Review of UK

magazine2019 CONTENTS P. 2 President’s Report P. 4 CULS Forums P. 11 Honorary Vice-Presidents P. 20 CULS Articles P. 108 Department Updates P. 124 Society Updates Font cover: Deloitte. See the CULS article The Future of Work is changing. Inside cover: CULS sponsored the ArcSoc (Architect Students Society) summer show in 2019 Editorial Magazine Sponsors “The only thing that is constant is change”. This phrase was first coined by Heraclitus, a Greek philosopher of the late 6th century BC, known for his principle of change, and for establishing the Cambridge University Land term Logos as meaning both the source and fundamental order Society would like to thank of the Cosmos. Despite the passage of time, this phrase seems the following for their to be truer today, than ever before, with structural changes generous sponsorship and evident in our socio-economic environment, our geopolitical support of the 2019 environment, as well as our workplace environment. Businesses CULS magazine. are struggling to keep pace with the rapid rate of change and disruption. To keep up, businesses are attempting to diversify into new markets and sectors, and innovate by building products and services to cater to new needs. Businesses are Werner Baumker however also taking a closer look at what it takes to be fit for the Group Director – Property, Howard Group future, to be more agile, and to be more responsive to change. PhD (Cantab), MPhil, BSc (Hons). I recently discovered a fascinating ‘sketch note’ graphic that Wolfson College (2005) summarises how some organisations are responding to external CULS Hon. Press Secretary changes. These businesses have recognised that technological [email protected] innovation alone is not enough. They have recognised that innovation is a result of something deeper and is commonly the result of changes in mindset, behaviours, leadership and culture. I am sure we can all cite numerous examples where the articulation of company purpose, the definition of cross-functional team structures, the drive towards greater staff empowerment, or the transition from “needs to know” to improved data transparency, has been pivotal to business innovation and ultimately business success. However, for our purposes the question is, how many of these examples do we know of within the real estate space? It is critically important that we too look closer at how we respond to the profound changes in our external environments. While we all, on some level, know that change is inevitable, it is often difficult to embrace, initiate and communicate. This year’s CULS Magazine seeks to do just that by calling for articles to address our 2019 theme of “Embracing change: disruption and the future of real estate”. I wish to thank each and every contributor for making the 2019 edition possible, and am most grateful for the articles from five of our Honorary Vice Presidents, including Dame Kate Barker If you wish to sponsor CBE, Professor Sir Malcolm Grant CBE, Liz Peace CBE, Roger Madelin CBE, and Peter Pereira-Gray. CULS in future, do please Howard Group, Birketts, and Apache Capital are generously sponsoring and supporting contact us by email on the production of the 2019 CULS magazine, and I am happy to report that feature articles are [email protected] or included for each sponsor. contact any of the CULS Special thanks also go to Dominic Reilly (Immediate Past President), Ian Marcus (Incoming Committee members. President) and Ali Young (Society Secretary) for a very memorable and high-quality 2018/19 programme, and smooth transition to 2019/2020. Finally, I wish to thank Dominic Reilly, Ali Young, Fiona Jones, Louise Sherwin, Martha Grekos and Lauren Fendick for taking the time to help me review over 70 articles featured in this edition and close to 100,000 words of original content. Design: iStudio21 If you have any suggestions for future content or wish to be involved with CULS in any way, 07766 989775 then please visit www.culandsoc.com or contact us on [email protected]. We look forward to hearing from you. We have a very active facebook page, and encourage you to join at www.facebook.com/culand Both the Cambridge University Land Society and the Silver Street Group have LinkedIn Groups for you to join. The groups are a good way to stay informed and to share your news and views. (Please add Cambridge to your profile to allow the group managers to confirm your group membership.) www.linkedin.com/groups/4258158/ CAMBRIDGE UNIVERSITY LAND SOCIETY 2019 1 President’s Report wrote in the President’s report of a broad church of our membership and the 2018 CULS Magazine that I was their guests. looking forward to my last year of Likewise these events could not ORT P Presidency, and very much hoped happen without the sponsorship of a Ithat I could report in the same happy number of key organisations. Europa vein to you in this year’s magazine. Capital, Orchard Street and Tishman I’m very relieved to say that my wish Speyer continue to sponsor our website, has been fulfilled, I have enjoyed my whilst Knight Frank, Howard Group, last year of Presidency as much as the Bidwells and Birketts sponsored our President’s re first two years, and I believe that the 2018 Magazine, and this year Birketts, society’s members and their guests have Howard Group and Apache Capital have enjoyed the range of events that we have agreed to sponsor our 2019 Magazine. organised in the past year. We also raise sponsorship as part of Dominic Reilly These events are reported in more our subscriptions from members of the Immediate Past President Chair, CULS Sports & Leisure Forum detail later in this magazine by the chair Whitehall group, and we have received Gonville & Caius (1975-1978) of each of our forums, but in totality sponsorship for a number of individual comprised 18 diverse CULS events, 3 events, and in this respect I wish to secretary to the Whitehall Group. Ali Dinners; our black tie dinner in March thank Mills & Reeve, Savills, Dentons, and Fiona are well known to all of our at the Oxford and Cambridge Club, the Howard Group, Carter Jonas, members and they are responsible for all the Silver Street Group Dinner at the Ashursts, Cobalt Recruitment and the the detailed work in putting on the great Farmers Club, and a Dinner at St Johns many sponsors of our very successful number of events that we host every College which proceeded our AGM; 15 careers fair. I also wish to thank those year. Whitehall Group lunches & dinners, the organisations who generously provide Finally, thank you to the committee and Whitehall Group Drinks Party and an us with the accommodation to host our membership for the very generous gift extremely well attended BREXIT debate events. of 6 magnums of Saint-Emilion Grande & Dinner. Our financial position has improved Cru 2015 and an engraved decanter. The In putting on these events we seek on the previous year and remains wine will be savoured and drank with to entertain, inform and challenge secure. Our income is a combination very good friends, hopefully including a both our members and their guests. In of membership subscriptions, ticket number of you in the coming year. relation to the world of real estate we sales and importantly a considerable Professor Colin Lizieri retires later this have put on events which have looked amount of sponsorship from a number year as Head of Dept. of Land Economy at the Cambridge-Milton Keynes-Oxford of key organisations. We do use our as does Professor Ian Hodge as Professor Growth Corridor, which have explained surplus to support both the Department of Rural Economy and who was also the value of Place Making, challenged of Land Economy and the Faculty of Head of Department from 2002 to 2011. a thesis that Banks lose money in every Architecture, we continue to support We were very pleased that Colin and cycle, and considered how the world of Franz Fuerst as the CULS Fellow, and to Ian attended our dinner in St John’s artificial intelligence might change the financially sponsor a number of annual real estate landscape. We have included student prizes and support a number of College after the AGM as our guests. visits to a range of properties from the individual students in their dissertations. They have every right to be very proud Fitzwilliam Museum and Hever Castle to I think we can now consider prudently of everything that the Department has King’s Cross and Canada Water. using more of our surplus in a number achieved in recent years. By way of During the three years of my of imaginative ways to support the example for the last MPhil recruitment Presidency, the political landscape University and its students involved cycle there was a dramatic increase in has changed dramatically, what with in the wider world of real estate. I applications, 789 applications for the BREXIT, President Trump, the Gilet particularly want to thank our Treasurer 100 places on offer, at a ratio of 8 to 1 Jaune movement, the election of two Erik Ruane who has looked after our which is high by Oxbridge standards. former comedians to form governments finances and ensured that the Society is Also the Land Economy degree “Building in Ukraine and Italy, and the political in the strong financial position it now and Town & Country Planning” topped unrest in Hong Kong. The Whitehall enjoys. the Guardian’s University League Table Group considers these issues, and we I also want to thank all of the for it’s subject area. Colin has been head are fortunate in having had a very individuals who make up the CULS of the Department since 2016 and is distinguished list of speakers to address committee.

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