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Making Property Work

Making Property Work . David Melhuish Director Scottish P roperty Federation ACES Conference Glasgow 19-20 September 2013. Contents. Introduction to SPF The property industry in Scotland Why does the property industry matter? Making Property Work?

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Making Property Work

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  1. Making Property Work David Melhuish Director Scottish Property Federation ACES Conference Glasgow 19-20 September 2013 Making Property Work - ACES 2013 (Glasgow)

  2. Contents • Introduction to SPF • The property industry in Scotland • Why does the property industry matter? • Making Property Work? • How can the property industry support social and economic policy? Making Property Work - ACES 2013 (Glasgow)

  3. The SPF • A voice for the property industry • Includes range of players within the industry • Developers • Landlords • Investors • Lenders • Owner/occupiers • Professional firms/consultants Making Property Work - ACES 2013 (Glasgow)

  4. The property industry in Scotland • Sectors: • Offices • Retail • Leisure / Alternative asset classes • Industrial • Residential • Relatively smaller investible stock • Primary/Secondary/Tertiary definitions Making Property Work - ACES 2013 (Glasgow)

  5. Why does the property industry matter? • Shapes the built environment in which we work, live and play • Can be a driver of economic development • Core source of investment returns for pension funds, including some public pension funds • Major source of public revenue • Key investor in the historic environment • Significant role in reducing carbon emissions Making Property Work - ACES 2013 (Glasgow)

  6. Making Property Work • Key policy areas • Delivering development & investment • Competitiveness • Climate change agenda • Re-using/investing in existing stock • Own or Rent? Making Property Work - ACES 2013 (Glasgow)

  7. Development & Investment • Improved confidence but changed circumstances prevail • Risk averse with little debt finance for speculative development • Different finance arena – sovereign wealth, overseas investors, institutions ‘forward funding’ • Aberdeen strong but central belt recovering Making Property Work - ACES 2013 (Glasgow)

  8. Competitiveness • High Streets and Retail/Online • Inter(national) investment – lure of the south east • Tax and Regulatory framework – getting the signals right Making Property Work - ACES 2013 (Glasgow)

  9. Climate Change • Scotland has been more ambitious than wider UK • Progress in terms of asset rating of new development • However – potential versus actual energy efficiency performance? Making Property Work - ACES 2013 (Glasgow)

  10. Re use of existing stock • Properties need to modernise and adapt • Empty properties do not return income! • Are there too many shops – does the high street need to redefine itself? • Public assets and ‘right to buy’ (CERB legislation) • Historic environment Making Property Work - ACES 2013 (Glasgow)

  11. Own or Rent? • Recent move to private renting – began before recession • But issues include poor quality offer, lack of major investment and poor reputational image • Can this change? • UK policy measures – some which relate to Scotland intended to pump prime a market Making Property Work - ACES 2013 (Glasgow)

  12. Summary • The property industry has an important role to play beyond the traditional work, live and play • There are growing policy gaps between the UK and Scotland • We must be proactive and open to investment • We must address the rates costs • Public sector is laying a leading role – this is likely to continue Making Property Work - ACES 2013 (Glasgow)

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