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Australia and New Zealand Property Journal: April 2012

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Australia and New Zealand Property Journal: April 2012 RESIDENTIAL VALUATION HOTEL INVESTMENT BUMPER EDITION What’s the value of a view? Dispelling the myths AUSTRALIA AND NEW ZEALAND PROPERTY JOURNAL December 2012 Vol 3/No. 8 $12.95 (incl GST) GREEN REAL ESTATE DOES IT GIVE A COMPETITIVE EDGE? Print Post Approved PP246764/00006 Print Post Approved A.R.B.N. 007 505 866 ABN 49007 ISSN 1836-6635 PINZ ISN 100 1330 THE OFFICIAL JOURNAL OF THE AUSTRALIAN PROPERTY INSTITUTE AND THE PROPERTY INSTITUTE OF NEW ZEALAND OFC_Artwork.indd 1 12/7/2012 5:22:20 PM Smarter Solutions for Places That Matter Yardi Voyager for Office, Retail and Industrial SMARTER YARDI Commercial SuiteTM delivers a smarter approach to property management – a single platform for the entire real estate lifecycle that enables managers to maximise NOI, drive asset value for the owner and provide the best customer service to tenants and their employees. Yardi Systems Pty Ltd - Investment, Asset & Property Management Software Suite 3, Level 23 | 25 Bligh Street | Sydney, NSW 2000 | Tel: +61 (2) 8227 2200 | Fax: +61 (2) 8227 2222 SMART Yardi Voyager plus Yardi Orion and the Yardi Commercial Suite YARDI VoyagerTM YARDI Commercial CRMTM End-to-end software enables smart, highly efficient Shorten leasing lifecycles and deliver increased operational management of the entire real estate lifecycle efficiency in work practices to drive revenue enhancement YARDI OrionTM for SharePoint® YARDI PAYscanTM Out-of-the-box business intelligence dashboards, document management Improve efficiency and save costs with automated and portals—built for SharePoint integrated with Yardi Voyager invoice processing and online approval workflow YARDI Advanced Budgeting & ForecastingTM Make quick, highly accurate projections and forecasts to help maximize profitability across your entire portfolio Call +61 (2) 8227 2200 or visit www.yardi.com.au CONTENTS DECEMBER 2012 638 COVER STORY GREEN REAL ESTATE Does sustainability give companies a competitive edge? REGULARS FEATURES API PRESIDENT’S 598 REPORT PINZ PRESIDENT’S 600 REPORT 602 API CEO Q&A OPINION WHAT’S THE ADDED HOTEL Australia’s new INVESTMENT 609 remuneration reality 614 VALUE OF A VIEW? 624 John Leeson assesses what the Are some of the preconceptions about MEMBER PROFILE value is in a view, what the market will pay for that view investment in hotels true? Garmony Property 656 Consultants’ Matt Garmony AWARDS INTERNATIONAL LEGAL NOTEBOOK 606 Robert Hecek FAPI 610 VALUATION Recent cases, headline has been presented the STANDARDS COUNCIL 668 issues and new SF Whittington Memorial Sir David Tweedie has been legislation Gold Medal appointed Chairman of the IVSC Board of Trustees FUTURE PROPERTY AWARDS 678 PROFESSIONALS 608 Norman Harker has A DAY IN Testimonials been presented a Meritorious 622 THE LIFE OF A Service Award REAL ESTATE AGENT Matthew Shepherd describes his typical working day 594 ANZPJ DECEMBER 2012 594-595_TableOfContents.indd 594 12/7/2012 5:24:40 PM HOTEL FINANCE RETIREMENT 630 VALUATION 645 VILLAGES 658 The role of PPPs The evolution of valuation in infrastructure funding Retirement village tenure methodology in hotels models in Australia PROPERTY INVESTMENT LEGAL 662 Challenges for real estate 682 Lease disclaimers investment trusts globally GREEN 686 BUILDING URBAN Local government bodies in 675 DESIGN NZ and sustainability Why has the Green Square vision not been realised? SUSTAINABILITY 680 Investa: making sustainability more transparent 595 594-595_TableOfContents.indd 595 12/7/2012 5:24:58 PM PUBLISHER PANEL NATIONAL OFFICE Australian Property Institute CEO David Haythorn Financial Accountant Zainab Mwamtenda 6 Campion St, Deakin, ACT 2600 CFO Andrew Tregenza Financial Accountant Venus Barredo Property Institute of New Zealand CIO Joel Leslie Senior Journalist Kelli Wells Level 5, 181 Willis Street, Wellington, New Zealand Executive Assistant!Jill Lewis Online Content Offi cer Zoe Wolfendale Editor: Stephanie McDonald Technology Manager Iain Smith Professional Standards Manager Tony McNamara Production Manager: Rohan Pearce Education & Training Manager Tracy Kriesel Professional Indemnity & Compliance Manager Betty Warner-Lehman Sub Editor: Rebecca Merrett National Compliance & Audit Manager Carlos De Vos Creative: Fletcher Guinness API PINZ Senior Designor: Kate Dougan API National President Philip Western PINZ National President Phil Hinton President and Publisher: Barbara Simon API Senior Vice-President Tony Gorman PINZ Immediate Past President Ian Campbell API Junior Vice-President Robert Hecek PINZ National Board EDITORIAL COMMITTEE API Immediate Past President I Campbell, G Barton, G Munroe, Nick McDonald Crowley B Hancock, P Hinton, I Mitchell, M Dow, Managing Editor: Joel Leslie P Merfi eld (Independent) API National Council • Professor Richard Reed Chief Executive Offi cer M Cations (VIC), P Western and R Hecek David Clark • Michelle Glastris (NSW), C Harris (QLD), A Cubbins (TAS), • Professor Chris Eves M Kay (SA), N Mcdonald Crowley (ACT) • Sean Ventris National Director David Haythorn • Ian Flynn PRODUCED BY • Amy Guy • Gail Sanders IDG Communications for the Editorial Australian Property Institute. [email protected] • Tracy Kriesel Advertising [email protected] MARKETING AND Ph: + 61 2 9902 2706 COMMUNICATIONS Level 22, 8-20 Napier Street North Sydney, NSW 2060 Subscriptions Joel Leslie, API National Offi ce Ph: +61 2 9902 2700 [email protected] Ph: +61 2 6282 2411 CONTRIBUTORS The Australia and New Zealand Property Journal is published slander, unfair competition, trade practices and any violation by the Australian Property Institute (API) and the Property of the rights of privacy. Paul Anderson, Costa Argyrou, Rita Institute of New Zealand (PINZ) for the members. Authors, contributors and advertisers warrant that the Avdiev, Andrea Blake, Glen Boultwood, The Publishers invite authors to submit articles of material supplied complies with all laws and regulations Ross Catanzariti, Lucy Cradduck, David interest that further professional practice in the property and that publication of the supplied material will not give industry. Articles of 500 to 5000 words will be considered. right to claims of liability or are being capable of being Higgins, Phil Hinton, Lindsay Joyce, Guidelines for authors are available from the publishers. misleading or deceptive or in breach of respective laws in Chris Lawton, John Leeson, Martin The Publishers reserve the right to alter or omit all States and Territories of Australia and New Zealand. Locke, John McDonagh, Stephanie any article or advertisement submitted. Authors and At times, the Australia and New Zealand Property advertisers indemnify the Publishers and publishers’ agents Journal publishes technical material to assist professional McDonald, Gino Mitrione, James Morse, against damages and liabilities that may arise from the practice as supplied by authors and 3rd party sources. Mark Perkins, Elias Plastiras, Peter published material. The Editor accepts no responsibility for the expressions, Power, David Rees, Kelli Wells, Phil Advertisers, advertiser agents and representatives opinions, outcomes or effectiveness of formulas or calculations contained in those articles. Readers Western, Julian Whiston. lodging material with the Publishers indemnify the Publishers, its servants, staff and agents against all claims of should seek independent, specialist advice on matters liability or proceedings in relation to defamation, trademark concerning business practice, fi nancial outcomes and infringement, breeches of copyright, licences and royalty, legal implications. 596_Publishers_Information.indd 596 12/7/2012 3:21:46 PM PUBLISHER PANEL NATIONAL OFFICE Australian Property Institute CEO David Haythorn Financial Accountant Zainab Mwamtenda 6 Campion St, Deakin, ACT 2600 CFO Andrew Tregenza Financial Accountant Venus Barredo Property Institute of New Zealand CIO Joel Leslie Senior Journalist Kelli Wells Level 5, 181 Willis Street, Wellington, New Zealand Executive Assistant!Jill Lewis Online Content Offi cer Zoe Wolfendale Editor: Stephanie McDonald Technology Manager Iain Smith Professional Standards Manager Tony McNamara Production Manager: Rohan Pearce Education & Training Manager Tracy Kriesel Professional Indemnity & Compliance Manager Betty Warner-Lehman Sub Editor: Rebecca Merrett National Compliance & Audit Manager Carlos De Vos Creative: Fletcher Guinness API PINZ Senior Designor: Kate Dougan API National President Philip Western PINZ National President Phil Hinton President and Publisher: Barbara Simon API Senior Vice-President Tony Gorman PINZ Immediate Past President Ian Campbell API Junior Vice-President Robert Hecek PINZ National Board EDITORIAL COMMITTEE API Immediate Past President I Campbell, G Barton, G Munroe, Nick McDonald Crowley B Hancock, P Hinton, I Mitchell, M Dow, Managing Editor: Joel Leslie P Merfi eld (Independent) API National Council • Professor Richard Reed Chief Executive Offi cer M Cations (VIC), P Western and R Hecek David Clark • Michelle Glastris (NSW), C Harris (QLD), A Cubbins (TAS), • Professor Chris Eves M Kay (SA), N Mcdonald Crowley (ACT) • Sean Ventris National Director David Haythorn • Ian Flynn PRODUCED BY • Amy Guy • Gail Sanders IDG Communications for the Editorial Australian Property Institute. [email protected] • Tracy Kriesel Advertising [email protected] MARKETING AND Ph: + 61 2 9902 2706 COMMUNICATIONS Level 22, 8-20 Napier Street North Sydney, NSW 2060 Subscriptions Joel Leslie, API National Offi ce Ph: +61 2 9902 2700 [email protected]
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