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A Henry Stewart “Everything you need
to know about…” Briefing
Refurbishment and Redevelopment

The opportunities
The traps
The rewards

 

Chair

Michael Finn
Managing Director
Fox Management & Consulting
Chairman
Building Regulations Advisory Committee

Speakers

Ken Brown
Ridge

Clive Curd
Davis Langdon Crosher & James

Dr Tony Dennison
BYL Group plc

Paul Lewis
Davis Langdon LLP

Michael Lister
Bank of Ireland

Paul Spaven
Tuffin Ferraby Taylor LLP

Andrew Tate
Tate and Hindle Design Ltd

Tina Taylor
Savills

Issues to be covered include:

Planning Hurdles

  • Local plan designations
  • Change of use
  • Local employment issues
  • Section 106 agreements
  • Listed building consents
  • PPG15

Valuation Techniques

Methodology

  • Residual valuations
  • Existing use value
  • Development appraisals
  • Development costs in relation to value

Cost Issues

  • Refurbishment costs v new build costs
  • Establishing cost benchmarks
  • Mitigating and managing risk
  • Typical cost profiles
  • Questions to ask the QS

The Initial Survey

  • Assessing structural stability
  • Identifying asbestos and other deleterious materials
  • Understanding options for change
  • Considering alternative uses
  • Advising on statutory regulations

 

Design Issues

  • Meeting current standards with innovative design
  • Refurbishing to meet market expectations
  • Balancing cost with good design flare
  • Handling listed buildings
  • Creating the “wow” factor

 

Building Services

  • Justifying air conditioning in refurbished offices
  • Deciding on cost effective systems
  • Working within an existing shell
  • What to leave and what to replace
  • Meeting modern standards

 

Building Regulation Issues

  • Local Authority or approved Inspector?
  • Coping with Part L
  • How to achieve adequate sound insulation in a refurbishment
  • Engineering a fire solution
  • Coping with access for the disabled

 

The Funder’s Perspective

  • Development funding – more risky than investment funding
  • What are the risks?
  • Reducing the risks
  • Due diligence – what is needed

 

Tax and Grant Incentives

Tax Relief

  • Remediation and land fill exemptions
  • Enterprise area exemptions
  • Capital allowances
  • VAT

Grants

  • Sourcing relevant grants
  • The art of application
  • Monitoring the grant process

Financial Planning

  • How to construct and monitor cash flows
  • Incentivising with cost models
  • Structuring development finance
  • Maximising incentives
  • Future incentives

 

Achieving Institutional Standards

  • Guarding against future tenant attrition
  • Organising to meet institutional standards
  • Ensuring ticks in all the institutional boxes
  • Second guessing the lawyers
  • Creating an institution-proof refurbishment