“Location” is undoubtedly one of the most important factors in deciding whether or not to undertake a property development; however, when considering the redevelopment of…
“Location” is undoubtedly one of the most important factors in deciding whether or not to undertake a property development; however, when considering the redevelopment of a “brownfield” site it may be only one of a number of issues which need to be considered as part of the decision‐making process. Issues such as the environmental and economic cost of reclaiming or remediating land will assume an importance which does not exist with greenfield sites. The potential for harm, both to human beings and to the wider environment, will have to be considered, especially if any contamination is to be left on the site. Many brownfield sites are small in size, requiring the assembly of a number of sites, in different ownerships, in order to have a viable development project and they may also be plagued with problems such as inadequate access and obsolete services. The availability of tax incentives, or indeed penalties, to encourage brownfield redevelopment, together the possibility of obtaining insurance cover, will need to be factored into a valuation or development appraisal. This paper considers the issues to be considered as part of the decision making process. Some issues relate specifically to the assessment of risk, such as the potential for harms to humans, buildings or the environment, but taken altogether they should form part of a risk assessment strategy to determine the viability of development projects and the value, positive or negative, of brownfield development land. The paper reports on a survey of surveyors, developers and other professionals undertaken in the second half of 1998. It concludes that, while property professionals do not undertake a formal “risk assessment” procedure, they do take account of environmental as well as financial issues when deciding whether or not to proceed with the redevelopment of brownfield land.
The valuation of properties affected by environmental impairment presents valuers with many problems, not least of which is the identification of those properties which…
The valuation of properties affected by environmental impairment presents valuers with many problems, not least of which is the identification of those properties which may be so affected. Offers a list of land use activities, together with the types of contamination which may be found. Proposes a method of valuing impaired properties, taking account of present and future costs of treatment. Discusses the question of stigma and describes a method of assessing the valuation impact. Concludes with a proposal to establish an Environmental Impairment Databank, so as to assist valuers in the preparation of valuations and the advice which they provide to clients.
UK government policy regarding the clean‐up of contaminated land favours treatments which are appropriate to the actual or proposed use of the land. This suitable‐for‐use…
UK government policy regarding the clean‐up of contaminated land favours treatments which are appropriate to the actual or proposed use of the land. This suitable‐for‐use approach predicates against the total removal of contaminated soil and in favour of in situ remedies. Any in situ treatment, whether it comprises containment of the contamination or changing its physical characteristics through chemical or biological methods, will leave behind some degree of residual risk. This risk may take many forms, for example the appropriateness or otherwise of the concentrations of materials left on treated sites, the possible failure of the treatment method and the potential for future changes in legislation. If valuers are to prepare valuations of sites, both before and after treatment, which adequately reflect the true situation and do not seek to avoid the influence of past contamination, then they need to be able to assess the risks associated with the site. In a numerically small market, and with limited information as to past contamination and treatment methods, valuers need to place considerable reliance on their professional judgements. Discusses possible guidelines which may be adopted in the treatment of affected sites for residential, industrial, commercial and leisure uses. Discusses the perceptions of valuation and development professionals through the results of questionnaire and interview surveys. Considers the “stigma” implications in respect of contaminated land values, both before and after remedial treatment, and attempts to place land contamination into context with other, everyday environmental issues. Proposesd a list of potentially contaminative industrial uses and ranks these in order of perceived hazard. Proposes a multi‐disciplinary approach with a view to the adoption of a risk assessment method for the appraisal of contaminated land.
The purpose of this research is to review the response of professionals involved in the letting and management of industrial buildings to the implementation of Part IIA of…
The purpose of this research is to review the response of professionals involved in the letting and management of industrial buildings to the implementation of Part IIA of the Environmental Protection Act, 1990 which, has imposed a regime of “strict liability”, in terms of contamination, has implications for the owners, occupiers and managers of such properties and may be affecting rental and capital values of industrial premises. This research explores the current awareness of all parties to these changes.
The study reported in this paper examines current practices in the UK and identifies areas where changes may be required, or be desirable, in order to arrive at recommendations as to “best practice”. The work was undertaken in three phases, a questionnaire survey involving leasing and managing agents, real estate owners, lawyers and bankers; a consultation stage with representative organisations including the Royal Institution of Chartered Surveyors (RICS), the Environment Agency, British Property Federation, British Bankers Association, British Insurance Association, the Law Society and the Confederation of British Industry (CBI) and interviews with a representative sample of persons from the survey. This paper reports on the questionnaire survey phase.
The research identifies considerable variation in how professionals are responding to current environmental legislation. Many seem to leave “environmental” matters to the lawyers, or to rely on standard lease terms. The paper suggests areas for improving best practice.
The research was primarily concerned with aspects of lease management rather than with valuation but it has identified the need for further research in areas such as rent determination and assignment pricing.
The research has identified areas of practice in need of review by professionals in this field from which conclusions as to “best practice” have been drawn.
The purpose of this paper is to present the current drive for 3 million new homes by 2020. The delivery of this number of homes is a challenge for the house building…
The purpose of this paper is to present the current drive for 3 million new homes by 2020. The delivery of this number of homes is a challenge for the house building industry and its associated stakeholders such as local authorities, registered social landlords (RSLs) and others. One mechanism proposed to ensure delivery is the use of modern methods of construction (MMC). There are, however, several problems with this premise including the legacy of non‐traditional housing formats employed in the past, demand side suspicion of MMC, and a lack of capacity on the supply side. The paper concentrates on the implications of MMC in the RSL sector – particularly the potential impacts of MMC on asset management (long‐term maintenance) of RSL housing stock.
A literature review and interviews with key RSL personnel are used to inform the discussion contained in this paper.
Seven overall themes emerged from the research, pointing to the main issues that need to be addressed if MMC housing is to be successfully employed in the RSL sector, while also ensuring that asset management is able to carry out its long term maintenance programmes in an effective and efficient manner.
Little previous research has been located on the subject of MMC and its specific impacts on RSL asset management operations. The research should therefore be of interest to a broad range of people, including asset managers and surveyors, developers, planners, and local, regional and national policy makers.