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In the UK, contributions from landowners towards the provision of affordable housing are obtained through a process of negotiation that centres on the financial viability of each development proposal. National Planning Practice Guidance, first published in 2014 and recently revised in 2018 and 2019, provides the Government framework for these negotiations and sets parameters for the financial viability appraisals. Failure to achieve levels of affordable housing set out in local plans has been attributed to 'gaming' strategies employed by landowners and developers within viability negotiations. This paper examines how planning guidance has influenced financial viability appraisals. A key issue within these appraisals is the determination of a suitable return to the landowner, known as Benchmark Land Value. Using a case study approach to investigate two planning appeals and a subsequent High Court decision concerning a residential development site in London, this paper demonstrates how planning policy and practice guidance on viability can lead to reduced planning obligations being delivered. It identifies the technical concerns that need to be addressed to enable appraisals to determine land prices that are fair to landowners, whilst delivering policy-compliant levels of affordable housing, and discusses whether the revised National Planning Guidance has made those changes. [ABSTRACT FROM AUTHOR]

Explicit discounted cash flow methods are used in many countries to assess the value of real estate investments or their likely rate of return given a particular price. These are typically supplemented by simpler models for the purpose of estimating market value, leading to debate about different approaches. A parallel situation exists in the case of UK development sites: both cash flow appraisals and simpler residual valuations are used to assess site values. Yet debate here has been limited, even though traditional residual valuations involve steps that depart from project appraisal practices used in mainstream capital budgeting. We explore the relationship between the profit and interest allowances used in traditional residual valuations and the internal rates of return that they appear to imply. Published residual valuations typically allow for profit through use of a simple proportionate relationship between required profit and the cost or final value of a scheme. They also show limited variation in their profit assumptions, but this implies large differences in expected IRRs. Simulated examples then illustrate the implications of applying standard profit-on-cost rates to schemes of different lengths and with different levels of land value. Findings for project duration, in particular, are noteworthy since they indicate that lower IRRs are implied for longer projects, though this relationship is not necessarily rational. [ABSTRACT FROM AUTHOR]

This paper investigates whether the intrinsic energy efficiency rating of an office building has a significant impact on its rental value. A sample of 817 transactions for offices with Energy Performance Certificates (EPCs) in the UK is used to assess whether a pricing differential can be identified, depending on the energy rating. While previous analyses of this topic have typically relied on appraisal-based and/or asking rent data, the dataset used in this research contains actual contract rents as well as information on lease terms. The results indicate a significant rental premium for energy-efficient buildings. However, it is found that this premium appears to be mainly driven by the youngest cohort of state-of-the-art energy-efficient buildings. The results also show that tenants of more energy-efficient buildings tend to pay a lower service charge, but this link appears to be rather weak and limited to newer buildings. Hence, it is argued that the information contained in the EPC is still not fully taken into account in the UK commercial property market with the possible exception of both the highest and the lowest EPC ratings. Il est présenté une enquête visant à savoir si le classement d'efficacité énergétique intrinsèque d'un immeuble de bureaux a un impact significatif sur sa valeur locative. Un échantillon de 817 transactions relatives à des bureaux disposant de Certificats de Performance Energétique (CPE) au Royaume-Uni est utilisé pour examiner si un écart de prix peut être identifié, en fonction du classement énergétique. Alors que les analyses précédentes sur ce sujet se sont généralement appuyées sur des données basées sur des évaluations et/ou sur les loyers demandées, l'ensemble de données utilisé dans cette étude contient les loyers contractuels réels, ainsi que des informations sur la durée des baux. Les résultats indiquent une prime locative significative pour les immeubles à haut rendement énergétique. Il est cependant constaté que cette prime apparaît être essentiellement induite par la cohorte la plus jeune des immeubles de pointe à faible consommation énergétique. Les résultats montrent également que les locataires des immeubles ayant la plus grande efficacité énergétique ont tendance à payer moins de charges locatives, mais ce lien apparaît être plutôt faible et limité aux immeubles les plus récents. Il est par conséquent soutenu que les informations contenues dans le CPE ne sont pas encore pleinement prises en compte dans le marché britannique de l'immobilier commercial, à l'exception possible des classements CPE à la fois les plus élevés et les plus faibles. Mots clés: bureaux commerciaux, éco-labellisation, efficacité énergétique, Certificat de Performance Energétique, modélisation hédoniste, prime locative, valeurs locatives [ABSTRACT FROM AUTHOR]

The transition to a low-carbon economy urgently demands better information on the drivers of energy consumption. UK government policy has prioritized energy efficiency in the built stock as a means of carbon reduction, but the sector is historically information poor, particularly the non-domestic building stock. This paper presents the results of a pilot study that investigated whether and how property and energy consumption data might be combined for non-domestic energy analysis. These data were combined in a 'Non-Domestic Energy Efficiency Database' to describe the location and physical attributes of each property and its energy consumption. The aim was to support the generation of a range of energy-efficiency statistics for the industrial, commercial and institutional sectors of the non-domestic building stock, and to provide robust evidence for national energy-efficiency and carbon-reduction policy development and monitoring. The work has brought together non-domestic energy data, property data and mapping in a 'data framework' for the first time. The results show what is possible when these data are integrated and the associated difficulties. A data framework offers the potential to inform energy-efficiency policy formation and to support its monitoring at a level of detail not previously possible. Le passage a une economie bas carbone exige de toute urgence de meilleures informations sur les facteurs de consommation energetique. La politique du gouvernement britannique a donne la priorite a l'efficacite energetique du parc bati en tant que moyen de reduction du carbone, mais ce secteur est historiquement pauvre en informations, s'agissant en particulier du parc bati non residentiel. Cet article presente les resultats d'une etude pilote qui a etudie si et comment les donnees relatives a l'immobilier et a la consommation energetique pouvaient etre combinees afin d'analyser la consommation d'energie non residentielle. Ces donnees ont ete combinees en une « Base de Donnees de l'Efficacite Energetique Non Residentielle », de facon a decrire l'emplacement et les attributs physiques de chaque bien immobilier et sa consommation d'energie. Le but etait d'appuyer la creation d'un eventail de statistiques sur l'efficacite energetique concernant les secteurs industriels, commerciaux et institutionnels du parc bati non residentiel, et de fournir des elements probants solides pour le developpement et le suivi d'une politique nationale d'efficacite energetique et de reduction du carbone. Ces travaux ont rassemble pour la premiere fois sous forme d'un « cadre de reference » des donnees sur l'energie non residentielle, des donnees sur l'immobilier et un mappage de ces donnees. Les resultats montrent ce qu'il est possible de faire lorsque ces donnees sont integrees, ainsi que les difficultes qui s'y rapportent. Un cadre de reference offre la possibilite d'influer sur l'elaboration des politiques d'efficacite energetique et d'en appuyer le suivi a un niveau de precision qui n'etait pas possible auparavant. Mots cles: parc bati, consommation, donnees, base de donnees, statistiques energetiques, energie, politique fondee sur des donnees probantes, cadre de reference [ABSTRACT FROM AUTHOR]

Methods for assessing the environmental performance of new and existing office space cover a range of criteria that includes energy, water, materials and waste, health and wellbeing, pollution, transport, land use and ecology, but the overwhelming environmental objective is to reduce the amount of carbon dioxide (CO2) emitted from office use. The two main sources of office-related CO2 emissions are building operation and commuting and, in these respects, existing buildings pose a different set of challenges to new developments; energy is embodied in the existing structure and systems, and the location is fixed in relation to facilities such as public transport nodes and amenities. Using standardised published metrics on CO2 emission from office occupation and commuting, this paper estimates the amount of CO2 emitted by the stock of medium to large office buildings in a large regional city in the UK. The results are put into context of government targets and current environmental performance assessment methods. The paper argues that the existing office stock of a typical UK city performs poorly in terms of CO2 emission and that most current assessment instruments do not reveal the full extent of that poor performance. Depending on the instrument, this is for one or more of three main reasons: actual energy consumed/CO2 emitted is not measured, insufficient weight is placed on CO2 emission relative to other, often more qualitative green credentials, and either insufficient or no regard is paid to CO2 emitted as a result of commuting and business travel. [ABSTRACT FROM AUTHOR]

The article discusses the nature of vacant and industrial property. This paper focuses on the exploration of the vacant hereditaments looking into the significant data of bulk class, period of vacancy and age profile. It also gives a better understanding on the nature of commercial and industrial premises.

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Evaluates the potential for using information derived from existing land property data sets to assist in the creation of an urban land-use database in Great Britain. Analysis of land-use classification schemes in existences; Provision of local authorities and the government with a method of monitoring progress in meeting targets; Promotion of data sharing which will allow integration of other data sets.

Property value is a function of locational, physical, legal and economic factors. The prevalent method of valuation is the comparison technique. Popular with valuers and favoured by the courts, the comparison method involves the analysis of properties similar to the one being valued in order to isolate and quantify individual influences on value. It is argued that geographical influences on value are handled implicitly during this process. This paper demonstrates that the spatial analysis of property data enhances the valuer's understanding of locational influences on property value. In order to examine the effect of location on retail property value in particular, legal and economic factors were held constant. Differences in value attributable to physical characteristics were reconciled using an 'intelligent' interface capable of undertaking simple comparison method analysis. Any remaining differences in value were attributed to locational factors. The paper demonstrates that it was then possible to display comparable evidence on a map and shade each property according to its locational value. This aids the valuer in the selection of comparable evidence based on locational criteria. [ABSTRACT FROM PUBLISHER]