Savills Development Services

Providing a bespoke fully-integrated service from site identification through to product delivery

1 Contents

01 05 09 Introduction to Residential Recent Savills 02 Capital Markets 10 Transactions 18-21

02 06 10 Overview Residential Key 04 Development Sales 12 Contacts 22-23

03 07 11 Development Residential National 06 Valuation 14 Network 24

“I want to say thanks to you and to Savills for your excellent work on One Grosvenor Square. The whole team went above and beyond in 04 08 understanding the needs of a client like the Planning Mixed-use Government of Canada and consistently 08 Development 16 responded to our concerns with professional advice. I felt throughout that you were truly committed to us.”

Front Cover Helix, Trafalger Way, Canadian High Commissioner E14 to the Savills Role: Sold for £15 million for Trafalger Way

2 01 01 Introduction to Savills

Savills is one of the world’s largest real estate firms.

Established in 1855, we now have over 27,000 employees in over 600 offices 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the and associates across Middle East. Through our advice, our property management capabilities and the the world transactional services we provide, we help our clients to fulfil their real estate needs – whatever and wherever they are.

92 offices Savills UK operates across 92 offices across the UK nationally and services the full spectrum of the real estate sector through our 150 different service lines. We provide a complete range of property solutions throughout the lifecycle of any real estate Over 150 asset nationwide. service lines A unique combination of sector knowledge and flair gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative organisation and a number of recent market awards are a testimony to our success.

2014

2013 WINNER 02 03 02 “As ever, our clients remain the key focus of Overview our business and we continue to implement initiatives dedicated to providing a bespoke high level of service.”

Richard Rees Head of UK Development

Richard Rees £22 billion Head of UK Development residential development schemes advised on in 2013 2013 was a strong year for Development Services at Savills. We advised on 41,000 acres of development land with capacity for circa Sold £3 billion 380,000 residential units. We were responsible for selling 30 > Initiating a Savills Development of development land per cent of all London residential property Database, which gathers information in 2013 over £5 million and we spearheaded the on over 8,000 sites with 2.1 million sale of One Grosvenor Square for residential plots, means that we can £306 million, the year’s biggest single-unit provide our clients with premium level deal.We also broke £/psf new home records market intelligence. Acted on 41,000 in Winchester, Canford Cliffs and Salcombe. > We have also responded to client needs acres of strategic land The relocation of our global headquarters in by developing interactive digital price London has provided the perfect platform maps for buyers and sellers, enabling covering over 380,000 for dynamic cross-disciplinary working, them to review past transactions and enabling us to provide clients with the full predict future performance of property plots in 2013 suite of real estate services. types in different locations. > For our buyers and investors, we utilised As ever, our clients remain the key focus of our market leading research capability to our business and we continue to implement launch a Market In Numbers campaign initiatives dedicated to providing a bespoke to provide more localised pre-purchase high level of service. information. Key initiatives include: > In order to help bring our clients’ projects to life, we have invested in > The creation of a London Development augmented reality and 3D printing on and Regeneration team to adapt to key flagship developments. market trends and meet impending The strong foundations set in 2013 means demand in the Greater London area. that Savills Development Services are Specialising in the London residential perfectly-placed to continue to build on the market, this team will work in partnership strength of the team to ensure our clients’ with clients to deliver a fully-integrated needs remain at the heart of our business. service on a case by case basis.

Opposite > Former Dairycrest Site, Centre House & Stadium House, London W12 Savills Role: Acquisition

04 05 03 “Savills Development always deliver and their Development advice and consultancy has proved to be invaluable at each stage of the project. From well-researched and considered market advice to expert design consultancy and the fulfilment of last minute Ensuring clients are given market leading requests for reports, they always deliver on time and advice at every stage is our priority. on point. The team are extremely professional yet hugely enjoyable to work with.”

Nikki Gibbard Helical Bar From site identification through to product delivery, Savills Development Services provides a bespoke and fully-integrated More than 490 service. The whole process is driven by innovative, top quality research tailored to your individual needs. national development The Savills Development Process specialists Site Sourcing and Land International Development Consultancy We provide fantastic market knowledge and expertise across every stage of the development process. We source development sites across all Providing consultancy services on property sectors and every geographical residential and integrated resort More than 50 region. developments.

Planning and Design Research Sourcing research publications Site Identification Strategic Land Helping you maximise the return on your Our Research team offers buyers and Sourcing released annually investment. investors expert advice on investment Options/Joint Ventures Land Sales/Acquisitions

strategy, market trends and house price Sourcing Development Viability developments. We can also provide We help clients to ensure that their innovative analytical services such as Research Appraisals/Modelling More than 8,000 developments are viable and deliverable. geo-mapping, data analysis and survey Vision & design. Viability sites, 280,000 acres and Development Valuations Place Making Valuations 2.1 million residential We find investors and debt providers Development Database for projects across all residential and Capturing over 8,000 sites, 280,000 units captured by the commercial sectors. acres and 2.1 million residential units, this Urban Design/Master Planning Sustainability & Energy database tracks sites through the strategic development database Funding and Development promotion, planning and construction Planning Consultancy Development Consultancy Value Enhancement Matching capital with opportunity in the process, analyses the supply pipeline in any Design & Planning residential investment and development area and sees where companies are active. Development Management Environmental Assessment sectors. A reporting function generates custom reports and site maps. Marketing & Sales Consultancy Hotel Operator Search Delivery Our team can provide full project

management services. Enhancement Value Planning Permission

Project Management Delivery JV/Funding

Commercial Leasing New Homes Sales Product Sales & Commercial Investment Leasing Residential Investment Product Property Funds Property Management

06 07 04 “When you are dealing with Savills, you are dealing Planning with planners who are much more commercial than average and who can bounce ideas off their agency colleagues.”

Securing the right planning permission is John Beresford Grainger critical to achieving value and enabling owners to use their land as they wish.

The difference in value between a good and bad planning permission can be considerable. Our national team of planning consultants More than 200 has experience across the planning spectrum to ensure you always planners remain a step ahead in the planning process.

Planning is a key, and often complex, Appraisals, Strategy and Team Building factor in all transactions involving land and To maximise your chances of obtaining 400 planning buildings and gaining permission is crucial planning permission, you need the right to a site’s value. Our national team of more strategy and team. applications in 2013 than 200 planning consultants understands this. Legal Agreements and Infrastructure Payments We have up-to-date knowledge of CIL payments and Section 106 agreements evolving policy and practice, considerable Promoting can make or break schemes. experience in building the case for planning 130,000 residential plots permission to be granted and a long track Stakeholder Engagement record of achieving positive results. nationally Effective engagement with local Applications and Appeals communities is now an essential part of the planning process. We prepare, submit and negotiate planning applications of all types. Sustainability and Environment Compulsory Purchase and Savills can advise on the latest sustainability Compensation and environmental considerations. We provide comprehensive advice in this Energy Planning often complex area of property advisory. We provide bespoke services to help you Regeneration and Urban Design complete your energy projects. Our Urban Design team are experts in Planning Policy securing urban regeneration on the ground. Influencing planning policy, whether at national, local or neighbourhood level, can be essential to success.

Roger Hepher Opposite > Head of Planning & Aldershot Garrison Regeneration +44 (0) 20 3320 8270 Savills Role: Planning +44 (0) 7807 999 230 application advice [email protected]

08 09 05 “Savills are invariably leading the field in an Residential Capital innovative way with real expertise in areas such as Markets capital markets. This gives them a blend of skills which are unique amongst real estate advisors.”

Specialists across three key sectors: residential Richard Cherry Countryside Properties investment, student investment and funding and development.

The Residential Capital Markets team has been created to meet the unprecedented growth in the private rented sector since 2000 and c.£2 billion as such has been engaged in some of the most notable transactions of product transacted and continues to build an extensive track record in this sector. in 2013 We pride ourselves on leading thinking in the market, delivering opportunities for our clients and adding value to their businesses.

Residential Investment Funding and Development 27-strong team, Specialists in the sale and acquisition of Offers expert and bespoke advice in three income producing residential assets both core service areas; raising platform or the largest in the across the UK and overseas. Our team project level equity and debt, forward sale industry advises on the most effective strategic or forward funding of new build property, approaches in the management of and the acquisition or disposal of corporate portfolios, to realise maximum value from entities. residential assets. Build to rent is a particular specialism, 100,000 units Student Investment and Development with strategic advice being offered from advised on in 2013 Provides strategic advice at all stages of the product design through to fund structuring, acquisition or disposals process from site management and transaction execution. identification, planning and development The team works closely with the Savills funding to the forward sale of the complete global network to assist public and property asset on behalf of both operators private sector clients, including property and universities. companies and funds, family offices, The team has a strong track record in the Government bodies, banks, institutions agency market having transacted on over and sovereign wealth funds. It has an 50,000 beds to date. The team also has in- enviable track record, having advised on depth panel valuer experience and values over £2.5 billion of investment into the over £2 billion of student assets annually. sector over the last two years alone.

James Coghill Opposite > Head of Residential M&G Residential Portfolio Capital Markets +44 (0) 20 7409 5994 London & The South East +44 (0) 7967 555 847 Savills Role: Acquisition [email protected]

10 11 06 “Savills has demonstrated a deep Residential understanding of the London residential Development Sales market and provided some excellent clarity on what a developer needs to do to achieve aspired value. The team and With 20 dedicated regional centres, the attention to detail is excellent.” Savills is the premier new build property consultancy in the UK. James Saunders Quintain

Specialist knowledge and experience in the new build sector means we are able to offer high level residential consultancy, sales and More than 3,000 marketing advice and investment agency sales. new homes sold each We have 22 teams in the UK and Sales Monitoring year Ireland offering services to developers, Consistent management means we land owners and house builders. Our can pre-empt difficulties, implement objective is to offer the highest level of regular progress chasing and maximise service in the marketplace, to achieve information exchange. Sold 30% results for our clients and to add value of all London to the development process through Web market leading research, advice and Our clients can utilise the strength of our residential properties sales professionalism. premium superbrand and our unparalleled position as the most visited UK real estate Consultancy over £5 million website which sees up to 1 million visits a We advise developers and house builders month. at an early stage of development on the most appropriate mix, size, type, value Office Network Up to 1 million and design of houses or apartments. This We work closely with the teams in our 92 is often used to brief the architect and the residential offices in the UK to refer buyers website visits a month design team. We work with the professional and add profile to your scheme. team to deliver a scheme advising on all residential elements and the impact of other Investment uses. We ensure that the scheme is market We sell new and refurbished bulk facing, so we can execute a successful residential investment property to UK and launch and sales process. international investors. Such buyers are yield or discount driven and will buy in bulk. Site Sales Management A dedicated team of professionally trained International Project Marketing and managed site sales representatives, Savills has extensive experience in sales managers and directors, who are marketing residential London and UK able to ensure that your product obtains based developments to markets in the maximum market exposure. Middle East, South East Asia, South Africa and Russia, through a combination of Marketing targeting our local contacts, presenting We advise on marketing strategy, including market research, undertaking private recommendations on site branding, identity presentations and staging exhibitions. We advice, brochure design and site launches. continue to explore opportunities to target We will also give advice on marketing new markets across the globe. suites, show homes and target markets.

Advertising and PR Services George Cardale Ensure your property is advertised through Opposite > Head of Residential appropriate media channels at the best Development Sales price coupled with full PR coverage. 30 Old Burlington Street, +44 (0) 1179 100 351 London W1 +44 (0) 7967 555 725 Savills Role: Acquisition [email protected]

12 13 07 “Savills knowledge and understanding Residential of the key players in the market has been Valuation key in respect of making future lending decisions. They are our first firm to call when requesting valuation advice.” A leading provider of residential valuation services nationally, delivering development Graham Stenning The Royal Bank of Scotland Group and investment values across the entire residential spectrum.

A team of 150 valuers located in 19 offices throughout the country, On all Bank Panels specialising in residential and mixed-use valuation. Our expertise extends from single units We assist throughout the development offering flexibility through to significant development process from pre-purchase advice, viability and regeneration projects and latterly advice in planning applications, excercising investment blocks as the asset class of option agreements, loan security and becomes institutionally acceptable. Close valuations prior to sale. Solely specialise links with our commercial colleagues and in valuation, providing the various residential specialisms across The Residential Valuation team is widely the firm creates a distinct advantage respected and has an enviable reputation in independence when cogent valuation advice on the the market, not only from the breadth and development sector is required. We depth of the experience of our specialists understand the key dynamics that drive but also for our unrivalled comparable market value. databases upon which we can draw. We can also access the expertise of the local The largest Loan Security sales offices, development consultancy Residential Development A large part of our work is focused on teams and other specialist teams including loan security valuations conforming to the Planning, Building/Project management, Valuation team in RICS Red Book. We are acceptable to and Affordable Housing and our acclaimed the UK included on virtually all bank and lending market-leading and highly-respected institution panels, thereby offering flexibility Research department. to clients. This substantial backing and the strength Private Development Valuation of the Savills brand allows us to accurately assess a site’s full potential in order to We also provide pre-purchase valuation maximise value and provide best in class advice and reviews of development advice to our clients. schemes which enables our clients to understand the full financial position of an asset prior to seeking debt finance, as well as assisting with the financing process and pre-credit approvals. We seek to undertake such advice by agreement with the lending institution to avoid potential conflicts.

Patrick Eve Michael Sharpe-Neal Opposite > Director – Regional Director – London +44 (0) 1865 269 019 +44 (0) 20 7409 9940 20 Grosvenor Square, +44 (0) 7967 555 595 +44 (0) 7870 555 850 London W1 [email protected] [email protected] Savills Role: Site and completed development values for loan security in connection 14 with a purchase 15 08 “I have been very impressed with Mixed-Use the pragmatic, commercially Development astute and professional advice provided by Savills in relation to the redevelopment of One Focus on large-scale and complicated Bedford Avenue. Their advice development sites across commercial and was invaluable in securing a residential sectors. development partner, whilst also maintaining The Estate’s long term objectives.” The Mixed-Use Development team comprises a core group of seven development specialists. The team focuses on large-scale and Mark De Rivaz The Bedford Estate Advising on sites complicated development sites with a broad range and mix of uses. with capacity for We advise landowner and developer clients Development Agency 66 million sq ft of throughout central London, and in some A core element of our business is the development cases further afield, to drive best value implementation of agreed exit strategies out of the development process from land for clients, often including complex acquisition and assembly through the joint venture scenarios as well as more financial analysis and planning stage, to traditional transactional advice. We are also implementation of a delivery strategy. The retained by a number of developer and Multi-disciplinary team is currently advising on sites with landowner clients seeking expertise in the development services capacity for development of in excess of identification and purchase negotiations for 66 million sq ft across a range of sectors. for public and private development opportunities. Development Consultancy sector clients Development Management We work with landowners, funds and The team is able to draw on an expert developer clients to maximise value understanding of the development process through financial and option analysis when acting on behalf of non-specialist in order to inform strategic decision property clients to lead the design and Experienced making. This often includes evaluation of planning application process in order advice on complex development opportunities in alignment to enhance and crystallise full value for with core operating business objectives. development site assets. development projects We are employed by funds, property We align ourselves closely with our clients companies, regulated and private and their property assets, seeking at all corporates, academic institutions and times to provide advice of the highest NHS Trusts on the analysis and long term quality and commercial acumen with the delivery of major development projects. In objective of maximising our clients’ returns some instances we are asked to take on through agreed incentivised targets. principal roles to mediate and effectively unify landowners in the delivery of exceptional regeneration projects.

Kat Norton Opposite > Director – Mixed-Use Development +44 (0) 20 7409 5926 One Bedford Avenue, +44 (0) 7967 555 822 London WC1 [email protected] Savills Role: Development advisory and agency

16 17 09 Recent Transactions

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1. One Grosvenor Square, 2. Tribeca Square, 3. 30 Old Burlington Street, 4. Project Coppice, London W1 London SE1 London W1 UK Wide Savills Role: Sold for £306m for Savills Role: Acquired the Tribeca Square Savills Role: Acquired for £85m for Savills Role: Provided due diligence on Canadian High Commission development for the joint venture between Native Land Oaktree Capital Management’s acquisition Delancey and APG Asset Management of Countryside Properties

18 19 09 Recent Transactions

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6 7 10

5. South Bank Tower, 6. One Hyde Park, 7. Duke’s Lodge, 8. Thames Quay, Canary Wharf, 9. Caledonian Road, 10. Project Utah, London SE1 London SW1 London W8 London E14 London N7 UK Wide Savills Role: Sold for CIT – Price available Savills Role: Sold for Project Grande – Price Savills Role: Sold for approximately £50m Savills Role: Sold for Columbus Capital Savills Role: £38m forward funding for Savills Role: Acted on behalf of Patron Capital upon request available upon request for Threadneedle Investments Management – Price available upon request Motar Development Partners and Legal and General Group to acquire a majority interest in CALA Homes

20 21 10 “Savills has irrepressible enthusiasm, stubborn Key persistence and alongside all this energy, always Contacts space for lateral thought.”

Julian Barwick Development Securities

National Heads Regional Heads

David Williams Dominic Grace Ed Lewis Tim Whitmey Mike Shaw David Jackson Julian Harbottle Barry Allen Scott Caldwell Richard Janes Andy Redman Ben Brough London Commercial London Residential London Residential London Development Land National Strategic Land Planning, Head of Director – Bristol Director – Director – Director – Cambridge Director – Chelmsford Director – Edinburgh Development Development Development Sales +44 (0) 20 7409 9999 +44 (0) 1223 347 201 Operations +44 (0) 1179 100 329 +44 (0) 121 634 8411 +44 (0) 2920 368 943 +44 (0) 1223 347 097 +44 (0) 1245 293 293 +44 (0) 131 247 3730 +44 (0) 20 7409 8709 +44 (0) 20 7409 9996 +44 (0) 20 7409 9997 +44 (0) 7967 555 640 +44 (0) 7967 555 456 +44 (0) 118 952 0521 +44 (0) 7812 965 314 +44 (0) 7870 555 702 +44 (0) 7807 999 272 +44 (0) 7870 999 200 +44 (0) 7870 999 330 +44 (0) 7968 553 308 +44 (0) 7879 402 559 +44 (0) 7967 555 638 +44 (0) 7967 555 627 [email protected] [email protected] +44 (0) 7967 555 796 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Jim Ward Richard Asher Jonathan Steele Patrick Eve Charlie Walsh Barry Allen Nick Jones Jamie Doran Ed James Matthew Jones William Ward David Merrick Development Research Expert Witness / Compulsory Planning, Head of Housing Development Valuations International Residential Logistics Director – Exeter Director – Director – Guildford Director – Director – Director – Norwich +44 (0) 20 7409 8841 Puchase Orders +44 (0) 23 8071 3949 +44 (0) 1865 269 071 Development Sales +44 (0) 121 634 8411 +44 (0) 1392 455 712 +44 (0) 141 222 5878 +44 (0) 1483 796 809 +44 (0) 113 220 1252 +44 (0) 161 244 7710 +44 (0) 1603 229 203 +44 (0) 7967 555 553 +44 (0) 203 320 8258 +44 (0) 7967 555 818 +44 (0) 7967 555 595 +44 (0) 20 7016 3871 +44 (0) 7870 555 702 +44 (0) 7812 965 382 +44 (0) 7967 555 561 +44 (0) 7812 965 300 +44 (0) 7812 965 484 +44 (0) 7967 555 769 +44 (0) 7967 555 562 [email protected] +44 (0) 7769 671 618 [email protected] [email protected] +44 (0) 7968 553 348 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Stuart Jones Alex Dawson Peter Allen Mark Breen Paul McGowan Andrew Brentnall Michael Donaghy Michael Sharpe-Neal Mark Flemington Jason Hill Colin Wilkins Darren Arnold Development Corporate Public Sector Residential Investment Development Viability London Development Funding and Development Director – Nottingham Director – London Director – Sevenoaks Director – Reading Director – Southampton/ Director – London Recoveries +44 (0) 20 7016 3826 +44 (0) 20 7409 5972 +44 (0) 20 7016 3766 and Regeneration +44 (0) 20 7409 8155 +44 (0) 115 934 8030 +44 (0) 20 7409 9940 +44 (0) 1732 789 761 +44 (0) 1865 269 019 Wimborne +44 (0) 20 7409 9926 +44 (0) 2380 713 969 +44 (0) 7774 827 519 +44 (0) 7968 550 387 +44 (0) 7807 999 226 +44 (0) 20 7016 3844 +44 (0) 7967 555 578 +44 (0) 7967 555 581 +44 (0) 7870 555 850 +44 (0) 7967 555 620 +44 (0) 7967 555 591 +44 (0) 23 8071 3929 +44 (0) 7967 555 521 +44 (0) 7812 965 421 [email protected] [email protected] [email protected] +44 (0) 7989 405 751 [email protected] [email protected] [email protected] [email protected] [email protected] +44 (0) 7967 555 689 [email protected] [email protected] [email protected] [email protected]

22 23 11 “When it comes to sales, Savills are very focused and Development National make things happen. They are do-ers rather than talkers.” Network

Crest Nicholson With strong national coverage, the team are well- placed to meet all client requirements wherever they are.

Glasgow Edinburgh

Leeds

Manchester

Nottingham

Cambridge Norwich Birmingham Bishops Stortford Oxford Ipswich

Reading Chelmsford Cardiff Sunningdale Bristol LONDON (3) Sevenoaks Winchester Guildford Tunbridge Wells Richard Rees Wimborne Southampton Canford Cliffs Opposite > Head of UK Development Exeter 1 Harrington Gardens, +44 (0) 20 7016 3726 London SW7 +44 (0) 7967 555 431 [email protected] Savills Role: Sale

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