacity study and planning appraisal before you buy Ackroyd Lowrie have developed an online capacity study tool that allows developers to run the numbers before putting in an offer on a site. (See right image). Check it out here: https://www.ackroydlowrie.com/free-sitecapacity-study.

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LEFT: Result of free Capacity study for 200 unit scheme in Barking

You can upload information about a site, and we will email you back a 3D capacity study along with a brief planning note and some recommendations about how to maximise the value of the site if you were to purchase it. This all happens remotely and automatically, and ensures that you only offer on sites where there is a strong planning gain.

Get a free VR Headset for you and the Planners so we get the best planning result Ackroyd Lowrie have always used Virtual Reality to explain our proposals to planners and stakeholders. By allowing planners to ‘walk round’ our proposal in a first person perspective, it allows us to gain additional height on our developments and results in higher GDVs. Now that we are not able to meet planners for Pre-applications, we are instead sending out free VR headsets to planners which can be connected to wi-fi, with our proposed 3D model loaded up. We have VR headsets in the homes of our staff, so they can ‘meet’ the planners in the proposed model and speak to them via the built-in mic.

We have actually noticed that since planners are working from home, cases are being addressed quicker, and planners are

engaging in the design process via zoom, MS Teams and Skype. We are able to share our 3D models via screenshare and explain our proposals just as effectively as ever.

Planning is now all virtual - do it right As well as engaging with planners, it is crucial that for a Major application, public consultations are done. The pre-Covid way to do this was in a public space with 2D boards printed out – that was often largely ➳

BELOW: Virtual pre-apps are easy with zoom screen share

Issue No. 3 – Qandor – 027

LEFT: Virtual public consultation on Evan’s Lambeth Apart-hotel

attended by those opposed to a development.

Ackroyd Lowrie are working with Evan Maindonald on a 150 bed apart-hotel in Lambeth, and we undertook 2 Online public consultation events attended by over 40 people who could ask the design team questions as well as leaving feedback. The event was really positive and I think it will be one of the innovations that sticks around long after the virus is no longer a threat.

Sales and marketing are more important than ever The inability to view properties during March and April this year really pushed Ackroyd Lowrie to innovate on behalf of our clients so that they could still market their properties.

We always create high quality CGIs for this purpose, as well as a brochure and microsite.

However, we have found that CGI videos attract more attention and have developed a computer game interface so people can explore properties in the first person.

We have also developed a VR solution for the sales process. We can post out Google Cardboard headsets that turn your phone into a VR headset. In challenging times, it’s important to have a competitive edge, and the tools and processes that we have developed will allow you as a developer to have an edge on the planning, delivery and sales of your project. Q.

BELOW: Meeting the Architect in the virtual space we have designed using VR headsets

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We can help your employee’s

financial well-being In these unprecedented times it’s more important now than ever to be looking after your employees financial well-being.

Here at MAB we are able to help.

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A LOOK INSIDE THE REMARKABLE OCEANIC HOUSE. - BY GARY HERSHAM

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PROPERTY OF THE MONTH

GARY HERSHAM Founder Beauchamp Estates www.beauchamp.com

The magnificent Grade II listed Oceanic House at 1 Cockspur Street,

by Trafalgar Square, originally the London headquarters and ticket office of the famous White Star Line, has been transformed and converted into one of London’s most iconic luxury apartment addresses.

The former headquarters building for the glamorous Titanic and Olympic ocean liners has been sensitively redeveloped to provide six luxurious lateral apartments and one twostorey penthouse for private sale. The beautiful apartments benefit from large spacious rooms, good ceiling heights and range from 1,679 sqft (156 sqm) to 5,447 sqft (506 sqm) in size. Each are bespoke designed with a specification and features specially created to echo the luxury associated with the turn-of-the-century age of transatlantic ocean travel.

Inside, the grand interior has been remodeled to provide two three-bedroom apartments, four two-bedroom apartments, 032 – Qandor – Issue No. 3

and a four bedroom duplex penthouse, extending across the two top floors; each apartment accessed by a lift from the entrance hall. With 24 hour security, underfloor heating, spacious reception rooms and ensuites to every bedroom, the new apartments in Oceanic House combine its rich historical association with the most desirable of modern features, bespoke design and luxurious finishes and fittings.

Gary Hersham, Partner at Beauchamp Estates said: “The apartments at Oceanic House represent a unique, once-in-a-lifetime, opportunity to purchase a piece of iconic British history and acquire a luxurious home in the former headquarters of the famous White Star Line in the heart of London’s West End.“ Prices at Oceanic House start from £5m for a two-bedroom apartment. For further information, visit: www.beauchamp.com, where you can take virtual tours of all their properties.

Issue No. 3 – Qandor – 033

034 – Qandor – Issue No. 3

Did you know?

The ground floor of Oceanic House served as the booking office for wealthy first class and other passengers, with the basement providing luggage rooms where trunks could be stored and transferred to passenger’s cabins ready for their arrival on-board. It was from Oceanic House that the Countess of Rothes, Sir Cosmo Duff-Gordon and Lucy, Lady Duff-Gordon purchased their First Class tickets to travel on the Titanic. The first floor rooms were for the White Star Line board of directors where they met bankers, clients, journalists and suppliers.

The upper floors served as administrative offices.

After news of Titanic’s fate reached shore the most iconic image associated with the disaster was snapped outside Oceanic House.

Taken on 16 April 1912, it shows 16 year old newsboy Ned Parfett clutching an Evening News poster about the great loss of life. Q.

Issue No. 3 – Qandor – 035

PROPERTY DEVELOPMENT

THE BACKING BEHIND HAYWOOD HOMES. ANTONY SENNY Investor & Property Developer

When he purchased a greengrocer’s shop and flat in South West London over thirty-five years ago, and with little money, Antony Senny never envisaged that decades later he would be looking back on a highly successful career spanning merchant banking, property developm ent , mana gem ent and angel investment, as well as interests in a property radio station and several other companies!

Today, Antony is more active than ever, seeking out opportunities in a diverse array of companies in the property and construction sector, and reveals more on his journey as the backing behind Haywood Homes – a 036 – Qandor – Issue No. 3

housebuilding company producing highquality, good value homes across Wales and the West Midlands.

Antony started out his career with a French merchant bank before transferring into commercial banking where he specialised in lending commercial mortgages to UK businesses with UCB Bank Plc (part of BNP Paribas). During this time, he continued building up his portfolio of residential and commercial investment properties mainly in London.

In 2000, Antony took the decision to leave his career in banking to focus solely on growing his property portfolio and founded Wimbledon Property Group; a business that owns, develops, manages and lets both residential and commercial properties in

London, focussing in South West London – an area he knows well.

It was through a personal friend in property that Antony first came across Haywood Homes, founded by Mike Haywood and Tony Scutt in the late 1990s. Following the financial crisis in 2007/2008, Haywood Homes’ principle bank, NatWest, withdrew from the market, leaving the company with £10m of debt and four sites under construction. Haywood Homes completed all of their sites and repatriated the debt in full and has successfully gone on to build homes, with typical developments ranging from 20 to 70 units.

“In 2012, I travelled down to Wales to meet Mike Haywood and Tony Scutt at our first site in Cross Hands, Llanelli, Carmarthenshire, which was just a piece of land at the time. We all got on very well and decided to work together to help build a specialist boutique house builder, so I bought part of the company. Although I had been investing in property and building my portfolio for 26 years by this point, I wanted to diversify and get experience in building new homes - and this was a perfect opportunity!”

But like all journeys to success, there were more than a few hurdles along the way. Before Antony had got involved, Haywood Homes had been battling to get planning permission for the site in Cross Hands which was rather unexpectedly home to Devil’s-bit Scabious; a flowering plant which attracts a rare, protected species of butterfly. This delayed planning permission for five years which was won on appeal and set a precedent that any houses built within such designated areas must offset perceived harm with a tax of £1,000 - this has

now become a European Policy.

Antony and Haywood Homes went on to build and sell 37 houses at Cross Hands in a beautiful, private cul-de-sac setting.

Despite competition from Persimmon Homes, who had a site nearby, Haywood Homes’ development stood out for its superior quality and attracted more attention from purchasers.

Antony and Haywood Homes have since completed a number of sites.

Today, Haywood Homes has a loyal and committed team and a reputation for innovative design, quality construction and attention to detail. Their developments combine the durability of traditionally built homes with the convenience and style of modern living, as well as provide homeowners with options to customise the internal finishes.

Over the years Haywood Homes has built some 450 homes to date. They are proud to set themselves apart by the high level of customer service and attention to detail they offer, guiding homeowners every step of ➳

Above: Antony Senny and Haywood Homes’ first site in Cross Hands, 2012 – a development of 37 houses

Issue No. 3 – Qandor – 037

Haywood Homes’ development Llys Tirnant – CGIs of completed development expected December 2020

the way, from reserving a property to moving in.

With Antony Senny’s invaluable knowledge and backing, Haywood Homes’ latest development - Llys Tirnant - is currently under construction in the heart of Carmarthenshire; an exceptional development of 17 detached, energy efficient homes overlooking the picturesque Betws Mountain. The development combines an idyllic village environment with easy access to the M4 and towns and cities across South Wales, as well as being within close reach of the nearest beach at Llanelli; a perfect spot for young couples, working families, or retirees!

The company’s ethos and maxim are to challenge the team to review every house type and continue to improve green credentials and desirability. This

038 – Qandor – Issue No. 3

current development is one of the first to install automatic sprinkler systems to provide security and additional safety for residents. Subtle differences in house type allow customers to enjoy the benefit of a more customized home, adding to the pride of owning a well built, high spec Haywood Home which importantly retains its value.

With Llys Tirnant well underway, Haywood Homes continues to expand and has two new developments in the pipeline, currently awaiting planning; a beautiful collection of approximately 30 stylish three and four bedroomed homes, nestled in the village of Llangennech, Wales, and 14 stunning three and four bedroomed detached properties in Wightwick, in the West Midlands.

With challenging times forced on all businesses, it helps to have an experienced pair of hands backing you, and Haywood Homes is a case in point. Antony Senny has brought his foresight and knowledge to help accelerate the company as they take on a greater number

of housebuilding projects.

As well as his work with Haywood Homes, Antony has always been open minded and on the lookout for new tools and services disrupting the market. He currently owns a number of additional interests including a radio station broadcasting to the property trades in London and Manchester, a property data resource platform for property professionals, a crowdfunding platform, and has worked with other developers to privately fund their developments. Antony is also a platinum member of Qandor and has instructed various disciplines within the group to work on his projects and pool resources to fund other developments and collaborate.

Antony’s career to date has provided him with a wealth of valuable insight, and Haywood Homes is an example of what can be gained when an ambitious, open-minded venture capitalist is willing to take a risk, invest money, time and skills into a business and help steer its strategy, direction and execution. Q. Issue No. 3 – Qandor – 039

PROJECT MANAGEMENT

FOUR REASONS WHY YOU NEED A PROJECT MANAGER. Martin Brooks Project manager Martin Brooks Associates www.martinbrooksassociates.co.uk

It is important that developers and clients see Project Management as an essential part of the business, not an overhead. It could not be more important in an industry which is forever changing to spend money where it is needed - on Project Management.

Project Management is the silent assassin of the building industry; done right it will relieve all parties of unrequired stress, deliver value and provide assurance. If your project is not set up correctly and the client fully understands the risk, you are heading towards an unmitigated disaster.

040 – Qandor – Issue No. 3

Remember: the amount spent on lawyers in the Construction Industry is increasing by 7% a year.

1. Client Understanding the clients requirements and making sure that they fully understand the process and financial commitment are the most difficult and important starting blocks. The Project Manager must build the framework for the project from the start.

The above items are crucial to getting any development project ready.

Setting up a team and getting them ready for success: without this essential preparation, teams will keep working without progressing, while time and funds are dwindling. Time is money.

2. Communication is Key One point of contact, one lead! Instant reduction of Chinese whispers, confusion and chaos is dissolved with a project manager; clarity is enabled with efficiency and direction. A Project Manager is not a support role, it is a leadership role. Sitting at the right hand of the client.

3. Project assurance and execution is Insurance A successful project manager will provide assurance that there will be appropriate organisation and management of the project in line with the client’s goals. The

programming and financial budgeting will be realistic and no doubt at first not what the client wants to hear! Reducing risks and increasing cost certainty, preventing unpredictable and chaotic situations arising is key.

4. Time is Money Having Coordination of tasks, task definition, allocation of duties, timings and delay prevention. If these items are managed methodically by the project manager, we are led back to the phrase “time is money.”

Project management will be gaining value to your project.

The above benefits can be further enhanced by early engagement of a project manager in the pre-construction feasibility and planning stages to enhance the time and cost savings. Q. Issue No. 3 – Qandor – 041

TECHNOLOGY

SMART HOME ROI 101.

LUKE CRUTCHER Director Living Home Technology www.livinghometech.co.uk

We’ve put together some easy pointers to help developers improve their ROI when it comes to including Smart Home technology in their specification.

Get it wrong and you’ve just loaded a house with kit end users will seldom use; get it right and it can help your property sell faster and for more money: win-win!

Living Home Technology has been involved in the high-end residential market since 2005. During that time, we’ve learnt a thing or two. Here’s our quick fire guide to getting it right.

Pick your market and act accordingly Are you developing to sell for £1m or £10m

042 – Qandor – Issue No. 3

(or yourself)? It may sound like common sense, but if it’s the former, you wouldn’t expect a 20-seater home cinema in the basement, so please don’t try and make it fit.

It’s said that headlines sell newspapers: this is true of property too Whilst we can’t move your next project to that perfect street or postcode, we can help make sure you have some key headline ‘features’ that will appeal to your chosen market (see first point).

Make it easy Even in 2020, you would be surprised by the number of customers that have little or no experience with smart home technology and this goes for your potential buyers as well.

So don’t opt for uber complex systems that

would scare even the most tech savvy among us. Keep It Simple!

installation that will likely miss out most of the above points as well.

Ask ‘why?’ (often) When looking at what you would like to add to your development, the first, middle and last question you should ask yourself is ‘why?’

If the ‘smart tech’ adds value to the property, it will also likely simplify or improve some element of the end user’s life. If you can’t answer the why, it probably doesn’t belong.

Case study: Communal Tech for all to use Living Home Technology was appointed along with the Design team on a luxury project in Kensington. We set about carefully designing the Lighting Controls for the communal areas. The Lighting Control system is easily operated from the Concierge desk on the ground floor, where they can control over 200 circuits across 10 floors and 80 apartments, easily selecting custom scenes, welcoming their guests at ease.

We have also linked the system to the main Fire Alarm: in the event of a fire, all of the exit routes will be illuminated. ➳

Get a design A design gives you fixed pricing. A design gives you a start, middle and most importantly an end to your project. Without a design, you’ll be flying by the seat of your pants, all the way to a more expensive

Issue No. 3 – Qandor – 043

This system had to be robust and easy to use, with many of the clients being on short stays.

They needed to be able to use these systems without the need of constant technical backup.

The Smart Home experience is continued into the luxury penthouse apartments, where guests can easily set their mood scenes at the touch of a single button. Hit ‘Welcome’ and the lights will slowly ramp up to the set level, lighting the way to the kitchen and open plan living space. Linked to the multi-room audio/ visual system, they can enjoy their favourite box set, movie or playlist with intuitive controls. Then when they want to retire for the evening, they can press the ‘Goodnight’ scene, with everything turning off apart from the Master suite.

These are premium apartments: they had to have the best technologies to compliment the experience from start to finish. Q.

044 – Qandor – Issue No. 3

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TECHNOLOGY

DISRUPTIVE TECHNOLOGY TO REINVENT CONSTRUCTION. Jan Tore Grindheim Founder, Co-Owner and CEO Fonn Construction www.fonn.io

The construction industry employs about 7% of the world’s workingage population and is one of the world economy’s largest sectors, with £10 trillion spent on construction-related goods and services every year. But the industry has an intractable productivity problem. Especially in these challenging times, with Covid-19 affecting the entire industry, coming out of the crisis more eff icient, trimmed and future-ready should be crucial for all companies.

Almost all construction projects are subject to changes and, according to studies, more 046 – Qandor – Issue No. 3

than one third of all construction projects are subject to major changes. Almost all them will have a negative effect on productivity, efficiency and quality.

Over 14 hours per week (35%) of a construction professional’s time is spent on non-productive activities including looking for project information, conflict resolution and dealing with mistakes and rework.

The high thresholds of obtaining the latest information and communicating directly with the relevant contributors in an effective way is a key factor and must be addressed at the right organizational level.

Lagging construction productivity as a whole has a huge impact on the global economy, with trillions lost every year on variations, material costs and unnecessary

expenses. In recent years, productivity has become the centre of attention. Increasing productivity through digitisation and the use of tools like BIM, digital RFIs, submittals, and document sharing have been key for parts of the industry. However, most systems are made for the tech savvy, focused internally, built for one company only, and are database driven – in other words, complex and expensive systems for office use.

Fonn Construction Jan Tore Grindheim developed Fonn Construction after experiencing firsthand the miscommunication, lack of documentation and inefficiency when building his own house. The management of his project was based on long lines of communications, turning into a game of “Chinese whispers.” The correct information never reached the right subcontractor, and several mistakes took place, delaying the project and taking a big chunk out of the contractor’s bottom line. Construction should not be a “necessary evil.” There is money to be made, and money to be saved, with better projects.

Jan Tore created Fonn and decided to reinvent construction, moving from chaos to control. With the help of close friends and family - his brother happens to be the Chairman of Lean Construction Norway and his close friend has a PhD in Information Technology and User Experience -, they developed a simple version of Fonn and started to collect user data and input for further development. After each improvement, they went back to the users for further feedback and input, always

keeping the site worker first and foremost when developing. “What does the site worker actually need to get his job right?” is the question they asked and found the answer for.

Fonn Construction, a collaboration hub for construction projects, was launched commercially in 2018. Tearing down the technology barriers, users required no onboarding, with a native intuitive application. A web app for the office and a mobile app for the field (iOs and Android); big buttons for big thumbs, and extensive use of pictures and images, with the option to annotate directly on the images; always up to date information, always the latest drawing at their fingertips and a central view of all participants in a project with the option to communicate with them directly; the “callcenter” function was taken away, enabling the project manager to actually manage projects.

This unique approach to developing systems for construction got immediate response from the market. Only one and a half years after the commercial release of Fonn Construction, more than 50% of major home builders in Norway had signed up and had started using Fonn. SubContractors started using the system for their refurbishments and small projects and larger commercial contractors embraced the userfriendly tool on their sites. ➳ Issue No. 3 – Qandor – 047

“We have to adapt to new ways of working and to make that happen, we need to implement digital tools that are designed for the site workers with inclusive usability.”

All contributors are important It is important to get all information on-site, in the hands of the worker. Sub-contractors also need up-to-date information to be able to get their job right the first time and to increase their productivity. That is why we built our pricing model without any form of user license or restrictions in data storage.

Once the project manager or project owner invests in Fonn, there is no limitations on the number of users you can invite into the project. Everything is role based, so you can invite external parties as well, even the end user/client. Including all participants on the same platform will increase project quality and efficiency, enabling all workers to get the job right. The fear of “an extra cost” should not be the reason why your project is a bad one.

048 – Qandor – Issue No. 3

Future-ready or dinosaur Today, most information goes through emails, phone calls and other personalized tools.

This way of working gives you no liability protection and is not subject to transparent collaboration. The industry has only had an increase in efficiency of 1% globally for the last 20 years: That is significantly low. There are plenty of excuses, but you might argue the same for other industries. Government regulations, increased safety requirements, foreign labour, etc.

McKinsey has identified some major areas for improvement to increase the efficiency for the construction industry and at Fonn we have targeted three of them head on: Technology, collaboration and on-site execution. Of course, new technology is only a tool, it’s not a solution by itself. People using technology is key, and with that comes change management.

Change management is a subject on its own and we will not elaborate too much on it, but what we have seen and what has been key to our success so far is the user friendliness.

To make new technology work, it needs to work fast with the actual user. They need to quickly see and understand how and why the technology can bring value (quality or efficiency) to day-to-day tasks.

Traditional systems are created for the buyers, which are often the office workers, the administration. These tools are designed to make information available in the office and for extracting the right KPIs (key performance indicators). We focused on the user first and foremost: the site worker. Give him the right tool to get his job right and the right KPIs will come

as a result. Not the other way around. Fonn Construction is all about inclusive usability and involving all participants in the project, from the apprentice electrician to the general contractor and even the end-user, enabling everyone to get the job right.

What is the future of Construction?

Construction will be digitised sooner rather than later. Better technology improves mobile infrastructure and an increasingly growing level of technology skill will help drive “the revolution.” New tools must support better working methods and be future proof.

The need for tools to make collaboration digital and being able to work on the same information live, without being in the same room, is now increasingly important. We

have to adapt to new ways of working and to make that happen, we need to implement digital tools that are designed for the site workers with inclusive usability.

At Fonn, we cheer on all companies that are trying to work smarter with technology and we love to collaborate with other suppliers of digital solutions that support the ongoing change in the industry.

Any major crisis is a massive challenge for any industry, but all crisis can be a catalyst for innovation and an opportunity to change the way we work and do things. Q.

049 – Qandor – Issue No. 3

ENERGY

DEVELOPERS MUST TAKE THE LEAD TO BUILD THE NEXT GENERATION OF SUSTAINABLE HOUSING. DOUG JOHNSON Founder and Director Mesh Energy www.mesh-energy.com

There has never been more pressure on the construction industry to provide more housing for our growing population, while at the same time preserving the natural beauty of our countryside. The tide of public opinion is now also turning on sustainability, and the government and public alike are demanding for sustainably built, low-impact eco-homes to be prioritised.

Despite genuine enthusiasm about sustainable building amongst many developers, there is often a huge knowledge gap about how low050 – Qandor – Issue No. 3

impact eco-homes can actually be developed.

In my work as a low-energy consultant, I often come across construction industry

veterans who desperately want to be able to build ‘greenly’ but don’t have the first idea about where to start.

So, I have made a list of some of the key ‘do’s’ and ‘don’ts’ for developers who are looking to lead the way in sustainable development.

Do: Consult the experts early No one is expecting developers to become experts on low-energy building overnight.

However, this isn’t an excuse to continue with the building practices of the past. Low-energy experts need to be included in discussions about new developments from the beginning, in order to ensure that they not only deliver on sustainability goals, but also save money along the way.

There are also architects out there who have experience building sustainable ecohomes, and wherever possible their expertise should be utilised. Building an experienced team is the first step towards achieving a successful eco-build. Using the wrong team can triple the cost of aspects of low-energy design and construction and could set the sustainable building agenda back years!

These goals for achieving outstanding energy efficiency on new developments also need to be clearly laid out at the planning and design stage, to maximise the potential returns.

Do: Prioritise sustainable design One of the most important things to remember is that the greatest opportunity to reduce energy is through building location, ori¬entation and form, using the power of physics in the natural environment, and through fabric element design. The end user’s usage of the building only has a marginal effect on energy usage once the fabric and key technologies for the home have been implemented, so the design process is key.

Too often, developers and construction industry stakeholders have only focused on the sustainability of a building towards the end of the project, and so have often had to rely on less effective solutions. ➳

Don’t: Just aim to meet Building Regulations Too often with new-build developments, meeting the minimum Building Regulations is seen as a success. This mindset needs to change if we are going to successfully build a new generation of eco-homes.

Developers have a loud voice within the industry and need to lead the way in demanding that projects not only meet the minimum requirements but exceed them.

Issue No. 3 – Qandor – 051

Sustainability can’t be an add-on only thought about at the end of a project, it needs to be an integral part of the development.

Don’t: Assume that sustainable buildings have to cost more Poorly executed low-energy building projects have led many within the construction industry to assume that sustainable construction is more expensive, but this doesn’t have to be the case. In low-energy home construction, experience counts for a lot and learning from others can prove invaluable in saving a project’s precious budget.

Expertly designed low-energy buildings can ensure that extra capital expenditure is offset through substantial running-cost sav¬ings and unlocking valuable government subsidies. When properly planned and specified, low-energy building can deliver outstanding costbenefits.

Do: Consider placement and transport links The overall carbon footprint of a development can be massively impacted by how its occupants can travel to and from it.

In the past, far too many new developments were built on the outskirts of towns with no thought given to public transport links, or amenities within walking distance. This has led to new developments being totally dominated by the car and locked into a state of car-dependency for the foreseeable future.

052 – Qandor – Issue No. 3

The current generation of homebuyers is more environmentally aware than ever before, and developers need to give them the opportunities to live a more lowimpact life. Liaising with local authorities on transport links, as well as future-proofing developments for electric cars, are great first steps.

The suggestions above are only the start, but they offer new ways for developers to start thinking about sustainable design for their projects. There is so much government and public support for this new way of building, and so a huge opportunity for progressive developers to take the first steps and show that they are leading the way. Q.

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DEVELOPMENT FINANCE

WHAT TO PREPARE FOR: THE NEW NORM IN DEVELOPMENT FINANCE. Paul Oberschneider Co-Founder and CEO Hilltop Credit Partners www.hilltopcreditpartners.com

Adjusting to Microsoft Teams and Zoom calls as the new norm in communicating for a while longer, real estate developers that require funding are also going to need to adjust to the reality of what that funding will look like in the months ahead.

Even in the best of times, getting projects funded is not easy and, with estimated declines in GDP, potential supply chain disruptions, higher labour costs and uncertain GDVs, I suspect funding metrics will be (or should be) vastly different for a while. How we manage our expectations as we transition over the next 12 months, both as funders and as developers, will make a 054 – Qandor – Issue No. 3

huge difference for successful outcomes.

As a funder, this means developers must up their game in being prepared when providing project information: 1. Project metrics will change What may have seemed like a marginally good deal last year is probably going to be underwater. With adjustments to costs and GDVs, project profit-on-cost returns will be marginalised. The good news is most projects won’t deliver for two years or more, so there is some headroom... but be prepared to underwrite lower, more conservative numbers.

2. Creating the right pack Presentation is everything. It shows you’ve

taken the time to think the project through from start to finish. A lot of presentations I’ve seen come in bits and pieces, which is time-consuming for a funder to pull together.

It’s much better if developers provide a funding request which contains not only a project appraisal, but sales comps, rental comps, background and track record on the sponsor and team, information on the contractor, local affordability figures on the target market, and all information related to planning and connected issues.

3. CDD files In today’s environment Customer Due Diligence is increasingly important.

Source of wealth, source of funds, sponsor backgrounds, and any other third-party shareholders backgrounds are key. Again,

this information often comes in dribs and drabs - to fast track a project having this ready will help.

Having everything prepared or to hand upfront will ensure your projects are considered at the top of the deal flow pile for any lender. Of course, the project must be realistic, but by providing all this upfront as a package puts any developer at the head of the line.

The bottom line is that funding is still there for good projects and sponsors, but the bar will be higher than it was just 3 months ago. Doing your homework before approaching a funding partner and presenting your information in a clear and concise manner will maximize your chances of success. Q.

Issue No. 3 – Qandor – 055

INVESTMENT

IS NOW THE TIME TO INVEST IN PROPERTY? RECHEL GEDDES Business Principal & Mortgage Advisor www.mortgageadvicebureau.com

Rachel Geddes is Business Prinscipal and a Mortgage Adviser at Mortgage Advice Bureau on Lombard Street in the heart of London. In this article, she shares her insights into the current housing market, asking the key question of whether now is the right time to invest in UK property.

With Brexit and the 2019 General Election firmly behind us, since we entered this new decade, we have seen a positive change in the housing market. The number of “house hunters” surged by 22% in January 2020; this is the highest figures seen since September 2019.

056 – Qandor – Issue No. 3

So why have we seen this surge?

Owner occupiers who have sat looking at the wider economic market and political uncertainty for many years now have the confidence to move forward with their plans as well as not wanting to delay a purchase to make their move.

The information provided from the HMRC UK Property Transactions data shows that volumes of completed deals are the indicators of a healthy market. The provisional seasonally adjusted estimate shows that residential transactions were up 5.2% in January 2020 compared to January 2019 and non-residential transactions were up by 10.7% compared to January 2019.

These are strong indicators of the current market as most of these deals will have been

put together originally in the final quarter of 2019 for completion in 2020.

Factoring this into the assumption – as well as the fact that the majority of the transactions completed (102,810 residential compared to 11,170 non-residential transactions) so far in January 2020 were own occupier, we saw a 22% surge in house hunters. The market is in a healthy state.

This is also backed up by figures recently released in the Rightmove House Price Index suggesting that the property market is seeing an earlier than usual ‘Spring Bounce’. Perhaps the two key statistics in this report are that compared to this time last year, the national average asking price is up 2.8% whilst the number of new sellers coming to market is up by 2.1% this month compared to the ➳

Issue No. 3 – Qandor – 057

same period last year, which is the first yearon-year rise for 13 months.

Although we must be careful not to get carried away with residential house price statistics, as they should be looked at holistically, the Rightmove data coupled with the actual number of residential property transactions reported by the HMRC do indicate that sellers are starting to become more confident. Normally where there is demand, house prices increase. That sentiment is being supported by the latest round of figures reported across the industry from the likes of Rightmove, Nationwide and Halifax.

Commentators across the industry also expect this trend to continue through the second quarter of the year with investor buyers also starting to increase in and around the city of London. With the increased confidence around the market, this is also encouraging Buy-to-Let investors to re058 – Qandor – Issue No. 3

consider their options and no longer hold off on decisions which they might previously have done due to the uncertain political landscape. With more demand comes the opportunity to increase rental income for investor buyers, and some experts are suggesting now is a good time to make a move.

What next?

With the spring budget also fast approaching (11 March 2020), I hope that the housing market will be prioritised by the new chancellor to capitalise on the current market conditions. Regarding Brexit, the deadline to extend the UK’s transition period for leaving the EU will expire on the 30th June 2020. Seemingly, if the government brings even more clarity and certainty, it is hoped by many in the industry that this will continue to have a positive impact on buyer and seller confidence. Q.

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CROWDFUNDING

THE LIFECYCLE OF A PEER-2-PEER DEVELOPMENT FACILITY. PAUL WATSON Head of Origination Blend Network www.blendnetwork.com

The simplest way to fund a development project is to use cash, structured as equity or as a loan from shareholders. Typically, the property will be held in a special purpose vehicle (SPV) and any new money coming f rom the developer will be injected as share capital or as a loan. As there is a tax deduction for interest in companies, but not for returns on share capital, debt is attractive.

Debt can be called a range of names (e.g. senior debt, mezzanine debt, etc) but it essentially means that a loan will be secured 060 – Qandor – Issue No. 3

by a charge against an asset. The effect of using debt is that the developer increases its return on successful projects but risks proportionally more equity on unsuccessful projects. In addition, the application of debt to a project allows the developer to scale up in size of projects they undertake.

Senior debt can come from Banks, Alternative Finance Lenders or Peer-2Peer (P2P) Lenders and it ranks on a first charge basis – i.e. the senior lender gets paid their return first. One of the main benefits of borrowing from a P2P lender is that the funding line is not unique; there are usually multiple investors ‘buying’ into projects and the borrower is therefore less dependent on

a unique capital line which reduces the risk of capital falling away.

Any prudent and professional senior debt lender would have a clear process for making a loan application and then managing that enquiry all the way through to completion. The initial enquiry is managed through their Origination Team who are the dealmakers that interact directly with the marketplace.

Their role is to maximise the amount of loan enquiries and to provide as strong a reflection of their appetite for lending as possible. Internally, the Origination Team needs to have a strong communication line to the Underwriting Team to ensure that the lender stands behind any terms issued – in a P2P lender, these two teams are usually one and the same. In addition, these ‘front end’ teams are intertwined with the Credit Team, who are engaged early on to reduce the risk of any nasty surprises for the Borrower later in the process.

Development deals are complex, and

the more information provided on initial enquiry, the easier it will be for Originators to issue accurate terms. Typically, a lender would expect to see a summary of the full project and their track record: a site address, development appraisal, copy of the planning consent, and developer track record as a minimum before being able to reliably issue funding terms.

Once issued, there may be a period of negotiation before terms are finalised. Once there is agreement, the deal will move to the underwriting stage which will include a valuation, monitoring surveyor report, and legal documentation. The valuation and monitoring surveyor reports are an essential part of this process and will ultimately be used by the lender to finalise the level of gearing and pricing of the loan.

The lender will review all aspects of the deal to ensure its Credit Committee are content that the loan will ultimately be paid back – this will include a review of the numbers, the loan structure, ➳

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track record, the build procurement method and the liquidity of the Gross Development Value (GDV). They will immerse themselves in the detail; s106 payments, deferred payment structures, hard vs soft equity, inter-creditor deeds, impact of second charge monies on profitability and so forth.

This all takes time but is an important part of building a new relationship with a Borrower. Done positively, it will be a rewarding and reassuring element to what will become a successful relationship and will likely lead to further deals in future.

Done negatively, it can do more harm than good failing to build rapport and starting the funding relationship off on the wrong foot.

Once this process has run its course, and it does take a little time to identify and mitigate any further risks that are thrown up, then the focus is on documenting the legal elements and ensuring that the lenders’ solicitors are comfortable with the deal. Any concerns they have will have been outlined and will form part of their Report on Title.

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At times the legal process can feel onerous and protracted but if a lender’s solicitor is highlighting risk then it’s shared risk between lender and borrower and mitigation of that risk benefits both parties.

This is an important point: there may be aspects that a lender will take a view on, but debt shoulders a different risk to equity and any showstoppers or anything that can risk value should not be waived – the lenders responsibility is ultimately to protect its capital.

Throughout the course of the project, a strong communication line will ensure that any problems are dealt with quickly and professionally. This is where the best lenders, who tend to have property people originating, executing and then managing the deals until being repaid are the most pragmatic and understand the relevance of various construction technicalities and the application of the loan agreement.

Once the P2P lender has the valuation, monitoring surveyor report and has concluded the legals with a Report on Title issued by their solicitor then the Originator will draft an Information Paper which gives a summary of the overall opportunity for investors. This paper, together with additional deal information (which is subject to the transparency of the lender) is then uploaded onto the lender’s platform. That platform will give investors time to review the deal before it is released to the market for them to decide whether it is an investible opportunity for their capital or not. The better the deals, and the better the underwriting process, the more successful the projects will be and the better the reputation of that lender will become for listing good loans. Q.

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FUNDING

HOW TO MAKE SURE YOU HAVE SUFFICIENT FUNDS FOR YOUR PROJECT. GRAZINA THOMPSON Investor & partner Dapatchi Group www.dapatchi.com

One of the key things for any property developer is to make sure there are sufficient funds to see the project through to completion. With so many moving parts and things to go wrong, it is crucial that the finances are well planned and managed throughout the project. Whilst not everything can be predicted in advance and with absolute certainty, there are a number of steps that can be taken to ensure there are as few surprises as possible along the way.

The starting point is obvious but quite important. One must get a proper grasp on costs. It is often tempting to base the figures on estimates but it is essential to do as much 064 – Qandor – Issue No. 3

due diligence as possible, to make sure they are realistic and accurate. It is advisable to get proper quotes and to tender the works

where possible, in particular when it comes to larger items like build cost, planning and architectural fees.

Make sure all costs are included and are not forgotten. Some of the costs that are often omitted and overlooked are building insurance cost, lender’s solicitor’s fees, agent’s sales costs and building warranties, to name a few.

Understanding which costs will need to be paid upfront and therefore cash flowed is another imperative element. Not having the funds ready will cause delays or inability to move the project forward. Starting with the purchase, read all the lending terms carefully, so that you are aware if costs like brokerage fee, arrangement fee and any other costs are rolled to the loan or will get deducted from the amount advanced, leaving you to fund any shortfall this may create towards the payment of the purchased price for the building.

Another example is understanding what is agreed with your main contractor.

Are you obliged to pay an advance to the contractor to get the works going or will your contractor cash flow the beginning of the works and get paid subsequently? Any lender will ordinarily only pay for the works already undertaken and so it will be up to the developer and contractor to agree the cash flow position before the funds get drawn down from the loan.

Related to the point above, make sure

that apart from having the costs planned and funds agreed, you have a cash pot ready to pay for some of the costs, even though these will eventually be funded by the loan. This will ensure your project is moving forward without delays.

Have a healthy contingency. As a rule of thumb, I allocate around 10% of the build cost as my contingency fund. The key areas that this gets used on is variations to the build contract, an increase in costs associated with third parties, like utility connections, time overruns and costs associated with those.

Evaluate any new risks. Have you done this particular strategy before? Are you working with partners and parties you’ve worked with before? Are you operating in an area that you are familiar with? If the answer is no, you may want to account for additional risks that things may not go as anticipated, which may have an impact on your contingency, cash flow or timescales.

Only go for projects that have enough margin in the deal and that have a good GDV (Gross Development Value) to project costs ratio. This will give you an option to refinance the completed project, should the market change or you encounter difficulties in your planned exit. Giving yourself this option will mean there will be no need to stress about the expiry date of the loan or the threat of the funding entity stepping in to realise its funds.

To sum up, when undertaking a new project, managing the funds properly is key to any project’s success. Being realistic and working conservatively will help to ensure that property development remains an enjoyable endeavour. Q. Issue No. 3 – Qandor – 065

BUILD TO RENT

THE BUILD TO RENT SECTOR SOARS TO NEW HEIGHTS. CHRIS OATES Founder & Creative Director www.creativeoates.com

While the Build-to-Rent (BTR) sector is the fastest-growing market across the UK, the uncertainties produced by th e coronavirus outbreak have brought unprecedented challenges for the short-term, even though experts remain relatively conf ident about the sector’s long-term health. However, the speed and effectiveness of a property’s management team in their response to tenants will def ine trust and conf idence in their relationship, which will be remembered for a long time to come.

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Over the last five years, the UK BTR sector has attracted a total investment worth more than £10.6 billion, according to data collected by global real estate firm CRBE. Build-to-Rent has well and truly arrived and continues to have remarkable growth across the UK at a great pace. Heavily concentrated around London, but there are clear signs that it’s spreading across the country.

Savills reported that regional BTR investment caught up with investment in London in early 2019, with Manchester, Leeds and Birmingham proving particularly attractive to developers. This demonstrates BTR’s viability both within and outside the capital. This article explores why the build to rent sector continues to grow, explains the driving force behind the

rise and looks ahead to where it will it go in the future.

Build to Rent is in its infancy The BTR sector, despite its rapid and consistent growth, is still in the early stages of development. With relatively few bigname developers involved in the sector, there is a huge opportunity to seize.

In recent years, the opportunity for build to rent growth has only increased, especially with Britain’s housing crisis - it means young professionals are finding it almost impossible to take their first steps on the property ladder. ‘Generation rent’ are seeking rented accommodation that matches their lifestyle and Instagram posts while also feeling like home.

Build to rent is customer-centric Young professionals are crying out for a solution. Build-to-rent could be just the

fix to the problem they’re facing. In fact, new developer Quintain is seizing this opportunity with both hands with their build-to-rent brand, tipi. Quintain is the mastermind behind the London Wembley Park redevelopment.

Along with other build-to-rent developments, tipi’s Wembley Park development differentiates itself through offering a lifestyle, including an array of property experience benefits.

Benefits of BTR properties often include living rooms, workspaces and dining rooms as well as wellness amenities such as gyms, pools and yoga rooms, and entertainment options such as on-site cinemas and social areas.

Think of it as co-operative living, an extension of the co-working trend that is increasingly taking hold across the UK. Young professionals are used to work benefits which make their lives easier - ➳

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Newfoundland (centre) is one of the latest large-scale build to rent schemes in London’s Canary Wharf

BTR can offer the same simplicity and problem-solving approach to living too.

This one-stop-shop approach is what young professionals are looking for; the hassle-free solution of having every possible amenity they could want, right on their doorstep. That being said, this doesn’t just appeal exclusively to young people: tipi’s oldest resident is 72!

Heading north, the most significant development is Clipper’s Quay in Manchester, the largest BTR project outside of London, boasting 614 homes, with a host of facilities like tipi. Ascend, the lettings partner of Clipper’s Quay, have announced that both phase one and two of the development have been fully let, with phase two fetching a 25% increase in rental returns.

Moreover, BTR points the way by eliminating deposits and fees, including all utility bills and broadband in the monthly 068 – Qandor – Issue No. 3

rent. By simplifying renting, BTR offers a new alternative to a sector that is failing its tenants and is widely mistrusted.

In short, BTR can offer renters the ability to live in beautiful homes, designed to the highest spec in convenient city centre locations. In addition, developers can solve renter bug bears by ensuring the process is hassle-free. Renting can be managed by trusted companies rather than unscrupulous landlords, who charge high fees.

A number of investors are starting to take advantage of this growing sector.

At the end of last year, Morefield Group launched a BTR brand, More, with a portfolio in Manchester and Newcastle. It will be interesting to see how the mindset of developers evolves as their need to take a more customer-centric approach to developments grow. With the rising demand of BTR properties, competition is bound to

grow. As yet, there’s currently no one that has really seized the huge opportunity to become the go-to rental brand.

Opportunity to develop a brand Renters are not currently familiar with the offer and benefits available to them with BTR properties. There’s a massive opportunity for a BTR developer to create a brand which becomes the number-one brand for renters looking to enjoy lifestyle benefits and simplified renting.

Think of how other lifestyle convenience brands have cropped up in recent years, disrupting their industries and weaving themselves into the fabric of our everyday lives: Just Eat, Netflix and Uber.

When they opened for business, no one could have predicted the current ubiquity of these brands, but the success and brand recall of these names is unquestionable today.

There is unclaimed territory in the property sector for a disruptive brand. Tipi has made a splash but hasn’t quite tipped the scales of success - there’s plenty more ground to claim.

This is where the value of defining a strong brand comes in. Brands like Uber and Netflix have created a value proposition which, by understanding what customers want, has helped make their lives easier and hassle-free. Today, BTR brands need to capitalise on the opportunity to ‘stand for something’ and build a rental brand that renters love and identify with.

“By simplifying renting, BTR offers a new alternative to a sector that is failing its tenants and is widely mistrusted.”

An emerging picture – UK build to rent map Build-to-Rent is still a niche sector of the property market, but as the following stats prove, it’s growing quickly. The most recent Build-to-Rent Map produced by Savills for the British Property Federation revealed that 142,999 units are either completed or planned across the UK. 32,223 of these are completed, with a further 36,410 soon to be completed, and 74,366 which have received planning permission.

With the UK continuing to open up to the BTR sector, this trend looks set to grow in the coming years. Those in the property sector should keep a focused eye on developments in this sub-sector. Perhaps now is the time to invest in build-to-rent, before competition becomes too fierce and the market is overly saturated. Q. Issue No. 3 – Qandor – 069

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PRIME RESIDENTIAL

HOW LONDON’S PRIME PROPERTY MARKET IS RESPONDING TO CORONAVIRUS. PHILIPPA SOMERSET Director Somerset Estates www.somersetestates.com

Across the globe, we are all experiencing the effects of the rapid acceleration of the coronavirus outbreak. As a property and household management company looking after a portfolio of luxury residences, we’ve taken a look at how the prime residential property market has changed in the wake of Covid-19 and the predicted situation in the aftermath of the crisis.

In the past few months, the property world has experienced a mixed wave of trends, from the broadly flat market of ➳ Issue No. 3 – Qandor – 071

2019 to post-election increased certainty and signs of recovery to a worldwide ‘hiatus’.

Companies The country’s quarantine measures announced in March saw a rush in tenants securing high-end residential rentals as the lockdown became more stringent, and spending time at home became more important than ever before. Whilst property sales have naturally slumped, (70% according to some experts), some property firms are

“We are expecting to see supply and demand increase across prime London, with overseas buyers helping to kickstart ‘post corona’.” advising that the prime London market ‘is not dead’, as a small number of prime residential market transactions are still continuing to go ahead. This is reflected in a portfolio of luxury prime London homes, all carrying an asking price of circa £25m, which have been available and ready to view, albeit ‘virtually’, of course.

Virtual viewings are not a new idea and have been available for years. Sophisticated property technology has seen innovative advancements with 360 degree viewing, 072 – Qandor – Issue No. 3

but until now these advancements were mainly made available for overseas clients.

Virtual viewings are now available on many platforms as the industry adapts to the world of quarantining.

The relationship developed with the property agent is an absolute necessity, as viewers and potential buyers will need to trust their agent’s judgement when remote viewing is the only option. Many buyers will find this concept an unfamiliar one, but it will provide an opportunity to keep their interests alive and the cogs turning, albeit slowly.

Notably, due to travel restrictions globally, most international and UK-based buyers will naturally defer purchases (and are advised to do so where possible) until the Covid-19 freeze shows signs of thawing. In the short term, some experts are predicting that we are likely to see a surplus of properties becoming available once the lockdown is lifted, posing opportunities for buyers.

As to be expected in a global pandemic of this severity, there will be worldwide consequences brought about bya the virus.

According to news corporations and divorce spikes from China, we too could face a surge in uncoupling rates, resulting in increased stock on the market, due to quarantine measures.

Media sources in Chinese cities such as Xian and Dazhou reported startling high numbers at the beginning of April, as the Chinese emerged from isolation. Perhaps absence does make the heart grow fonder after all.

But this is unlikely to have a notable

effect on the prime residential market, which is more resilient and robust, than compared to the general market. In most cases the luxury market is the first to display recovery signals, following periods of downturn.

Some industry leaders are expecting there to be an influx of demand at the end of the year and early 2021 as the economies across the continents recover and recoup in the wake of the effects of the coronavirus. Part of this extrapolation lies in the hike of the 2% stamp duty tax in April 2021 for international homebuyers, as announced by Chancellor Rishi Sunak (All residential property purchased by international buyers will incur an additional 2% surcharge).

While long term the changes will most likely impact London’s international high-end market, it will create incentives for buyers to purchase before the new tax legislation is rolled out. We are expecting to see supply

and demand increase across prime London, with overseas buyers helping to kickstart ‘post corona’.

These are exceptional circumstances and buyers or sellers looking to enter the property market are advised to do their homework at this time, making necessary contact with agents whilst still remaining cautious. The landscape will have naturally changed but adaptation in all forms will be key to progress.

Whilst many buyers and sellers will feel ‘on hold’ until after lockdown, vendors in a position to defer until later in the year are advised to do so, or letting on a short hold tenancy agreement, which is still expected to see a competitive environment once lockdown measures are eased.

In the current environment, it’s not yet clear how we are going to bounce back but we will get through this, inevitably. It will just take time to revive and restore. Q.

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