Property Management

Published by Emerald
Online ISSN: 0263-7472
Publications
Article
Property development partnerships are increasingly being seen in the UK as a means of achieving tourism and recreational projects. This article briefly examines the nature of the relevant property development market; characteristics and attitudes of involved organisations; purposes, benefits and mechanics of partnerhsips (illustrated by two case studies); and future directions for partnerships. The issues and potential approaches identified are, to varying extents, of relevance to project implementation in developed and developing countries.
 
Article
Purpose - To review the development of the security zone concept and introduce an approach for transforming these spaces into more effective public places. Design/methodology/approach - The literature review was conducted by examining major books and journal articles in the urban planning, urban design, and landscape architecture literature (1970-2004). Findings - The review found that an effective response to security zones is to initiate a strategic planning process utilizing local knowledge and design expertise. Practical implications - Security zones have numerous negative socio-cultural and aesthetic impacts on their neighborhoods. The findings of the literature review and the new approach introduced can be a good way to strike a delicate balance between providing for necessary security and mitigating against those negative impacts. Originality/value - This paper fulfills a need in the property management community to understand and manage the openness/security dilemma.
 
Article
Presents a discussion of water policies and their influence on landuses and land values, based on empirical data collected from within aproclaimed region in South Australia. Two surveys have been carried out.First, a questionnaire was sent to all 136 licence holders in theproclaimed region, responses being obtained from 56 per cent, whichgives a good indication of how present management plans have influencedland use and land and water management and how farmers intend to reactto the new management plan. Research finds that the new management planwill achieve its objectives. Second, 60 land transactions within theproclaimed region, during the period 1986-1992, have been identified andthe purchasers interviewed. Based on this survey, the value ofirrigation water has been established using financial calculations ongross margin figures for irrigation and non-irrigation farming.
 
Article
Reviews the literature on the valuation of intangibles for hotel investments. Contrary to the sceptical outlook portrayed in the literature, demonstrates the effectiveness of ex-post models and hedonic pricing models (HPM) as an objective and robust tool in separating and measuring intangible hotel property and decomposing total asset value. Develops two HPM models using data on 50 hotel properties appraised in 1997. All hotels are owned and managed by the same hotel company and affiliated with the same brand. Some 58 per cent of the properties are freeholds and the rest are leaseholds. Estimates the hedonic price equations by regressing appraised values on physical, location and economic characteristics of the properties. Results confirm the effectiveness of HPM and in fact its relative superiority to traditional ex-ante modelling in measuring and decomposing intangible property. As expected at the outset, comparable-leases and excess-profits-based models produced similar results.
 
Article
Looks at the response of local authorities to the 1987 Town & Country Planning Use Classes Order. Reviews the response of the Department of the Environment (DoE) to planning appeals. Concludes that the DoE have upheld most appeals where local authorities have attempted to restrict the effects of the Order.
 
Article
The current interest (September 1989) in the depreciation of commercial buildings for income taxation purposes is timely for this series of papers in the Journal which is on property management and taxation.1,2 If in the 1990 Budget the Chancellor of the Exchequer adopts a more generous policy towards capital allowances for such property, the property manager may well find further scope for savings in the day-to-day management of an estate. Issues concerning both revenue and capital expenditures were dealt with in the last paper.2 In this paper the treatment of capital expenditure under the present capital allowances regime is explored together with a brief consideration of the scope for change.
 
Article
The purpose of this Briefing is to examine, at least in outline, the provisions of the Environmental Protection Act 1990, concentrating so far as possible on those of its provisions which directly affect the property manager in general practice. The Act applies to England and Wales; certain only of its provisions (suitably modified to allow for differences in the existing and proposed regulatory systems north of the border) apply to Scotland; the Act does not apply to Northern Ireland, although proposals for the introduction (or extension) of a similar system of integrated pollution control to the Province are apparently under consideration. This Briefing deals with the new statutory provisions only as they apply to England and Wales, and the law is stated as it is understood to be up to 1st April, 1991.
 
Article
Purpose: This paper aims to determine trends in office building electricity use in New Zealand. Design/methodology/approach: The research examined Property Council of New Zealand annual operating expense survey data for the period 1990-2008 and identified trends in both electricity expense and consumption per square metre. Findings: Electricity consumption was surprisingly stable over the study period and electricity expenditure per square metre decreased in real terms until very recently. There were some significant differences in the level of consumption between different quality buildings and different locations but the trends were the same. Research limitations/implications: The findings revealed major problems in the accuracy and extent of electricity use data collected. Social implications: Globally the built environment has been assessed as accounting for 40 per cent of energy consumption. While New Zealand generates most of its electricity from sustainable hydroelectric sources, there are limited opportunities to expand such generation. As a result, the NZ government has been promoting energy efficiency as a means to reduce growth in electricity demand. Efficiency policies relating to office buildings have recently been proposed, but few benchmark figures are available on which to base such policies. Originality/value: Little research of this nature has occurred in New Zealand previously and it is necessary to establish benchmarks against which improvements in the sustainability of buildings can be measured. It is also important to identify problems in data collection so that benchmarks are robust.
 
Article
This Briefing on the Planning and Compensation Act 1991 (‘the Act’) continues that published in the last issue of Property Management, which dealt with the provisions with regard to development plans and development control. This second part deals with the sections of Part 1 of the Act which create new, and modify existing, enforcement provisions in the Town and Country Planning Act 1990 (‘the principal Act’) and with Part 3 of the Act, and the associated schedules, which relate to compensation.
 
Article
Discusses the broad aims of the Leasehold Reform, Housing and Urban Development Bill 1993: collective enfranchisement, relevant premises, qualifying tenants, long lease, and leases at a low rent. Examines enfranchisement procedures and the valuation aspects relevant to the Bill. Concludes that the Bill has caused considerable concern because its complexity appears to offer little benefit to anyone.
 
Article
The Construction Design and Management Regulations (CONDAM) came into force on I January, 1994. These regulations place a statutory duty on clients in respect of health and safety for building and maintenance work. This article discusses the change in enforcement philosophy, how CONDAM will affect premises and facilities managers (the clients) and the responsibilities of each of the parties to the work. The definition of building works, to which the regulations apply, has been extended to include maintenance, repair, cleaning, painting, etc. and covers small works as well as major projects.
 
Article
Aztec West is making the term ‘industrial estate’ out of date. It is one of the largest commercial/industrial projects currently under way in Europe and Britain's first major private enterprise development aimed at the high technology growth area of the next millenium.
 
Article
Considers the change in the professional practice of landed property management, in the light of increased involvement in the field by management consultants, accountants and financial institutions. Reviews the role and importance of academic estate managers in benefiting both students and the profession as a whole. Concludes that while consultancy and further qualifications can be used for personal development, it is essential that academic institutions offer a contractual development programme if gifted managers are not to be lost.
 
Article
Do science parks and high-technology industrial estates have anything other than a semantic link with the process of technological change in industry? The paper considers this question by examining some aspects of technological change and comparing them with the initial results of a survey of British science parks and high-technology developments.
 
Article
Considers the interrelationships between manufacturing firms and their accommodation in the rented sector of the industrial property market. Discusses the implications for the industry of the growth of the rented sector, and outlines three analytical approaches to an understanding of firm-property interrelationships: industry-based analysis, behavioural analysis, and life-cycle theory. Concludes that the increasing importance of rented industrial property has highlighted the need for a better understanding of the firm-property interrelationship, three approaches to which have been outlined above.
 
Article
Traditionally in the UK, accountants and their concepts of value have held little interest for those involved with the technical aspects of property management. Indeed, property valuers and accountants have traditionally adopted differing professional approaches towards the concept of valuation, despite nominally agreed valuing practices dating back to 1974. Most particularly, notwithstanding these agreements, the accounting profession has regarded the theory of property valuation for company accounts as a monopoly of its professional domination of the creation and implementation of accounting standards. Because of the lack of a codified conceptual framework, property assets were regarded identically to other assets. Equally, property managers attended to technical, infrastructural and legal aspects of managing properties. Examined in this paper, the development process behind Financial Reporting Standard 15: Tangible Fixed Assets (FRS 15) provided a realistic and fundamental shift of attitude. Not only were the opinions of valuers actively sought over the issue, but also the final standard adopted the definitions of value created by The Royal Institution of Chartered Surveyors (RICS). Moreover, property assets now figure prominently in financial statements and so impinge directly on the net asset value and borrowing capability of the firm. Property management and modes of holding property have become central to running the business. This paper examines some of the arguments presented within the discussion process undertaken in the creation of FRS 15, highlighting the different approaches to the issue, and noting the likely negotiations to the standard to follow.
 
Article
Purpose – The purpose of this paper is to examine the issue of compliance with a voluntary professional Code of Practice. It aims to take service charge management as its subject and it also to discuss how current notions of “best practice” have evolved in order to explain the poor performance uncovered. From this it seeks to derive an alternative perspective and develop a new framework for managing agents to consider utilising in order to advance the generalised principles within the existing RICS Code of Practice, Service Charges in Commercial Property. Design/methodology/approach – The paper applies an inductive reasoning by applying best practice from other disciplines (the specific) to commercial property (hence arguing for their adoption to the general). It utilises a critical review of the secondary literature on the wider aspects of best practice and original data on commercial service charge management to devise an ideal type framework for accounting for service charge moneys. Findings – It provides an idealised conceptual framework for managing agents to consider applying to their management of the service charge process, specifically with regard to accounting issues therein. The paper is not proposing a definitive adoption of accruals accounting, but provides an analysis of the potential advantages – and problems. The intention of this work is to drive consultation for better practice, rather than provide a de facto template for adoption. Originality/value – The work relies on data previously generated by the authors, and produces an original template and example for the practitioner. The work's primary value is that it proposes an innovative approach to the occupation of the commercial service charge manager. Within this, it also offers advice to the wider profession on how to better regulate the discipline. While the proposed approach offers advantages over the existing best practice paradigm, it generates its own conceptual problems that will need to be considered by professionals.
 
Article
Purpose – The unique characteristics of property are being recognised by those who create accounting standards. The purpose of this paper it to discuss the process by which standards are created and the opportunities for the involvement of property professionals, owners and users within the standard-setting regime. In particular the paper seeks to draw attention to the shift towards International Accounting Standards. Design/methodology/approach – The paper is an explanation and discussion of the UK standard-setting regime. Findings – The paper explains the UK standard-setting regime, introducing the shift towards International Accounting Standards. Research limitations/implications – The work explains the ideologies and principles forming the theoretical foundations of the conceptual framework of UK accounting. Specific issues are not discussed, and are the subject of further work by the authors. Practical implications – It is imperative for the surveying profession and wider property owners to be involved with the creation of accounting standards in order to ensure that property issues are reflected within them. This paper establishes the basic framework to assist them to do this. Originality/value – Property professionals have traditionally tended to have been overlooked or ignored the consultation processes to establish new accounting standards. The paper establishes a platform to encourage them to become more involved.
 
Article
With facilities-oriented costs typically representing between 10 per cent and 20 per cent of organisations' total annual expenditure, the need to ensure that such business-enabling support services deliver the right performance, in terms of both affordability and, more importantly, the overall performance of the operation as a whole, is essential. The article reviews the techniques of performance measurement and benchmarking as being a fundamental way in which such objectives can be consistently delivered. Practical examples are used to illustrate ways in which facilities managers, and the directors to whom they report, can quickly and effectively attain a clear understanding of the performance which their facilities are contributing to their organisation, and how continuous improvements can be achieved.
 
Constituency of portfolio representing the real estate sector  
Article
DOI: 10.1108/02637471011017154 Purpose – The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock return. Design/methodology/approach – The paper employs the event-study methodology and multivariate regression to test factors that are hypothesized to have effects on the abnormal return. Findings – The paper indicates that on land acquisition announcement there is a significant positive price reaction. Also the market capitalization and debt-to-equity ratio of a firm is associated negatively with the level of abnormal price reaction. Practical implications – This study has identified significant positive abnormal stock return following the news of land acquisitions by developers in the context of Hong Kong. It has also documented negative correlation between abnormal stock return and two specific factors of a firm, namely, market capitalization and debt-to-equity ratio. Originality/value – This paper identifies significant positive abnormal stock return pursuant to land acquisitions by firms. Author name used in this publication: Eddie Chi-man Hui Author name used in this publication: Ann Yu
 
Article
The referral system or inter-personal network is the single most important practice development tool available for surveyors and as such it warrants very close study. Its use should be deliberate, not fortuitous or reactive. The steps to be taken by each practice are simple and represent no more than an ordered methodology which avoids the mistakes of omission and commission.
 
Article
A new property VAT regime coming into force on 1st April, 1989, is expected to have a major impact on commercial property development and management. The Government proposes to change the VAT rules relating to commercial property in the 1989 Finance Bill following a judgment in the European Court of Justice (on 21st June) that certain UK VAT rules were inconsistent with European Law. Although the broad outlines of the new rules are fairly clear much detail remains to be defined. A consultation process will be followed (in December) by draft legislation. Until then the final details of the new rules remain a matter for speculation. The VAT rules relating to residential property will remain largely unchanged. The main changes for commercial property can be summarised as follows:
 
Article
In assessing design and management criteria for sports stadia, it is assumed that the subject relates to new stadia rather than to the alteration and upgrading of existing facilities. Clearly, the numbers of variables which apply to the refurbishment of existing grounds are almost limitless, dependent on their current condition, the fabric and its suitability for adaptation. It has also been generally assumed that the principal use of the stadia would be for league football, although most of the content could equally apply to stadia used for other sports.
 
Article
Identifies and discusses the problems involved in maintaining Hong Kong's older buildings: deficiencies in existing legislation, organizational difficulties, lack of public awareness, and manpower shortages. Concludes that public education about maintenance is the best long-term solution, while in the short term rationalization of manpower and changes to legislation are needed to ease the burden to the Government.
 
Article
On 17th November, 1986, a new initiative was launched by Government to encourage the growth of repair and improvement agency services. A statement by the Department of the Environment gave the following details of this initiative.
 
Article
Purpose – This paper aims to examine the estate agency sector as a case study of an industry sector in which the internet business model has evolved from experimental dot.com towards the integrated use of the internet to enhance service delivery. Design/methodology/approach – Data are collected by visiting a range of property related sites, including property portals and the sites of individual estate agents. The focus is on UK property sites, but some comparisons are made with US sites. The services offered by property portals are discussed and used to illustrate the potential role of the internet in estate agency. Findings – Portals provide content in the form of information, advice and news, links to other businesses including individual estate agency chains, search facilities, and opportunities for registration which support personalisation of communication with customers. Individual estate agency chains generally have less developed, but adequate, web sites. The sector is described as having evolved through the three stages of experimentation, promotion, customer service, and, for the future, the final stage of optimal integration of the internet into business functions is on the horizon. Originality/value – Building on an earlier model of the strategic development of e‐business, a four‐stage model of the evolution of internet estate agency is proposed, which includes experimentation, promotion, customer service, and integration. Research and development agendas associated with this final stage, integration, are identified.
 
Article
It is now widely recognised that gradual renewal policies have failed to keep pace with the deterioration of the older housing stock. Commentators and critics are now calling for an increase in clearance and redevelopment. A policy debate is developing around a range of technical, resource, social and political issues. While it is generally agreed that a return to the slum clearance programmes of the 1960s would be unacceptable the future direction of clearance policies is unsettled. The paper considers three broad approaches to clearance which reflect divergent assumptions and political positions.
 
Article
Reviews development in air conditioning from cave dwellers to the mid 1970s in the UK. Presents an overview of common air conditioning systems, with their relative merits. Concludes that air conditioning gives increased comfort levels and efficiency. Argues that the design of systems should be user-led, rather than technology-driven.
 
Article
Purpose – This research project studies office tenants’ perceived value of green service attributes, with the focus being on facility services and management. The purpose of this paper is to gain an understanding of what kind of green attributes tenants value in their office buildings. Design/methodology/approach – The research project was conducted using a single case study methodology. A green facilities management concept was tested in a pilot building. Data were collected via a structured questionnaire based on the Kano model of attractive quality. In addition, open-ended questions were asked to further understand the tenants’ views on the matter. Findings – The findings of the research project indicate that tenants have begun to value green attributes in their office buildings. While environmental efficiency is not yet a strategic guideline for small tenants, it would increase their satisfaction with facility management and services. Practical implications – Facility management and service organisations can utilise the results of this study in their own service scopes and process development. Originality/value – This study provides insight into the value of green facilities and user services for small office tenants.
 
Extract of the Location Plan of the Estate
Article
A balcony is often perceived as a "green" provision in modern residential buildings, as it enhances energy efficiency (providing natural lighting and ventilation), mitigates traffic noise, improves the circulation of fresh air, and provides planting space. However, how the market values the benefits of balconies is seldom studied due to the difficulty in separating such benefits from other associated effects such as view enjoyment and security concerns. This paper attempts to study (i) the implicit value of a balcony, (ii) the green effects of balconies on the prices of residential properties, and (iii) the effect of security concerns on balconies situated on lower floors. A sample of transactions in a private housing estate in Hong Kong has been studied. The sample contains apartments with and without balconies. The estate provides a sufficient variation of views in different balconies, thus allowing separate identification of the effects of the provision of a balcony and the possession of a good view. A balcony is found to have a positive effect on the value of a property irrespective of the quality of the view. The negative effects of air and noise pollution on property prices are also found to be highly significant. Although security concerns are found on the low stories of a building, the provision of a balcony does not aggravate the hazard. Finally, the log-linearity assumption in the empirical price model is relaxed by applying the Box-Cox transformation to the continuous variables.
 
Article
Property managers commonly require and obtain references about the suitability of applicants for the rental of their clients' property to be considered as tenants. But is this a matter of individual preference, of sound professional practice or of legal obligation? This paper seeks to argue that it is a matter of legal obligation. This in turn raises the question of the extent of the obligation, which is also explored here. In addition, it is suggested that the leading decisions and the judicial statements therein reveal aspects of practice which are the key to the avoidance of professional negligence in this area of work. The scope of the paper is confined to residential property management, for reasons which will be explained below.
 
Article
The emergence of caravan sites in this country over the last few decades has been haphazard, usually slow but occasionally mushroom-like. The nature and purpose of the various ‘Parks’ or ‘Sites’ may have changed over time but planning constraints upon numbers, type of use and further development has led to the evolution of identifiable classifications or patterns of sites. The starting point for a survey of management aspects and the problem areas is to note the classifications and the appropriate terminology.
 
Article
Statutes and case law give those in property management a broad classification of expenditures on buildings into capital expenditure and revenue expenditure. How expenditure is dealt with in computations for tax purposes may be important in budgeting for any repairs to, maintenance or improvement of the managed estate. Generally, revenue expenditure is allowed on an annual basis, while capital expenditure may be allowed many years hence when a disposal of part of the estate to which the expenditure relates takes place. However, some capital expenditure may be allowable in an annual computation. In this paper there follows a review of how expenditure is dealt with under income taxation, capital gains taxation and capital allowances. Before looking at these three areas of the taxation system, mention is made of status and a brief review of the importance of an estate owner's objectives is given.
 
Article
With the property market having been less than buoyant in recent times, lease premiums have been few and far between. There are nevertheless some taxation aspects that should not be overlooked whenever leases are granted or assigned. The tax rules in relation to lease premiums are not as widely known as they might be. They contain surprises for the uninitiated — some pleasant, some not. This paper will consider some of the relevant issues from the property manager's perspective without specific reference to the underlying financial statutes. The relevant legislation is principally contained in the Income and Corporation Taxes Act of 1988 and the Taxation of Chargeable Gains Act of 1992. Value Added Tax, although not considered in this paper, should never be overlooked when dealing with any property transaction. VAT issues were previously considered by the author in an earlier paper in this Journal.1.
 
Article
Purpose – This paper seeks to set out a series of criteria through which the sustainability of commercial property can be assessed. It is part of a wider research project that addresses sustainability as a set of investment risks and is seeking to specify these risks and incorporate them within commercial property investment appraisals. Design/methodology/approach – The paper draws on existing literature to establish a series of sustainability criteria and then uses focus groups and interviews with industry operators to establish the relevance and potential significance of each criteria to property investment worth. Findings – The research is focused on the investment performance of commercial property. The findings in the paper are thus driven by a strong economic imperative and the criteria focus on factors within the control of the investor‐owner. The research also reflects the views of a small group of industry operators. However, it sets out a practical set of sustainability criteria, reviewed by industry experts, against which the performance of any commercial property can be assessed. Originality/value – The paper provides a set of sustainability criteria that are relevant to the performance of property as an operational asset and an investment asset. This will enable market operators to begin to address sustainability within the commercial property stock from a market‐based perspective reflecting the economic imperative that drives the industry. The focus on the investment sector differentiates the work from studies that look at sustainability more broadly as a qualitative issue.
 
Article
Introduction This paper is a summary of an extensive research project which reviewed the store location literature and surveyed the practices of UK multiple retailers' location assessors. Upon this state of the art review, the authors examined the model building theory, before developing an operational model capable of predicting turnover potential for new store locations. In this instance, the paper concentrates on the survey, while endeavouring to introduce the model building concept.
 
Article
Purpose – The global market for sustainable buildings is growing, albeit from a slow start, as awareness of the consequences of climate change begin to influence the corporate decision makers seeking new office accommodation. Research has shown that a circle of blame has prevailed in recent times resulting in few sustainable buildings being developed. The recent growth of the Green Star and NABERS rating schemes is testament to the need to establish market recognisable measures of environmentally sustainable development (ESD) against which developers, occupiers, and owners can benchmark their sustainability credentials. The developer's and owner's dilemma that has emerged from the uncertainty as to what a sustainable building is, has been one of; can I afford the added cost of ESD or, more particularly, can I afford not to build ESD? A more precise question that is being asked is how many green stars do I actually need? This paper aims to examine the growth of the rating systems in Australia and the issues facing developers, owners and valuers in establishing the viability of ESD. Design/methodology/approach – This study examines the growth of the environmentally sustainable building rating systems in Australia and the issues facing developers, owners and valuers in establishing the viability of environmentally sustainable design (ESD). It explores the occupiers'/corporate real estate perspective looking at workplace and triple bottom line performance as well as issues relating to green leases in ESD premises. Findings – Results from this study suggest that building owners and developers are seeking to develop and own buildings with ESD credentials and that there is a growing demand for these buildings from occupiers. The study shows that currently there is a focus on rating buildings at the design stage rather than as constructed, and that there is a need to develop consistent rating tools to enable valuers to evaluate buildings on a like for like basis.
 
Article
Purpose – The purpose of this paper is to describe the current climate change predictions and the likely consequences for building assets, and therefore the delivery of public services, in the face of extreme weather events. Public sector asset managers need to mitigate and prepare for future events. However, current practice, as illustrated by the literature, shows that little risk assessment is currently undertaken. Design/methodology/approach – This paper is based on a literature review of current climate data and best practice asset management. An extensive survey of public sector asset managers working at senior levels in their organisation was designed and distributed to gather data on the current levels of disaster and business continuity planning. The survey design sought to establish the level of risk assessment across the organisations and the integration of property management into the disaster planning process. Findings – This paper describes the current climate change predictions and the likely consequences for building assets in the face of extreme weather events. It reveals that a significant number of public sector authorities are not preparing integrated disaster management plans nor business continuity plans. There is a need for further research into the impact on assets and the role of the public sector real estate manager in assessing the risks and developing strategies to prepare the organisation and to mitigate the effects of natural disasters and severe weather events. Originality/value – This research highlights the potential for climate change to threaten property assets and particularly to compromise the delivery of public services in the event of extreme weather events. The paper highlights the need for integrated risk assessment and disaster planning, which incorporates enabling property assets. Public sector asset managers have a vital role to play in undertaking risk assessment and preparing disaster plans. This role is becoming increasingly important as climate change is predicted to have a significant effect on the frequency of extreme weather events and the occurrence of natural disasters.
 
Article
Discusses various aspects of asset management that seek to maintain the value of assets and performance. Examines the premises policy, planned maintenance, computer-aided facilities management, total control, and proactive asset management. Concludes that, while increasingly sophisticated planned maintenance procedures are needed, the best form of asset management is one which keeps an eye on both the overall picture and, as much as possible, the future.
 
Article
Purpose –This paper is the second of a two part series which offers new theoretical and empirical insights investigating the rates structures appropriate for exhaustible resources with a particular emphasis on urban land, based upon the differentiation of strong- and weak-form sustainability concepts constrained by the objectives of the sustainable criterion of Daly and Cobb (1994). The integration of the concepts and objectives allow the theoretical formulation of discount and capitalization rates that can be empirically tested. This empirical application employs data from 12 diverse national economies. The paper aims to discuss these issues. Design/methodology/approach – The paper integrates the concepts of discount rate development for environmental and long-term assets and discounted utility analysis to the policy concerns associated with the valuation of public and sustainable resources. The new approach empirically shows the diverse issues of competing sustainable objectives across nations. Findings – The potential and degree of strong-form or weak-form sustainability application in each nation enabled the identification as to whether alternative capital as defined by the modified Ramsey model used per nation, or the marginal rate of resource return as defined by strong form objective of a constant natural resource endowment, can identify which form of capital becomes the major constraint on the resource valuation and allocation decision appropriate within each nation. The findings showed constraints on nation resource endowments relative to population needs and the culture preferences endemic across nations. Originality/value – The findings serve as a basis for future research on the optimal levels of sustainable development appropriate for different nations, the impactions of the timing and level of capital re-switching associated with the application of strong- or weak-form sustainability and the develop of rate and risk measures that can assist in the consideration of sustainable resource as a distinct asset class.
 
Article
Most people know little about housing associations – some have never heard of them – but they are becoming important. The Government has assigned them a key role in delivering many of its promises on housing. This paper looks more closely at housing associations, at what the Government want them to do, and whether they may be up to the job. The Government has identified rented housing as the next area for reform. The new Housing Act 1988 has now come into effect, with another (the Local Government and Housing Bill 1989) hard on its heels. Together they are intended to implement the Government's Manifesto promises to revive private renting; to give a choice of landlord to council tenants, to develop housing association finance; to take over and improve the worst housing estates through the imposition of public sector Housing Action Trusts (HATs); and to reform local government housing finance. Housing associations are particularly prominent in the arrangements proposed for the transfer of housing estates out of local authority ownership and management. This is because, despite their relative obscurity, they are the only existing substantial alternative to local councils.
 
Article
Over the past decade the property manager has had to learn to adapt to many new factors affecting his everyday thinking. Computerised management, the effects of inflation, energy cost and efficiency, new technology in building services, and new thinking on rent reviews have all done much to change the job description and the thinking of the property manager. All the signs suggest that the next ten years will bring even more change and he or she should be devoting time for attitudinal and educational preparation for the traumas yet to come. With this preparation in mind, this article is directed particularly at those responsible for the strategic management of shopping centres.
 
Article
How can occupiers tell if they are receiving value for money from their buildings? Many people would agree that per haps the best way to check this is an independent review of the building stock � a premises audit. What such an audit should actually comprise will mean ‘different things to different people’, however. An architect might recommend a fundamental review of space utilisation in conjunction with an organisational modelling study, while for the accountant it would probably involve tax planning and operations management. The cost consultant would seek to analyse operating costs and comment upon maintenance issues, which the services engineer would also claim expertise in, in addi tion to carrying out an energy audit. So if a premises audit is required, who should be asked to undertake it and what should they do? The writer says that the true premises auditor will carry out the tasks mentioned above, and a good deal more besides.
 
Article
Provides some background to new proposals in the UK to introduce legislation which would give existing long leaseholders in interdependent properties the collective right to purchase the freehold interest. Sets out to examine the management structure of commonhold properties, with particular emphasis on the dynamics of collective management, in three countries where it is well established: Australia, France and the USA.
 
Article
This paper reports the results of empirical investigations that examine behavioural aspects of residential property valuations. Following the house price collapse of the late 1980s in the UK, there was considerable criticism of the valuation methods used by residential valuers. In particular for the current research, the valuation methods employed by valuers had not taken account of buyer behaviour in the valuation process, which contributed to inaccurate valuations. This research investigates both the attitudes of the consumers of residential property and the actual valuation methods used by valuers to determine whether they account for buyer behaviour accurately. The study was undertaken on a cross-national comparative basis in the UK, Ireland and Australia and pursued on a qualitative basis. Overall, the research concludes that although valuers believe that buyer behaviour is an important part of the valuation process they simply do not consider buyer preferences. In effect, valuers have reduced the valuation task to a confirmation of bid price and, because of lender pressure which occurs worldwide, valuers overlook the economic sustainability of the property asset, which has severe implications for housing markets and national economies that interact with these markets.
 
Article
Property management in local authorities and indeed in the public sector generally is a relatively new concept and, for most elected members and their officers, has only been on the agenda for the past ten years. The local authority estate is very large and in Northamptonshire – a medium-sized county with a population approaching 600,000 — the replacement value is about 580m. There is therefore a considerable challenge to make the best use of the property stock in the context of a public service with significant restraints on quick action. In 1983 the county council, in developing its approach to property management, decided to embark on a review of the property stock with the objectives of ensuring that the needs of the users were appropriately met and that surplus assets could be disposed of and the proceeds re-invested in schemes of improvement. To gain some idea of the resources required to undertake the review, a pilot exercise was undertaken in the autumn of 1983 at Daventry — a small market town 15 miles to the west of Northampton. The exercise proved useful in refining the approach to a property review but also immediately highlighted a number of local problems.
 
Article
Examines the 1980s phenomenon of public sector development being carried out in conjunction with the private sector. Discusses forthcoming legislation which will reflect this change in public sector attitudes, and considers a Department of Environment survey detailing the partnerships between local authorities and private companies.
 
Article
Perhaps the first question this title raises is why local authorities should concern themselves with property management at all, with the exception of such specialised activities as the management of council houses. Certainly the question was asked during the 1960s when relatively few authorities boasted an estates department. Although these multiplied during the 1970s it might be thought that with the current pressure to cut back on local authority services, the question was again pertinent.
 
Article
The passing of the Housing and Building Control Act 1984 amended the ‘right to buy’ provisions for many public sector tenants. This article takes a brief look at the background to this legislation and then summarises the major provisions currently on the statute book.
 
Article
Although cost-benefit analysis has been applied to such housing issues as redevelopment and rehabilitation, it has been used only somewhat intermittently and in undeveloped ways in commercial property refurbishment. But the potential for formal economic appraisal is growing, especially as some post-1960 office developments are reaching critical life-cycle depreciation and re-investment cycles. In this paper, the theory and principles of economic appraisal in redevelopment and rehabilitation/refurbishment are reviewed. Additionally, commentary and explanation are given on some of the statistical research in housing and commercial office appraisals. This includes the results from computer simulations and sensitivity tests of the important methods of appraisal and analysis. An Appendix reveals the results of computer simulations and analyses of investment and development of British markets in redevelopment and refurbishment. In essence, the paper can be received and used as setting out operational guidelines for good theory and best practice in rehabilitation/refurbishment and redevelopment.
 
Top-cited authors
Paul Cozens
  • Curtin University
Matthew Tucker
  • Liverpool John Moores University
Michael Pitt
  • University College London
Sara J. Wilkinson
  • University of Technology Sydney
Richard G. Reed
  • Reed Property Insights