Dilapidations surveyors are key to good management
I can’t help but think Peter Bill is on another property planet with his recent belittling of dilapidations surveyors and their futures (10 October, p72).
He has greatly underestimated the role dilapidations experts play in complementing good asset management strategies.
Dilapidations isn’t, as Peter refers to it, an “art form”. It is, in fact, a fairly straightforward way of establishing what repairs, decorations and alteration work a tenant is liable for.
If the dilapidations surveyor knows what he or she is doing, the matter gets sorted out quickly, inexpensively and in a sensible way.
Trouble can arise from a minority who perhaps skirt around the subject, and those who see an opportunity to make a name by becoming embroiled in disputes.
There is caution over the effects of overzealous guidance, procedures and a practice statement which may increase costs and stifle a well-operating process.
Investor demand for risk reduction has maintained the pressure to retain standard lease terms. What would happen if Peter “snipped out” important tenant repair and reinstatement clauses?
Alternatives to the well-established model have of course been tried but the industry, its investors and lenders didn’t like it.
Over 10 years ago very few landlords thought about dilapidations recovery and some didn’t even contemplate it.
The role of the dilapidations surveyor is far from rusting and crumbling.
Mark Hampson, partner and head of dilapidations, Malcolm Hollis
Government needs to ensure London keeps moving
The continued growth of Midtown relies heavily on sustained infrastructure improvements and the appropriate investment from the government.
Midtown – covering Holborn, Bloomsbury and St Giles – is recognised as a major district for growth, serving as a base for some of the world’s biggest companies, owing to its central location and excellent proximity to the rest of London.
As a result, international developers are recognising the huge potential of the area, with 26 major developments currently underway to the value of more than £3.6bn, unlocking more than 300m sq ft of new office and leisure space.
However, this area can continue to succeed only if its transport infrastructure keeps pace with demand.
Holborn Underground station already sees 186,000 passengers every weekday and these commuters have to endure huge queues as part of their daily routine. The station already suffers temporary closure on a daily basis owing to overcrowding at current capacity.
There is a risk that this could increase to permanent closures at the busiest times, as passenger numbers are due to rise by 50% by 2031.
Planned upgrades to the station and the Piccadilly Line are vital if this area’s growth is not to be choked off by failing transport infrastructure.
There is huge expectation that the promised improvements will proceed.
If there is a delay, investor and business confidence in this area will diminish and potential economic growth will be lost as a result. We need to act now.
Furthermore, it’s not just our workforce that we need to consider. Tourism is a sector that has seen its GVA contribution grow at an annual rate of 11% since 2009 and Midtown boasts some of London’s biggest tourist attractions such as the British Museum.
London is a world-leading city but this status is threatened by these delays.
The government needs to commit to the previously agreed infrastructure budget and execution timeline for the projects if they want us to maintain our position, because a city without adequate infrastructure is not a
city at all.
Tass Mavrogordato, chief executive, inmidtown BID
Women on the board need to be in positions of power
Your briefing (7 November, p6) tells us a fifth of FTSE 350 company directors are women. But they’re nearly all non-execs.
How many women executive directors are there – chief executives, chief financial officers, property directors – running companies and taking decisions? Without that, board women are just window dressing.
Matthew Oakeshott, chairman, OLIM Property
