The Portman Estate has awarded Chesterton a three-year valuation contract covering its entire 2m sq ft portfolio.The appointment is part of chief executive Hugh Seaborn’s drive to reposition the company as an active property manager. Chesterton will value the company’s 1,450 properties over the next three years.The estate is spread over 110 acres in Marylebone, W1, and includes Portman Square, Manchester Square, and residential squares Bryanston and Montagu.Grosvenor chief executive Jeremy Newsum last month called on property companies to change valuers regularly to avoid cosy relationships (22 May, p29).Valuations of the Portman Estate were previously carried out on an ad hoc basis. Seaborn said: “It’s particularly important for those judged publicly on their performance to take account of Newsum’s comments, but we are family-owned. I think it’s good practice to change [valuers] regularly, and we’ve done so in the past. Chesterton had done parts of the estate before and shared it with other valuers.”
The Portman Estate has awarded Chesterton a three-year valuation contract covering its entire 2m sq ft portfolio.The appointment is part of chief executive Hugh Seaborn’s drive to reposition the company as an active property manager. Chesterton will value the company’s 1,450 properties over the next three years.The estate is spread over 110 acres in Marylebone, W1, and includes Portman Square, Manchester Square, and residential squares Bryanston and Montagu.Grosvenor chief executive Jeremy Newsum last month called on property companies to change valuers regularly to avoid cosy relationships (22 May, p29).Valuations of the Portman Estate were previously carried out on an ad hoc basis. Seaborn said: “It’s particularly important for those judged publicly on their performance to take account of Newsum’s comments, but we are family-owned. I think it’s good practice to change [valuers] regularly, and we’ve done so in the past. Chesterton had done parts of the estate before and shared it with other valuers.”
