A Henry Stewart Briefing

An Introduction to Property Investment

Speakers
Jason Briggs, Director, Corporate Finance, BDO Stoy Hayward LLP
Nigel Dubben, Principal Lecturer and Postgraduate Course Director, School of Surveying, Kingston University, Author, Property Partnerships
Jamie Eastaugh, Partner, Head of Commercial Management, Cluttons LLP
Tony Harris, Partner – Landlord and Tenant, Rating and Telecoms, Cluttons LLP
Ben Moon, Director of Investment Consulting, Atisreal UK
Stuart Morley, Director and Head of Research, GVA Grimley Ltd
Martin Muirhead, Partner, Head of Property, Kingston Smith LLP
Tim Stovold, Tax Partner, Kingston Smith LLP
Paul Wolfenden, Director, DTZ

Programme

• Core types of investment property
- Offices
- Retail
- Industrial; factories and warehouses
• Non-core investment property
- Leisure
- Residential
- Agriculture
- Ground rents
- Parking
• How properties are valued
- All risks
- Equivalent yield method
- Term and reversion
- Discounted Cash Flow
- Net Present Value
- IRR
• Why appraisal is not the same as valuation
• Who owns the investments?
• How property is bought and sold, including the auction market
• How much does it cost to buy and sell?
• Direct v indirect investment
• Where and how tax hits
- Corporation Tax
- VAT
- Income tax and Higher Rate Tax
- Inheritance Tax
- Capital Gains Tax
- Stamp Duty
- Tax mitigation
• Who are the intermediaries in the market?
- Agents
- Lawyers
- Bankers
- Tax advisers
- Asset managers
• Management of commercial property investments; service charges
• Rent reviews and lease renewals
• Understanding:
- Covenant strength
- How lease terms affect values: FRI, FRI equivalents and non-FRI leases
- How planning considerations affect value
- The importance of rental growth and rent reviews
- Rent in many different forms, including turnover rents
- The effects and implications of the new commercial property Codes of Practice
• Borrowing on property; lending on property
• Understanding portfolio investment and spreading risk
• The world of development and its relationship with property investment
• Property cycles
• Assessing risk
• The role of cash
• Assessing investment performance
• Structuring property transactions
• Off-shore operations
• And how to recognise signs of a turn in the market, whether up or down