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Savills Development ServicesProviding a bespoke fully-integrated service from site identification through to product delivery
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Contents
01 Introduction to Savills 02
“I want to say thanks to you and to Savills for your excellent work on One Grosvenor Square. The whole team went above and beyond in understanding the needs of a client like the Government of Canada and consistently responded to our concerns with professional advice. I felt throughout that you were truly committed to us.”
Canadian High Commissioner to the United Kingdom
03 Development 06
05 Residential Capital Markets 10
06 Residential Development Sales 12
02 Overview 04
04 Planning 08
09 Recent Transactions 18-21
10 Key Contacts 22-23
Front Cover
Helix, Trafalger Way, London E14
Savills Role: Sold for £15 million for Trafalger Way
11 National Network 24
07 Residential Valuation 14
08 Mixed-use Development 16
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Established in 1855, we now have over 27,000 employees in over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East. Through our advice, our property management capabilities and the transactional services we provide, we help our clients to fulfil their real estate needs – whatever and wherever they are.
Savills UK operates across 92 offices nationally and services the full spectrum of the real estate sector through our 150 different service lines. We provide a complete range of property solutions throughout the lifecycle of any real estate asset nationwide.
A unique combination of sector knowledge and flair gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative organisation and a number of recent market awards are a testimony to our success.
01Introduction to Savills
Savills is one of the world’s largest real estate firms.
Over 150 service lines
600 offices and associates across the world
92 officesacross the UK
2013 WINNER
2014
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We were responsible for selling 30 per cent of all London residential property over £5 million and we spearheaded the sale of One Grosvenor Square for £306 million, the year’s biggest single-unit deal.We also broke £/psf new home records in Winchester, Canford Cliffs and Salcombe.
The relocation of our global headquarters in London has provided the perfect platform for dynamic cross-disciplinary working, enabling us to provide clients with the full suite of real estate services.
As ever, our clients remain the key focus of our business and we continue to implement initiatives dedicated to providing a bespoke high level of service.
Key initiatives include:
> The creation of a London Development and Regeneration team to adapt to market trends and meet impending demand in the Greater London area. Specialising in the London residential market, this team will work in partnership with clients to deliver a fully-integrated service on a case by case basis.
02Overview
£22 billionresidential development schemes advised on in 2013
> Initiating a Savills Development Database, which gathers information on over 8,000 sites with 2.1 million residential plots, means that we can provide our clients with premium level market intelligence.
> We have also responded to client needs by developing interactive digital price maps for buyers and sellers, enabling them to review past transactions and predict future performance of property types in different locations.
> For our buyers and investors, we utilised our market leading research capability to launch a Market In Numbers campaign to provide more localised pre-purchase information.
> In order to help bring our clients’ projects to life, we have invested in augmented reality and 3D printing on key flagship developments.
The strong foundations set in 2013 means that Savills Development Services are perfectly-placed to continue to build on the strength of the team to ensure our clients’ needs remain at the heart of our business.
2013 was a strong year for Development Services at Savills. We advised on 41,000 acres of development land with capacity for circa 380,000 residential units.Sold £3 billion
of development land in 2013
Richard Rees
Head of UK Development
Opposite >
Former Dairycrest Site, Centre House & Stadium House, London W12
Savills Role: Acquisition
“As ever, our clients remain the key focus of our business and we continue to implement initiatives dedicated to providing a bespoke high level of service.”
Richard Rees Head of UK Development
Acted on 41,000acres of strategic land covering over 380,000 plots in 2013
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03Development
More than 50research publications released annually
Ensuring clients are given market leading advice at every stage is our priority.
Site Sourcing and Land
We source development sites across all property sectors and every geographical region.
Planning and Design
Helping you maximise the return on your investment.
Development Viability
We help clients to ensure that their developments are viable and deliverable.
Development Valuations
We find investors and debt providers for projects across all residential and commercial sectors.
Funding and Development
Matching capital with opportunity in the residential investment and development sectors.
Delivery
Our team can provide full project management services.
International Development Consultancy
Providing consultancy services on residential and integrated resort developments.
Research
Our Research team offers buyers and investors expert advice on investment strategy, market trends and house price developments. We can also provide innovative analytical services such as geo-mapping, data analysis and survey design.
Development Database
Capturing over 8,000 sites, 280,000 acres and 2.1 million residential units, this database tracks sites through the strategic promotion, planning and construction process, analyses the supply pipeline in any area and sees where companies are active. A reporting function generates custom reports and site maps.
“Savills Development always deliver and their advice and consultancy has proved to be invaluable at each stage of the project. From well-researched and considered market advice to expert design consultancy and the fulfilment of last minute requests for reports, they always deliver on time and on point. The team are extremely professional yet hugely enjoyable to work with.”
Nikki Gibbard Helical Bar
From site identification through to product delivery, Savills Development Services provides a bespoke and fully-integrated service. The whole process is driven by innovative, top quality research tailored to your individual needs.
Site Identification Strategic Land
Research Appraisals/Modelling
Development Management
Commercial Investment Residential Investment
Environmental Assessment
Urban Design/Master Planning Sustainability & Energy
Options/Joint Ventures Land Sales/Acquisitions
Place Making Valuations
Marketing & Sales Consultancy
Property Funds Property Management
Project Management
Hotel Operator Search
JV/Funding
Planning Consultancy
Commercial Leasing New Homes Sales
Development Consultancy
Sourcing
Delivery
Planning Permission
Vision &Viability
So
urci
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So
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Pro
duc
t Pro
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Valu
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nhan
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ent Value E
nhancement
Design &Planning
Sales &Leasing
The Savills Development Process
We provide fantastic market knowledge and expertise across every stage of the development process.
More than 490 national development specialists
More than 8,000sites, 280,000 acres and 2.1 million residential units captured by the development database
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04Planning
Securing the right planning permission is critical to achieving value and enabling owners to use their land as they wish.
Planning is a key, and often complex, factor in all transactions involving land and buildings and gaining permission is crucial to a site’s value. Our national team of more than 200 planning consultants understands this.
We have up-to-date knowledge of evolving policy and practice, considerable experience in building the case for planning permission to be granted and a long track record of achieving positive results.
Applications and Appeals
We prepare, submit and negotiate planning applications of all types.
Compulsory Purchase and Compensation
We provide comprehensive advice in this often complex area of property advisory.
Regeneration and Urban Design
Our Urban Design team are experts in securing urban regeneration on the ground.
Appraisals, Strategy and Team Building
To maximise your chances of obtaining planning permission, you need the right strategy and team.
Legal Agreements and Infrastructure Payments
CIL payments and Section 106 agreements can make or break schemes.
Stakeholder Engagement
Effective engagement with local communities is now an essential part of the planning process.
Sustainability and Environment
Savills can advise on the latest sustainability and environmental considerations.
Energy Planning
We provide bespoke services to help you complete your energy projects.
Planning Policy
Influencing planning policy, whether at national, local or neighbourhood level, can be essential to success.
“When you are dealing with Savills, you are dealing with planners who are much more commercial than average and who can bounce ideas off their agency colleagues.”
John Beresford Grainger
The difference in value between a good and bad planning permission can be considerable. Our national team of planning consultants has experience across the planning spectrum to ensure you always remain a step ahead in the planning process.
400 planningapplications in 2013
More than 200 planners
Promoting130,000 residential plots nationally
Opposite >
Aldershot Garrison
Savills Role: Planning application advice
Roger Hepher
Head of Planning & Regeneration +44 (0) 20 3320 8270 +44 (0) 7807 999 230 [email protected]
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05Residential Capital Markets
Specialists across three key sectors: residential investment, student investment and funding and development.
The Residential Capital Markets team has been created to meet the unprecedented growth in the private rented sector since 2000 and as such has been engaged in some of the most notable transactions and continues to build an extensive track record in this sector. We pride ourselves on leading thinking in the market, delivering opportunities for our clients and adding value to their businesses.
Residential Investment
Specialists in the sale and acquisition of income producing residential assets both across the UK and overseas. Our team advises on the most effective strategic approaches in the management of portfolios, to realise maximum value from residential assets.
Student Investment and Development
Provides strategic advice at all stages of the acquisition or disposals process from site identification, planning and development funding to the forward sale of the complete property asset on behalf of both operators and universities.
The team has a strong track record in the agency market having transacted on over 50,000 beds to date. The team also has in-depth panel valuer experience and values over £2 billion of student assets annually.
Opposite >
M&G Residential Portfolio London & The South East
Savills Role: Acquisition
Funding and Development
Offers expert and bespoke advice in three core service areas; raising platform or project level equity and debt, forward sale or forward funding of new build property, and the acquisition or disposal of corporate entities.
Build to rent is a particular specialism, with strategic advice being offered from product design through to fund structuring, management and transaction execution.
The team works closely with the Savills global network to assist public and private sector clients, including property companies and funds, family offices, Government bodies, banks, institutions and sovereign wealth funds. It has an enviable track record, having advised on over £2.5 billion of investment into the sector over the last two years alone.
“Savills are invariably leading the field in an innovative way with real expertise in areas such as capital markets. This gives them a blend of skills which are unique amongst real estate advisors.”
Richard Cherry Countryside Properties
27-strong team,the largest in the industry
c.£2 billion of product transacted in 2013
100,000 units advised on in 2013
James Coghill
Head of Residential Capital Markets +44 (0) 20 7409 5994 +44 (0) 7967 555 847 [email protected]
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06Residential Development Sales
With 20 dedicated regional centres, Savills is the premier new build property consultancy in the UK.
Specialist knowledge and experience in the new build sector means we are able to offer high level residential consultancy, sales and marketing advice and investment agency sales.
We have 22 teams in the UK and Ireland offering services to developers, land owners and house builders. Our objective is to offer the highest level of service in the marketplace, to achieve results for our clients and to add value to the development process through market leading research, advice and sales professionalism.
Consultancy
We advise developers and house builders at an early stage of development on the most appropriate mix, size, type, value and design of houses or apartments. This is often used to brief the architect and the design team. We work with the professional team to deliver a scheme advising on all residential elements and the impact of other uses. We ensure that the scheme is market facing, so we can execute a successful launch and sales process.
Site Sales Management
A dedicated team of professionally trained and managed site sales representatives, sales managers and directors, who are able to ensure that your product obtains maximum market exposure.
Marketing
We advise on marketing strategy, including recommendations on site branding, identity advice, brochure design and site launches. We will also give advice on marketing suites, show homes and target markets.
Advertising and PR Services
Ensure your property is advertised through appropriate media channels at the best price coupled with full PR coverage.
Sales Monitoring
Consistent management means we can pre-empt difficulties, implement regular progress chasing and maximise information exchange.
Web
Our clients can utilise the strength of our premium superbrand and our unparalleled position as the most visited UK real estate website which sees up to 1 million visits a month.
Office Network
We work closely with the teams in our 92 residential offices in the UK to refer buyers and add profile to your scheme.
Investment
We sell new and refurbished bulk residential investment property to UK and international investors. Such buyers are yield or discount driven and will buy in bulk.
International Project Marketing
Savills has extensive experience in marketing residential London and UK based developments to markets in the Middle East, South East Asia, South Africa and Russia, through a combination of targeting our local contacts, presenting market research, undertaking private presentations and staging exhibitions. We continue to explore opportunities to target new markets across the globe.
Opposite >
30 Old Burlington Street, London W1
Savills Role: Acquisition
Sold 30%of all London residential properties over £5 million
More than 3,000 new homes sold each year
Up to 1 millionwebsite visits a month
George Cardale
Head of Residential Development Sales +44 (0) 1179 100 351 +44 (0) 7967 555 725 [email protected]
“Savills has demonstrated a deep understanding of the London residential market and provided some excellent clarity on what a developer needs to do to achieve aspired value. The team and the attention to detail is excellent.”
James Saunders Quintain
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07Residential Valuation
A leading provider of residential valuation services nationally, delivering development and investment values across the entire residential spectrum.
A team of 150 valuers located in 19 offices throughout the country, specialising in residential and mixed-use valuation.
Our expertise extends from single units through to significant development and regeneration projects and latterly investment blocks as the asset class becomes institutionally acceptable. Close links with our commercial colleagues and the various residential specialisms across the firm creates a distinct advantage when cogent valuation advice on the development sector is required. We understand the key dynamics that drive market value.
Loan Security
A large part of our work is focused on loan security valuations conforming to the RICS Red Book. We are acceptable to and included on virtually all bank and lending institution panels, thereby offering flexibility to clients.
Private Development Valuation
We also provide pre-purchase valuation advice and reviews of development schemes which enables our clients to understand the full financial position of an asset prior to seeking debt finance, as well as assisting with the financing process and pre-credit approvals. We seek to undertake such advice by agreement with the lending institution to avoid potential conflicts.
We assist throughout the development process from pre-purchase advice, viability advice in planning applications, excercising of option agreements, loan security and valuations prior to sale.
The Residential Valuation team is widely respected and has an enviable reputation in the market, not only from the breadth and depth of the experience of our specialists but also for our unrivalled comparable databases upon which we can draw. We can also access the expertise of the local sales offices, development consultancy teams and other specialist teams including Planning, Building/Project management, Affordable Housing and our acclaimed market-leading and highly-respected Research department.
This substantial backing and the strength of the Savills brand allows us to accurately assess a site’s full potential in order to maximise value and provide best in class advice to our clients.
Opposite >
20 Grosvenor Square, London W1
Savills Role: Site and completed development values for loan security in connection with a purchase
Solely specialise in valuation, providing independence
On all Bank Panels offering flexibility
The largest Residential Development Valuation team in the UK
Michael Sharpe-Neal
Director – London +44 (0) 20 7409 9940 +44 (0) 7870 555 850 [email protected]
“Savills knowledge and understanding of the key players in the market has been key in respect of making future lending decisions. They are our first firm to call when requesting valuation advice.”
Graham Stenning The Royal Bank of Scotland Group
Patrick Eve
Director – Regional +44 (0) 1865 269 019 +44 (0) 7967 555 595 [email protected]
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08Mixed-Use Development
Focus on large-scale and complicated development sites across commercial and residential sectors.
The Mixed-Use Development team comprises a core group of seven development specialists. The team focuses on large-scale and complicated development sites with a broad range and mix of uses.
We advise landowner and developer clients throughout central London, and in some cases further afield, to drive best value out of the development process from land acquisition and assembly through the financial analysis and planning stage, to implementation of a delivery strategy. The team is currently advising on sites with capacity for development of in excess of 66 million sq ft across a range of sectors.
Development Consultancy
We work with landowners, funds and developer clients to maximise value through financial and option analysis in order to inform strategic decision making. This often includes evaluation of development opportunities in alignment with core operating business objectives.
We are employed by funds, property companies, regulated and private corporates, academic institutions and NHS Trusts on the analysis and long term delivery of major development projects. In some instances we are asked to take on principal roles to mediate and effectively unify landowners in the delivery of exceptional regeneration projects.
Development Agency
A core element of our business is the implementation of agreed exit strategies for clients, often including complex joint venture scenarios as well as more traditional transactional advice. We are also retained by a number of developer and landowner clients seeking expertise in the identification and purchase negotiations for development opportunities.
Development Management
The team is able to draw on an expert understanding of the development process when acting on behalf of non-specialist property clients to lead the design and planning application process in order to enhance and crystallise full value for development site assets.
We align ourselves closely with our clients and their property assets, seeking at all times to provide advice of the highest quality and commercial acumen with the objective of maximising our clients’ returns through agreed incentivised targets.
Opposite >
One Bedford Avenue, London WC1
Savills Role: Development advisory and agency
Multi-disciplinary development services for public and private sector clients
Advising on sites with capacity for 66 million sq ft of development
Experiencedadvice on complex development projects
Kat Norton
Director – Mixed-Use Development +44 (0) 20 7409 5926 +44 (0) 7967 555 822 [email protected]
“I have been very impressed with the pragmatic, commercially astute and professional advice provided by Savills in relation to the redevelopment of One Bedford Avenue. Their advice was invaluable in securing a development partner, whilst also maintaining The Estate’s long term objectives.”
Mark De Rivaz The Bedford Estate
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1. One Grosvenor Square, London W1
Savills Role: Sold for £306m for Canadian High Commission
09 Recent Transactions
2. Tribeca Square, London SE1
Savills Role: Acquired the Tribeca Square development for the joint venture between Delancey and APG Asset Management
3. 30 Old Burlington Street, London W1
Savills Role: Acquired for £85m for Native Land
4. Project Coppice, UK Wide
Savills Role: Provided due diligence on Oaktree Capital Management’s acquisition of Countryside Properties
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09 Recent Transactions
5. South Bank Tower, London SE1
Savills Role: Sold for CIT – Price available upon request
6. One Hyde Park, London SW1
Savills Role: Sold for Project Grande – Price available upon request
7. Duke’s Lodge, London W8
Savills Role: Sold for approximately £50m for Threadneedle Investments
8. Thames Quay, Canary Wharf, London E14
Savills Role: Sold for Columbus Capital Management – Price available upon request
9. Caledonian Road, London N7
Savills Role: £38m forward funding for Motar Development
10. Project Utah, UK Wide
Savills Role: Acted on behalf of Patron Capital Partners and Legal and General Group to acquire a majority interest in CALA Homes
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National Heads Regional Heads
10 Key Contacts
Jim Ward
Development Research +44 (0) 20 7409 8841 +44 (0) 7967 555 553 [email protected]
Richard Asher
Expert Witness / Compulsory Puchase Orders +44 (0) 203 320 8258 +44 (0) 7769 671 618 [email protected]
Julian Harbottle
Director – Bristol +44 (0) 1179 100 329 +44 (0) 7812 965 314 [email protected]
Barry Allen
Director – Birmingham +44 (0) 121 634 8411 +44 (0) 7870 555 702 [email protected]
Scott Caldwell
Director – Cardiff +44 (0) 2920 368 943 +44 (0) 7807 999 272 [email protected]
Richard Janes
Director – Cambridge +44 (0) 1223 347 097 +44 (0) 7870 999 200 [email protected]
Andy Redman
Director – Chelmsford +44 (0) 1245 293 293 +44 (0) 7870 999 330 [email protected]
Ben Brough
Director – Edinburgh +44 (0) 131 247 3730 +44 (0) 7968 553 308 [email protected]
Nick Jones
Director – Exeter +44 (0) 1392 455 712 +44 (0) 7812 965 382 [email protected]
Jamie Doran
Director – Glasgow +44 (0) 141 222 5878 +44 (0) 7967 555 561 [email protected]
Ed James
Director – Guildford +44 (0) 1483 796 809 +44 (0) 7812 965 300 [email protected]
Matthew Jones
Director – Leeds +44 (0) 113 220 1252 +44 (0) 7812 965 484 [email protected]
William Ward
Director – Manchester +44 (0) 161 244 7710 +44 (0) 7967 555 769 [email protected]
David Merrick
Director – Norwich +44 (0) 1603 229 203 +44 (0) 7967 555 562 [email protected]
Michael Donaghy
Director – Nottingham +44 (0) 115 934 8030 +44 (0) 7967 555 581 [email protected]
Mark Flemington
Director – Sevenoaks +44 (0) 1732 789 761 +44 (0) 7967 555 620 [email protected]
Jason Hill
Director – Reading +44 (0) 1865 269 019 +44 (0) 7967 555 591 [email protected]
Colin Wilkins
Director – Southampton/Wimborne +44 (0) 23 8071 3929 +44 (0) 7967 555 689 [email protected]
Peter Allen
Residential Investment +44 (0) 20 7409 5972 +44 (0) 7968 550 387 [email protected]
Patrick Eve
Development Valuations +44 (0) 1865 269 071 +44 (0) 7967 555 595 [email protected]
Charlie Walsh
International Residential Development Sales +44 (0) 20 7016 3871 +44 (0) 7968 553 348 [email protected]
Barry Allen
Logistics +44 (0) 121 634 8411 +44 (0) 7870 555 702 [email protected]
“Savills has irrepressible enthusiasm, stubborn persistence and alongside all this energy, always space for lateral thought.”
Julian Barwick Development Securities
Stuart Jones
Development Corporate Recoveries +44 (0) 2380 713 969 +44 (0) 7812 965 421 [email protected]
Alex Dawson
Public Sector +44 (0) 20 7016 3826 +44 (0) 7774 827 519 [email protected]
Mike Shaw
National Strategic Land +44 (0) 1223 347 201 +44 (0) 7967 555 456 [email protected]
Mark Breen
Development Viability +44 (0) 20 7016 3766 +44 (0) 7807 999 226 [email protected]
Paul McGowan
London Development and Regeneration +44 (0) 20 7016 3844 +44 (0) 7989 405 751 [email protected]
Andrew Brentnall
Funding and Development +44 (0) 20 7409 8155 +44 (0) 7967 555 578 [email protected]
Darren Arnold
Director – London +44 (0) 20 7409 9926 +44 (0) 7967 555 521 [email protected]
David Williams
London Commercial Development +44 (0) 20 7409 8709 +44 (0) 7879 402 559 [email protected]
Dominic Grace
London Residential Development +44 (0) 20 7409 9996 +44 (0) 7967 555 638 [email protected]
Ed Lewis
London Residential Development Sales +44 (0) 20 7409 9997 +44 (0) 7967 555 627 [email protected]
Tim Whitmey
London Development Land +44 (0) 20 7409 9999 +44 (0) 7967 555 640 [email protected]
Jonathan Steele
Planning, Head of Housing +44 (0) 23 8071 3949 +44 (0) 7967 555 818 [email protected]
David Jackson
Planning, Head of Operations +44 (0) 118 952 0521 +44 (0) 7967 555 796 [email protected]
Michael Sharpe-Neal
Director – London +44 (0) 20 7409 9940 +44 (0) 7870 555 850 [email protected]
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11 Development National Network
With strong national coverage, the team are well-placed to meet all client requirements wherever they are.
“When it comes to sales, Savills are very focused and make things happen. They are do-ers rather than talkers.”
Crest Nicholson
Manchester
Birmingham
Leeds
Edinburgh
Nottingham
Cambridge
LONDON (3)Sevenoaks
Southampton
Bristol
Oxford
Norwich
Cardiff
Reading
Guildford
Wimborne
Exeter
Glasgow
Opposite >
1 Harrington Gardens, London SW7
Savills Role: Sale
Bishops Stortford
WinchesterTunbridge Wells
Sunningdale
Canford Cliffs
Ipswich
Richard Rees
Head of UK Development +44 (0) 20 7016 3726 +44 (0) 7967 555 431 [email protected]
Chelmsford
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