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Property Advisory Group annual report 1999


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									Property Advisory Group: annual report
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Message from DETR Ministers

DETR Property Advisory Group
Message from DETR Ministers
We are very pleased to introduce the Property Advisory Group's 1999 Annual Report.

During 1999 the Group provided advice on a large range of different topics, addressing
particular points of relevance to many of the Department's central themes - planning,
sustainable development, housing, regeneration - as well as continuing to provide specific
advice on commercial property issues. We very much appreciate the willingness of members
to share their experience with us, helping to ensure that policies take account of likely market

We would like to take this opportunity to express our thanks to those members who stood
down from the Group in 1999, and our appreciation of their service to the Group. We extend a
warm welcome to the nine new members who joined the Group. Joining a strong professional
team, the new members have brought fresh experience from a wide range of backgrounds to
the Group. We look forward to working with the Group over the coming year.
Chairman's Report

Robin Broadhurst, FRICS
Chairman of the Property Advisory Group

I am pleased to submit the Chairman's Report for 1999.

The Property Advisory Group plays a special role in advising on the interplay between policy
initiatives and the property markets. 1999 was a noteworthy year for both Departmental
initiatives and the markets. Among other things, the Urban Task Force published its report, the
Department issued a progress report on its Modernising Planning initiatives and launched its
revised Sustainable Development Strategy.

The commercial property investment market was strong throughout 1999. Institutional
investors increased their property allocations, while bank lending underpinned the strong
investment market. Indeed, at times there were concerns that the amount of bank finance
might give rise to some unsustainable investment. The main focus of investment was in high
quality property in the most favourable locations, particularly in the office sector, but the
shortage of stock led to a growing interest in secondary and even tertiary properties. While
development was strongest in London and the South East, we were pleased to note the strong
performance of the markets in other regions, such as the North West. Overall, the prospects
for investment markets seem good: we noted in particular the continued trend to serviced office

Retail markets on the other hand had mixed fortunes. Leading town centres returned to the
levels of prosperity of the late 1980s, while conditions insmaller and poorer towns were much
less favourable. There was some apprehension among Retailers about the potential impact of
competition from North America and, increasingly, Internet shopping. The growing
development of e-commerce will undoubtedly throw up new challenges and opportunities for
the commercial property sector.

The Group took a close interest in the work of the Urban Task Force, and was consulted on the
sectionson planning, land and buildings in particular. We very much welcomed the report, and
especially its emphasis on the need for brownfield development. We particularly welcome the
recognition of the need for radical changes if people are to find urban living attractive again.
We have already undertaken some work on specific themes arising from the Rogers report,
and look forward to providing further advice as required on practical implementation of a
number of the Task Force's proposals.

The Government's Modernising Planning agenda was also an obvious focus of interest for the
Group. Of specific initiatives, we contributed to the Department's thinking on best value
indicators for planning, planning for housing and transport, and regional planning. We
responded to the public consultation paper on the handling of inquiries into major projects of
national significance. We begun looking at the reform of planning obligations.

Continuing our close interest in sustainable development issues, we undertook further work on
various mechanisms for change following on from our 1998 report on sustainable development
and buildings at the invitation of Richard Caborn (when Planning Minister). We have also
looked ahead to the impact of the innovative use of office space.

Finally, we have continued to provide advice on commercial property lease issues. Besides
further advice on the termination of tenancies, we have considered the implications of the
Reading University report on the Code of Practice on Commercial Property Leases, and have
advised the Department on possible responses. We are pleased to note the greater flexibility of
the property markets and are keen to give this every further encouragement. One related issue
we have considered is the impact of prospective accounting changes on leasing patterns. The
Group's view is that these should give a further boost to flexibility, notably in reinforcing the
trend towards shorter leases.

Looking forward, the Group plans to take an active interest in the fast changing technological
world of today and how this will impact on property. Priorities will include fostering the concept
of partnerships in construction between client and supplier, as well as ensuring that the
planning system can encourage inner city regeneration. The Group would like to assist
Government bring about an increase in the amount of mixed use development to create the
communities that can cater for the work and lifestyles of the 21st Century and at the same time
improve the contributions that buildings can make to the environment. Above all and having
regard to the Rogers Task Force, the Group will endeavour to assist in meeting the
requirements of improving infrastructure for towns and urban renewal to meet the objectives of
sustainable development. There are increasing numbers of examples where potential new
financing and ownership structures open up the challenges for increasing the pace of this

1999 has brought new faces to the Group, and I have been struck with the continued
enthusiasm and devotion of members, which ensures that as Chairman I preside over lively
and constructive debates. I look forward to making a continuing contribution in 2000.
DETR Property Advisory Group
Background and Terms of Reference
The Secretary of State for the Environment, Transport and the Regions appoints the Property
Advisory Group (PAG) on an honorary basis to advise Ministers and officials in his Department
on commercial property matters. On some occasions, it also provides advice to other
Government Departments. Established in 1978, the PAG is a link with the property world,
providing access to sources of expertise on property, financial and legal matters.

The Group's terms of reference are: "to keep under review changes in the land and property
market, advise on matters concerning the development process, and advise the Department
generally on property issues".

The PAG is established as an unpaid body of eminent practitioners in the property world,
drawn mainly from the private sector. Members serve in their own right, on account of their
personal qualities, rather than representing any particular interests or specialism. The aim, in
making appointments to the PAG, is primarily to secure a Group collectively providing advice
which is informed, sound and of a high calibre. At the same time, however, care is taken to
ensure that the membership reflects the wide range of interests, backgrounds and specialisms
in the commercial property world. Besides commercial landlords and tenants, the present
Group includes developers, planners, lawyers, financiers, agents, surveyors and partners. The
Group has experience of a range of different activities in the commercial property world, with
members drawn from the office, retailing and corporate sectors. It also includes a lay member
who is able to reflect small business considerations.

Current Membership
The membership of the Group and their main professional and financial interests are set out at
Appendix A.

Terms of Appointment
Members are generally appointed for a three-year period, but some members have been
reappointed for a further period. Membership is unpaid, but members may claim travel and

Conflicts of Interest
The Group works to a published Code of Practice. Newly appointed members disclose their
current and recent business interests. Members keep this information up-to-date in a public
Register of Interests, which the Secretariat maintains.

The Group generally deliberates on broad policy issues, and is rarely called on to advise on
executive decisions. Direct conflicts of interest thus rarely arise. While members quite properly
draw on their own experience and expertise in addressing issues which come before the
Group, they are expected not to pursue their own interests. Any member experiencing a direct
conflict of interests in the course of the Group's work, is asked to declare it formally, to be
recorded in the minutes of the meeting.

Appointed on a personal basis, the Group does not act as a representative body for the
commercial property sector. It does not operate as a lobby group. In this respect, its
composition and role is quite distinct from that of the Property Industry Forum(endnote)

Working Methods
The Group usually holds two main all-day meetings each year, and monthly evening meetings.
Most commonly the Group responds to issues raised by he Department, although sometimes
members raise issues themselves. The Group has a continuing remit to advise on property
market conditions, and makes an appraisal of the current state of the market at each of its

The general pattern at meetings is for the Group to consider a paper prepared by the
Department or to deliberates after hearing an oral presentation. On occasions, the Chairman
sets up sub-groups to consider particular issues in more detail and to report back to the main

All meeting are formally minuted. The minutes record the discussion without attributing views
to individual members. Where there is a difference of view among members on a particular
issue, the difference is recorded but without attribution. The minuted discussion represents, in
the first instance, the formal views of the Group on the topic concerned. However, where the
Group is called on to submit formal written comments (for example, a response to a
consultation paper), the Secretariat prepares a formal draft response for the Group, drawing on
the discussion and any written view submitted separately by members. The Group is then
invited to endorse the draft response, except in cases of urgency where the Chairman alone
may approve the response.

The Group observes a set of Operating Guidelines, details of which have been published.

During 1999 the Group held two main all-day meetings, seven informal evening meetings, and
two sub-group meetings. In July 1999 Richard Caborn MP, then Minister for the Regions,
Regeneration and Planning and Nick Raynsford MP, then Minister for London and
Construction, hosted a reception for the Group to discuss current issues, and to welcome nine
new members that were appointed to the Group in May 1999.

Topics Considered in 1999
The Group has provided advice on a wide range of issues during the period of this report. A
summary of topics considered is on pages 9-14.

The Land and Property Division of the Department of the Environment, Transport and the
Regions provides the Secretariat for the Group. The Chief Estates Officer, Martin Leigh-Pollitt,
acts as a link between the Department and PAG, while Patrick Martin acts as the Secretary to
the Group. Steve Carter and Wez Morales provide administrative support.

Administrative Costs
Expenditure on the Group is met from DETR Land and Property Division's administrative
budget, funded from the Department's Administrative Vote. Expenditure for the financial year
1998-99 is set out.

The Property Industry Forum is a separate group consisting of some of the main bodies
representing funders, landlords, developers, occupiers and the property professions. It meets
Ministers three times a year, raising matters of concern to the commercial property industry.
Unlike the Property Advisory Group, it functions as a lobby group for the commercial property
industry. Bodies at present represented on the Forum are the Association of British Insurers,
the Association of Property Bankers, the British Council for Offices, the British Property
Federation, the British Retail Consortium, the Law Society, and the Royal Institution of
Chartered Surveyors.
Topics Considered during 1999

Business Leases
Accounting Standards: implications for leasing patterns
The Group considered the impact on the UK property market of prospective changes in lease
accounting, under which leases would be treated as both assets and liabilities on the balance
sheet. Members considered that the changes were likely to reinforce trends towards greater
flexibility and shorter leases in the property market. They saw a need for sensible adaptation to
market needs.

Code of Practice on Commercial Property Leases
The Group discussed the provisional findings of the Reading University research team, before
considering the policy implications. The Group agreed that there was more diversity in the
market, although no move away from the use of upward only rent review clauses. It was
important for the property industry to move away from entrenched attitudes and traditional
thinking. Further more detailed work by a Sub-Group concentrated on four main areas: the
needs of small business tenants, the rent review process, upward only rent review clauses and
lease renewals under the Landlord and Tenant Act 1954. Among the proposals under
consideration were the preparation of clearer guidance to tenants about to take out leases; and
the strengthening of the provisions of the Code of practice, while keeping it voluntary.

Parallel guarantee agreements
DETR sought the Group's views on potential uncertainty in the markets about the position of
guarantors on the release of an original tenant on the assignment of a tenancy. Members were
not aware of any major concern, nor did they consider the law ambiguous. The only problem
for the markets might be one of perception. In the absence of a test case, an authoritative
article in the property press could settle any uncertainty, but this would be for the industry to
organise. The Group's views have been reported to the Lord Chancellor's Department, who
have policy responsibility in this area.

Termination of tenancies
DETR sought the Group's advice on whether an expert body would be a more suitable forum
than the courts for disputes leading to the potential termination of tenancies. Members
suggested that the small claims courts might be suitable for adjudicating simple,
straightforward cases, while the Official Referee might handle more complex cases and
disputes over service charges and repairing covenants. The Group considered that the final
authority should remain with the courts. However, the Group suggested that the Government
should assess the impact of the Woolf civil procedure reforms before taking any initiatives in
this area.

Business Rates
The Group discussed the DETR consultation paper on transitional relief from the rating
revaluation in 2000 of non-domestic property in England. Members accepted the need for
transitional relief, as large increases in non-domestic rates were in prospect.

They did not favour a supplementary multiplier to make good the loss of rate income from
annual limits on increases in rate bills. The Group also expressed views on potential longer
term reform of the rating system.

Competition Policy
Competition Act 1998 - exclusion of land agreements
The Group commented on a DTI consultation paper on the exclusion of land agreements from
the Competition Act 1998. Members said that licences and similar concessions were now very
widespread in shopping centres, offering more flexibility than leases and were increasingly
likely to replace them. These would be unlikely to be open to challenge as anti-competitive,
and so any non-exclusion from the Competition Act should not give rise to difficulties.

Housing Issues
Housebuying process
The Group contributed its views on methods of speeding up the housebuying process,
including the introduction of a seller's pack. They strongly endorsed the aim of improving and
speeding up the home buying process. However, there was some concern that competitive
cost pressures might drive down standards; there was a need for good practice guidance
based on defined standards.

Residential leasehold reform
The Group prepared a detailed response to the DETR consultation paper on residential
leasehold reform. Members welcomed the Government's aims to produce new legislation,
which would be fair, workable and durable, drawing on the experience of all stakeholders in the
leasehold system. They were concerned about the potential impact on mixed use development
of the proposed extension of the permitted non-residential floor area in enfranchisement
schemes. Other detailed views included rules on enfranchisement of flats let to companies;
tests requiring the enfranchisement group to include long-term residents; marriage value;
valuation issues; and various management issues.

"Millennium Bug" - Year 2000 Problem
The Group provided information to Ministers on the steps being undertaken to tackle the year
2000 problem in the property sector. Members advised that major private sector concerns had
carried out comprehensive analyses of their systems, replacing items and carrying out
subsequent testing for compliance, but were concerned at potential problems in the public
sector. Small businesses had done little but their systems were simple and less vulnerable.
They confirmed that the UK telecommunications sector was fully compliant.

Office Space
Extent and impact of innovative working patterns
The Group advised DETR on trends towards the innovative use of office space and their policy
implications. Members considered that business needs were driving forward considerable
changes in the office sector. Technological developments would provide scope for universal
adoption of flexible working patterns within five to ten years. Landlords and investors were
showing signs of adapting to these changes. They would need to give tenants more choice,
allowing them to occupy on different terms, for example on a Private Finance Initiative-type
basis or on fully inclusive terms. Occupiers would need to adopt a strategic approach. The
retail sector would need to respond to the needs of a 24- hour working environment in the
office sector; this would offer considerable scope for reducing traffic congestion.

Planning Issues
Best value indicators
The Group submitted a detailed written response to a paper from DETR about best value
indicators for planning. Members welcomed the broad thrust of the paper with the emphasis on
partnership and on encouraging authorities to improve their performance by process
benchmarking. They considered the emphasis should be on development plan preparation as
well as development control.

Planning obligations
Following the Chancellor's pre-Budget announcement of a review of the present system of
planning obligations, DETR sought the Group's initial views on options for reform. Members
welcomed the opportunity for a wide-ranging review of this complex area, which ideally should
consider the fundamental question of ownership of the benefits of development. The Chairman
has appointed a sub-group to prepare more detailed advice and report back to DETR in early

General planning issues
The Group had discussions on general planning issues at its two main meetings in 1999.
Members raised a number of issues, including the review of Compulsory Purchase Order
procedures and procedural issues, where they saw the need for proactive management of
casework and the introduction of protocols before hearings to help speed up the inquiry
system. Members also welcomed proposals to train councillors in planning matters, provided
that this was real and not merely a bureaucratic chore.

Planning Policy Guidance (PPG)
The Group commented on several PPG documents under revision.

PPG3 - Housing
Members welcomed the revised guidance, noting that it included many of the proposals
contained in the Group's 1997 report Sustainable Development and the Commercial Property
Sector. The Group welcomed in particular the extension of the sequential approach to new
housing development, setting out a series of tests for the selection of areas and sites. There
was scope for more detailed guidance in some areas.

PPG11 - Regional Planning
The Group responded to an update on the DETR consultation paper on Regional Planning.
Members welcomed the new guidelines in principle, particularly the greater transparency. They
queried whether local authorities would have sufficient resources to put into practice the
greater community involvement envisaged. Higher level transport development required the
closer integration of planning and transport.

PPG12 - Development Plans
The Group responded to an update on the DETR consultation paper on Development Plans
with the emphasis of good practice to speed up local and structure plans. Members considered
that there would be a need to develop further the links between regional planning and specific
settlement plans.

PPG13 - Transport
The Group discussed the DETR public consultation draft of the revision of PPG13. Members
broadly welcomed the proposals. They endorsed the move away from previous disincentives to
town centre development, but favoured providing positive incentives for higher density
development around transport centres, and to cater for towns without rail links by exploring the
implications for bus-based systems.

Streamlining the processing of major projects
The Group responded to the DETR consultation paper about the handling of inquiries into
major projects of national significance. They considered that it would be useful at the outset of
the process for the Government to state its broad policy attitude to the project in question, but
care should be taken not to constrain proper local debate. The introduction of round table
sessions early in the process would help, leaving the subsequent formal inquiry process to
focus on any remaining areas of disagreement.

Property Market
State of the property market
The Group provides regular appraisal of the functioning of the investment, occupiers' and retail
property markets. The Group's assessment of market conditions in 1999 is summarised in the
Chairman's report.

Sustainable Development
Sustainable development and buildings
The Minister for the Regions, Regeneration and Planning, the Rt Hon Richard Caborn MP
wrote to the Chairman about the Group's 1998 report Sustainable Development and Buildings,
requesting the Group to undertake further work in three specific areas the "circle of blame"; all-
inclusive leases; and environmental awards.

"Circle of blame"
The Group saw no immediate way of breaking the "circle of blame" (the proposition that each
of the various parties in the property process blames each other for lack of interest in
environmental quality while imposing constraints on one another). They considered that
without clear financial incentives - both "sticks and carrots" - the pattern would continue of a
few committed pioneers setting a good example, rather than the wholesale adoption of high
environmental standards. However in the longer term there were prospects of change as
shareholders, employees and consumers increasingly exerted pressure for higher standards.
Those supplying, letting and occupying business premises would increasingly need to plan
ahead to avoid technological obsolescence in the face of ever higher regulatory standards.

All-inclusive leases
The Group had suggested that all-inclusive leases would give landlords and tenants a mutual
interest in energy saving. They offered further advice on the prospects for encouraging the
wider adoption of all-inclusive leases. They saw the market as the main engine of change.
They drew attention to considerable current interest in all-inclusive leasing, particularly by
some office tenants who did not wish to undertake long-term commitments. Technological
change and growing market interest were likely to generate an increasing demand for this form
of lease. Prospective changes in accounting standards (see above) and the further
development of the Private Finance Initiative were likely to provide a further stimulus.

Environmental awards
The Group had seen environmental awards as a highly effective tool for stimulating change,
both in providing an incentive for higher standards and in promulgating best practice. They
favoured the bringing together of existing awards schemes in an "award of awards".

Stamp Duty
The Group considered a paper summarising a report by Arthur Andersen for the BPF and other
property organisations on the impact of Stamp Duty increases. The Group considered that
increases in Stamp Duty had had an impact on property values and on property used as
collateral for loans. This could be more serious in the event of a downturn. By reducing
turnover, there was a possibility that increases could affect the overall revenue raised.

Vacant Land Tax
Following publication of the Rogers' report, DETR consulted the Group on the merits of
charging Vacant Land Tax (VLT) on previously developed land in urban areas, and whether it
would be effective. Members considered it had some merit, especially in facilitating site
assembly and releasing inner urban sites, but it would give rise to difficulties where land was
vacant because of zoning policies, or where the landowner was holding vacant land for site
assembly. It would exacerbate the impact of a recession. On balance the Group suggested
that it would be preferable to use a more specific instrument to deter the identifiably anti-social
holding of land or to adopt the wider use of compulsory purchase to acquire vacant land, which
could be made available for development.

Urban Regeneration
Urban Task Force report
The Urban Task Force consulted the Group in preparing the sections of the report dealing with
planning, land and buildings, and members were present at the launch of the report. Following
publication, a member of the Task Force, Alan Cherry (Chairman of Countryside Properties
plc) presented the overall recommendations of the report. Members found the report exciting
and supported its overall aims, especially encouraging more brownfield development. In
discussion, they raised concerns that the redevelopment of towns and cities should be
practical, involving local communities, to avoid any dangers of them becoming soulless.
Getting people to return to urban areas would be a major challenge, while increasing urban
densities and reducing car dependence would require a radical change of approach by
planning authorities.

Copies of the Group's responses to the consultation papers on residential leasehold reform
and streamlining the processing of major projects are publicly available, and copies may be
obtained from the PAG Secretariat.
Membership of the Property Advisory Group in 1999

Robin Broadhurst, FRICS
International Director, Jones Lang LaSalle. Vice President, European Society of Chartered
Surveyors. Member of the Council of the British Property Federation.

Roger Aldridge, OBE, ARICS (January - March 1999)
Executive Director, Marks & Spencer plc. Member of the Industrial Development Board for
Northern Ireland and of the Council of the British Property Federation. Vice President, British
Council of Shopping Centres.

Christopher Bartram, MA, FRICS
Managing Director, Haslemere Estates. Director, Rodamco Europe BV.
(Mr Bartram stood down from the Group at the end of 1999).

Stuart Beevor, FRICS (since June 1999)
Managing Director Property, Legal and General Property Limited.

Tom Bloxham, MBE (since June 1999)
Chairman, Urban Splash Group and Chairman of North West Arts Board.

Charles Brocklehurst, BSc, FRICS
Brocklehurst Associates. Formerly Deputy Chief Executive, Enterprise plc.

Mark Burton, (since June 1999)
Director, Product and Business Development, AXA Investment Managers. Formerly Chief
Executive Officer, Real Estate, the United Bank of Kuwait plc.

Graham Chase, Dip Est Man, FRICS, FCIArb (since June 1999)
Chairman, Chase and Partners. Senior Vice Chairman General Practice Division of RICS.

Roy Dantzic, CA (since June 1999)
Managing Director, BG Property Holdings Ltd. Member of the Council of the British Property

Christine Emmett, BA (Econ) (since June 1999)
Partner in BEE Services. Management consultant and property management.

Roger Groom, FRICS
Director of Estate Development, London & Continental Railways. Formerly Executive Director,
Sears plc. Member of the Board of Management, British Council of Shopping Centres. Member
of the British Retail Consortium's Property Committee.

Wally Kumar, MA, FRICS (since June 1999)
Freelance property consultant: development consultant to MEPC plc.

Paul McNamara, BSc, PhD, AIIMR
Director, Prudential Portfolio Managers (UK) Ltd. Visiting Professor, Oxford Brookes University.
Member of Investment Property Forum Education and Special Project Committees. Chairman,
Property Economics and Finance Research Network.

Jon Morton-Smith, ACIB (January - March 1999)
Currently Investment Manager, AXA Investment Managers UK Ltd. Member of the Investment
Property Forum.

Nicholas Price, FRICS (January - March 1999)
Chairman and Director, Nicholas Price Ltd. Chairman, National Investment Practice, Drivers
Jonas. Chairman PAS Consultative Group, Investment Property Databank. Vice Chairman,
Wherry Housing Association.

Lesley Punter, MA, BA, MRTPI (since June 1999)
Urban Strategist, Reading Borough Council.

J Martin Shaw OBE, BA, Dip TP, FRTPI, FRSA, FIMgt, FIHT
(January - March 1999)
Director of Planning and Transportation, Norfolk. County Council. Past President, County
Property Directors' Society. Past President, County Planning Officers' Society. Chairman,
County Surveyors' Transport Strategy Committee. Chairman, East Anglian Local Authorities'
Technical Panel. Adviser, Local Government Association. Visiting Professor, Oxford Brookes

Ronald Spinney, FRICS
Chairman, Hammerson plc. Non-Executive Director, Rentokil Initial plc. Chairman, Committee
of Management, Hanover Property Unit Trust. President of the British Property Federation.
(Mr Spinney did not attend meetings of the Group on assuming the Presidency of the British
Property Federation in May 1999. He will resume full membership when his Presidential year
ends in April 2000.)

David Stathers, CBE, FRICS, FSVA (since June 1999)
Head of Policy Development, Boots the Chemists Ltd. Director of National Retail Planning
Forum. Chairman of the Property Committee, British Retail Consortium.

Corinne Swain, MA (Cantab), MPhil, FRTPI, FRSA
Consultant of Ove Arup & Partners. Member of the DETR's Planning Research Advisory
Group. Panel Chair for RPG and Structure Plan Examinations. Former member of the
Research and Consultancy Panels, Royal Town Planning Institute.

Lesley Webber LLB, FCI Arb
Partner and Head of Property Litigation and Planning at Beachcroft Wansbroughs Solicitors.
Honorary member of ARBRIX. Member of Law Society/RICS Working Party on the Landlord
and Tenant Act 1954.

Sir William Wells, KB, BA, FRICS (January to March 1999)
President, Chesterton plc. Chairman of the South East Regional Office of the NHS Executive.
Director, Norwich & Peterborough Building Society, National Freight Corporation, Pearl Group
Limited and AMP (UK) plc. Honorary Treasurer of the Royal College of Nursing and the
National Association of the League of Hospital Friends.

Alan White, BSc, FRICS
Director, BT Property, British Telecommunications plc. Member of the RICS General Council
and Chairman of the RICS Corporate Occupiers Group. Member of the PACE Advisory Board
and of the MOD Defence Estates Advisory Board.

Hazel Williamson, QC, MA (Oxon), FCI Arb
Barrister, Chambers of M A F Lyndon Stanford QC. Recorder. Deputy High Court Judge
(Chancery). Former Chairman of the Chancery Bar Association.
Glossary of Technical Terms Used in the Report

All-inclusive leases
Occupation arrangements under which the landlord provides a comprehensive range of
services besides letting the property - for example, energy, insurance, repairs and
maintenance - for an all-inclusive charge.

The transfer of a lease from one party to the other.

Brownfield sites
Previously developed land.

The conversion of a long tenancy into a freehold.

Marriage value
Added value from the merger of two interests in land.

Repairing covenant
Obligations in a lease for one of the parties to carry out repairs.

Secondary property
Property whose age, condition, specification, location and current letting arrangements make it
less desirable as an investment than prime property (ie property in which all these criteria are
desirably met).

Tertiary property
Property in the least desirable category for investment (see definition of secondary property).

PAG Secretariat
Office of the Deputy Prime Minister
Zone 3/G10
Eland House
Bressenden Place
London SW1 5DU

Patrick Martin tel: 020 7944 5567
Steve Carter tel: 020 7944 5557
fax: 020 7944 5539
E-mail: pag@communities.gsi.gov.uk

Information on how and where you can obtain this document and other publications produced
by the Office of the Deputy Prime Minister is available from the ODPM publications home

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