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Property Advisory Group: annual report 1999 On 5th May 2006 the responsibilities of the Office of the Deputy Prime Minister (ODPM) transferred to the Department for Communities and Local Government. Department for Communities and Local Government Eland House Bressenden Place London SW1E 5DU Telephone: 020 7944 4400 Website: www.communities.gov.uk Documents downloaded from the www.communities.gov.uk website areCrown Copyright unless otherwise stated, in which case copyright is assigned to Queens Printer and Controller of Her Majestys Stationery Office. Copyright in the typographical arrangement rests with the Crown. This publication, excluding logos, may be reproduced free of charge in any format or medium for research, private study or for internal circulation within an organisation. This is subject to it being reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the publication specified. Any other use of the contents of this publication would require a copyright licence. Please apply for a Click-Use Licence for core material at www.opsi.gov.uk/click-use/system/online/pLogin.asp or by writing to the Office of Public Sector Information, Information Policy Team, St Clements House, 2-16 Colegate, Norwich NR3 1BQ. Fax: 01603 723000 or e-mail: HMSOlicensing@cabinet-office.x.gsi.gov.uk. This publication is only available online via the Communities and Local Government website: www.communities.gov.uk Alternative formats under Disability Discrimination Act (DDA):if you require this publication in an alternative format please email email@example.com Contents 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 conditions. 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 accommodation. 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 activity. 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". Appointments 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 subsistence. 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 meetings. 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 Group. 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. Secretariat 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. Endnote 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 Revaluation 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 2000. 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". Taxation 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 Chairman Robin Broadhurst, FRICS International Director, Jones Lang LaSalle. Vice President, European Society of Chartered Surveyors. Member of the Council of the British Property Federation. Members 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 Federation. 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 University. 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. Assignment The transfer of a lease from one party to the other. Brownfield sites Previously developed land. Enfranchisement 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). Contacts PAG Secretariat Office of the Deputy Prime Minister Zone 3/G10 Eland House Bressenden Place London SW1 5DU Enquiries: Patrick Martin tel: 020 7944 5567 Steve Carter tel: 020 7944 5557 fax: 020 7944 5539 E-mail: firstname.lastname@example.org http://www.dtlr.gov.uk/contacts/index.htm 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 page.
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