Tony’s taken up running. Again.

This vainglorious little page records my personal triumphs and disasters as I plod around the dark wet streets and over the windswept moors to try to get back into shape.

A slide, cocktail bars and a cinema room: inside the UK’s most luxurious student accommodation

A slide, cocktail bars and a cinema room: inside the UK’s most luxurious student accommodation

Full story at the Daily Telegraph property section

Forget the damp basements, slugs climbing up the walls and lumpy mattresses of your university halls. Developers have realised that they have to work much harder to attract the current crop of students and their rent money.

A slew of student properties across the country now boast ­features including rooftop bars, saunas, cinema rooms and even a helter skelter, to make getting out of bed and off to morning lectures that little bit more tempting.

Boasting some of the wackiest ­design is True Glasgow, where KKA ­Architects installed a giant slide in its accommodation block. There are also indoor swings, and a so-called ­dedicated festival area, comprising a renovated caravan to listen to music in, deck chairs and picnic benches. And, of course, study rooms – they are students after all.

Theresa May urged to drop personal allegiances and allow new homes on Greenbelt land to help solve housing crisis

Theresa May urged to drop personal allegiances and allow new homes on Greenbelt land to help solve housing crisis

Published in the Sunday Telegraph 9th September 2018

Theresa May is being urged to find the “political courage” to drop her opposition to building on green belt land to help tackle the housing crisis.

In a new paper, Simon Clarke, a Tory member of the Commons Treasury select committee, describes progress on building new homes as “painfully slow” and says current restrictions imposed on the buffer zones have become the “central obstacle”.

The paper, published by Freer, a new Conservative think tank, proposes relaxing rules on building homes within half a mile of railway stations – areas that are likely to be in “high demand” and are already well served by transport links.

Mr Clarke says his plan would free up land for at least 1.5 million new homes. The proposal is understood to have the backing of several senior ministers.

Link to full story

Investment in UK student accommodation remains resilient despite fall in university acceptance

Investment in UK student accommodation remains resilient despite fall in university acceptance

Investment in UK student accommodation remains resilient despite fall in university acceptance

  • £1.4bn of student accommodation stock was transacted between January and July
    2018 volumes are forecast to reach £4bn
  • Overall acceptances for places at university for 2018/9 fell by just 1% despite demographic dip
  • The UK student accommodation market continues to perform well with £1.4bn worth of stock transacted in the first seven months of 2018, despite a dip in overall acceptances for places at university for 2018/19, according to Cushman & Wakefield. On average, there are currently two students for every purpose-built student bed.

Cushman & Wakefield’s mid-year UK Student Accommodation briefing revealed that a further £1.3bn of stock is currently under offer, with early estimates indicating that approximately £4bn will be transacted by the end of the year. In addition, there are approximately 11,000 bed spaces being marketed to investors totalling £725m. Portfolios represent 52% of transactions between January and July.

Russell Hefferan, Associate in Cushman & Wakefield’s Student Residential Investment team said: “After a relatively slow start to the year, transactions are now accelerating with around £1.30bn currently under offer. There is an increased level of demand for affordable, built out schemes, with asset management angles that are not necessarily in Russell Group locations. We are also seeing an increased appetite for forward fund opportunities in prime regional cities where there are strong supply and demand dynamics.”

According to UCAS, overall acceptances for places at university were down by 1.1% for 2018/19, with UK acceptances down by 1.9%, despite a near 3% fall in the number of UK 18-year olds. However, EU students placed has grown by 3%, with non-EU international students growing by 4%. UCAS data also shows that there are now clear divisions in the market, with acceptances to higher tariff universities growing by 1%, whilst those accepted to lower tariff institutions falling by 3% largely mirroring last year.

David Feeney, Associate in Student Accommodation Advisory at Cushman & Wakefield said: “Overall demand for accommodation remains strong, with an increasing number of students demanding a purpose-built bed space. A similar number of bed spaces will be delivered for 2018/19 entry as was the case in 2017, with the average price of a new en-suite bed at £148 p/w broadly in line with that observed last year.

“However, there are now clear divisions in the market – not only in terms of students’ choice of university, but in the success of stock in towns and cities across the UK. Whilst some locations are seeing significant rental increases, in others some rents are falling due to competition, product choice and market digestion issues.”

Three policy priorities for Sheffield City Region from Centre for Cities

Three policy priorities for Sheffield City Region from Centre for Cities

Three policy priorities for Sheffield City Region from Centre for Cities

Sheffield City Region will elect its first metro mayor in May. He or she will need a vision for the city-region and clear strategic, deliverable policies to meet it. The challenge and workload will be considerable, with powers and expectations ranging from delivering policy, to establishing the institutions and capacity for effective city-region governance.

This briefing sets out three policy priorities to help the new metro mayor hit the ground running from the start of their term:

  • Introduce a clean air charge to tackle pollution and to fund better public transport across the city region
  • Develop a spatial plan to boost the city region’s commercial centres, and to make the most of the business opportunities they offer
  • Take action to address the skills deficits across all ranges in the city region

Download the Centre For Cities report by downloading or reading online.

Notable Real Estate Trends To Watch For In 2018

Notable Real Estate Trends To Watch For In 2018

Notable Real Estate Trends To Watch For In 2018

Storey from Forbes.com

As the real estate market continues to evolve, new trends are emerging for 2018. Buyers will be more in control as the housing supply will finally catch up with buyer demand, according to a report by Realtor.com. Additionally, more millennials will be looking to get out of their parents’ basement and purchase a home of their own.

Real estate agents have the challenging task of changing with the market and being responsive to their clients’ needs. Whether it is a buyer looking to purchase a new house or a seller looking to get the best price for their home sale, real estate agents will need to stay up on the trends of 2018 and be ready to respond to a growing demand for real estate.

Ten members of Forbes Real Estate Council shared what trend in real estate they predict will have the biggest impact on their business in 2018. Here is what they had to say:

All photos courtesy of Forbes Councils members.

Real estate experts share what to watch for.

 

1. Co-living And Community-Driven Spaces

Co-living and community-driven residential will increasingly have a larger impact on the multifamily industry as it changes to reflect a new wave of renter demands and wants. Just as amenities have defined the last decade of commercial real estate development, the need for unique experiences and services will heighten competition. – Benjamin PleatDoorbell Inc.

 

2. Short-Term Rentals

The rise of the short-term rental market has created a boom in opportunity for large property owners or the single family owner. Priorities range from renting a room occasionally for extra cash to renting entire vacation homes at three to five times the local and regional market since you now can access a global community. – Susan Leger FerraroPeace, Love, Happiness Real Estate

 

3. Fractional Investing

As peer-to-peer lending and crowdfunding catch mainstream attention, folks looking for greater diversification and passive investment opportunities will engage in factional investing. The last few years have seen some extremely credible startups innovate in this space, and next year could lead to individuals moving away from sole ownership to fractional ownership via crowdfunding. – Sohin ShahInstaLend

4. Smaller Living

Tiny apartments and mobile living will be a solution to increasing housing density in overpopulated areas. This will become more of a norm in big cities and will drive up operating income on existing apartment stock. This likely won’t have a huge effect on 2018, but it will over the next decade. – Nathaniel KunesAppFolio Inc.

 

5. New Appraisal Legislation

The new tax bill may further restrict new home-buyers from entering the market. Implementation of appraisal management company regulations in 2018 will increase costs and have the greatest impact on our business. It will increase the cost to do business, which will ultimately increase the cost to the consumer. – Cindy NasserPCVMurcor

 

6. The Rise Of The Real Estate Investor

The stigma around the average real estate investor seems to have faded with the recession but also, the rise of the corporate/national real estate investor is happening as well. I see that niche becoming more competitive, recognizable and digitized in 2018. Many home owners won’t think twice about entertaining an investor offer alongside considering selling with agents. –  Tracy Royce,  Royce of Real Estate

7. On-Demand Access For Renters

We often hear from renters that they are too busy to sweat the small stuff. They want immediate tour confirmations, like booking a restaurant on OpenTable, and near-immediate confirmation that they have leased, like booking a hotel. This real-time service expectation from a new generation of renters is exactly what we plan to cater to in 2018. – Anthemos GeorgiadesZumper

 

8. Growth Of Private And Alternative Real Estate Investments

We expect consumers will continue to invest more capital into private and alternative real estate assets, as public markets remain at record highs across all major asset classes, and comparable yield risk remains favorable to private real estate vs. higher risk bonds and equivalents. – Colin BogarProperty Passbook

9. The Rise Of Micro Units

Rental rates have been increasing across urban areas for the last several years, and the most impacted cities have seen a rise in micro units. These well-designed rooms, as small as 200 square feet, maximize every square inch available. Places like The Panoramic in San Francisco and Yotel in New York have been the first to embrace the model, and we see this trend expanding over the next year. – Nav AthwalRealtyShares

 

10. Millennial Buyers

I believe that the new buyers are millennials and we, as agents, need to become more proactive in the community to become that millennial choice. This generation has many different options for home ownership including tiny homes, investment homes and coliving situations with friends or family. It’s going to be a huge learning curve and a fun adventure all around! – Kevin TaylorSand to City Real Estate Team

Utrecht’s bicycle multi storey

In Utrecht they know how do cycle infrastructure, just make it as normal and integrated as motor vehicles. At first sight the bike parking complex has many similarities to a multi storey car park, but the adaptations for cyclists run deep, from ramp gradients to secure cycle lockers. It’s quite an investment for a small city of 330,000 people but its location underneath the central railway station lends a simplicity to multi modal transport options.

The Netherlands is enjoying year on year rises in travel by bicycle and of course, being flatlands, Holland has a head start in making it easy for casual bike users. With the provision of integrated infrastructure it will continue to normalise cycling, and that can only benefit everyone.
Read the article by Cycle Dutch  

The biggest bicycle parking garage in the world

Utrecht has opened –what will become– the largest bicycle parking facility in the world. The first 6,000 spaces can be used now, another 1,500 will become available by the end of this year and the full 12,500 spaces can be used by the end of 2018. By that time, this Utrecht bike parking garage will have surpassed the Tokyo Kasai facility –current largest in the world– that has room for 9,400 bicycles. Until then it already is the biggest in the Netherlands. The north-entrance is the only entrance so far. It is obvious that the facility is in the middle of a building site. Clearly visible is the scaffolding necessary to build the roof high above the new station square. The escalators, the elevator and the stairs will all lead to that new square. This bicycle parking garage is so big that the design had to allow cycling inside. It would otherwise take too much time to push your bicycle to the nearest available parking space. That gives the facility a distinct different look and feel compared to most other Dutch bicycle parking garages. What it has in common are the large open spaces and the fact that it is very well lit, making it clean and bright. Apart from ample parking spaces for standard Dutch bicycles in two-tier racks, there is also room to park cargo bikes, bikes with baskets and bicycles with children’s seats. Finally, the facility has a much needed and very large OV-Fiets bike hire station with 720 new Public-Transport-bikes on offer. From this picture it becomes clear that the building itself is also not entirely finished yet. This is one of the cycleways, inside the building, that people can use to ride to other floors. The facility needs to be opened in phases due to its location; right under the new station square that is currently being built in Utrecht. The thousands of travellers arriving in Utrecht daily need to be able to reach their destinations on foot at all times. It is a giant puzzle of where what can be taken away first to make room for something new. Building for this garage started in July 2014, but first the bus station with the taxi platform on top of it, that used to be at this location, had to be demolished, which meant the buses and the taxis had to have a new place first. Now the first part is ready, the station square on top of the bicycle parking garage can be built. Once that is finished (by the end of this year) people can use that square in their new walking routes and the structures with the original routes can be demolished. That is where the last one-third of the facility needs to be built. Underneath those 1970s elevated walkways, builders are already doing ground works. Once the original structures can be taken away, new parts will already be all around those old structures. This rendering, from the site of the architects, shows the new station area. I marked the approximate location of the bicycle parking facilty -squeezed in between so many other (new) buildings- with the red rectangle. Last week’s opening of the facility attracted a lot of attention, also abroad. Large numbers always speak to the imagination, but the Guardian was most struck by the fact that the Dutch didn’t seem to see this as a success. “authorities in the Netherlands are being accused of complacency, rather than praised for their foresight. The 12,500 places at Utrecht station are all very well, critics say, but with 43% of journeys under 7.5km (4.6 miles) being taken by cycle in Utrecht – creeping up from 40% five years ago – they simply aren’t enough, said Martijn van Es, spokesman for the Dutch cycling organisation Fietsersbond.” Walking routes are kept away from the cycleways in the parking garage. Fortunately, the figures are a bit better than that. This facility is one of many around Utrecht Centraal. In total, there will be 33,000 bicycle parking spaces before the year 2020, but indeed, that won’t still be enough to satisfy the demand. It is good that the Cyclists’ Union does its job well in asking for more attention and planning for cycling. There was more criticism. In a letter to the editor of Volkskrant the new facility was called a “consequence of failed urban planning”. The writer of the letter thinks the burden of bicycle parking should be spread more over the entire city with more –smaller scale– destinations and to other stations as well. “Well organised suburban stations would decrease the pressure on the central station and would prevent the need of such mega bicycle parking facilities.” That there is some criticism doesn’t mean the people in Utrecht are not proud of this facility; they are and rightly so. Not least because it is so space efficient. Some even think that if the same amount of space –that can accommodate 6,000 bicycles– had been used to park cars, it could hold a mere 150 vehicles. There is a huge interest for the new Utrecht bicycle parking facility. People walked around to have a look. The bike parking garage was tested some weeks before the opening by a group of lucky people at the end of July. It wasn’t revealed if there were some last-minute changes after this test, but in a way the whole facility is still in a testing phase. Many things are still missing. A system that will guide you to free spaces has yet to be installed. Screens that will tell you when the trains leave will also come later. The complete routing in the garage will have to be changed. Future exits for walking to the station square (not finished yet) cannot be used and because one-third of the building is still missing, a ramp to cycle to the other floors is also partly not there yet. This problem was cleverly solved with temporary stairs, half-way on the ramp that was already built, to walk. Of course the stairs have grooves to push your bike to those other floors. Two tunnels offering a direct walking route to the tunnels under the railway platforms, have already been opened in the basement. Cross section of the three floors of the new facility (click to enlarge). Picture from the site of the architects. The top one-third of every floor has yet to be built. The parking facility is a joint project from the city of Utrecht and both railway companies. The railways run it now and that means they impose their rules of conduct on the visitors. I was soon to find out what that means. There is a photo and film ban at every facility run by the railways. That goes for stations, inside trains, but also for bicycle parking facilities. Although the staff understands everybody wants to take pictures so shortly after the opening, they did ask me to abide to the general rules and to “stop taking pictures”. Fortunately, only after I had already filmed for almost an hour. Since I had no other business there, it effectively meant I was to leave and I did. When I joked about “being kicked out” on Twitter I had underestimated what the result of such an inconsiderate remark would be. Not only did the city’s office for the transformation of the station area respond on Twitter, they also sent me an e-mail right away to explain the situation and to apologise. Both this office and the city’s department for cycling kindly offered to arrange extra time for me to film. Even the Utrecht alderman for traffic got involved, so the joke got a bit out of hand! In the end, I really only missed one shot –of the 720 OV-Fietsen– and footage of those bicycles was kindly offered to me by Martijn van Es, you’ve seen his name before in this post, the spokesperson of the Cyclists’ Union. Thanks to everyone who wanted to make sure I got the images I needed for this week’s video! The new Utrecht station square under construction, in May 2017. Since then, huge scaffolding was placed here to build the gigantic roof. On YouTube you can see images from a drone flight over the works in progress. Finally, some last facts and figures. The facility has only one entrance for cycling so far (another one will be built). After you enter you decide where you can or want to park on one of the three floors, one of which is underground. There is a special area for 272 bigger bicycles and there is an area with 1,800 spaces for people with a subscription. The rest is for people that simply use their public transport chip card. If you don’t have such a card you can get a temporary one from the staff that you return when you check out your bicycle. The first 24 hours of parking are free. After that ordinary bicycles cost €1.25 for every consecutive 24 hours, while people with ‘special’ bicycles such as cargo bikes and the ones with baskets and children’s seats pay €1,50. For people living in another city, who need to leave their bicycles here for longer periods, there is a subscription that is on offer until November for just €55 a year. The garage is open 24/7 and always guarded. A dynamic guidance system (telling visitors where there are still places available) will be installed at the end of the summer. It will also be connected to the city’s Dynamic Bicycle Parking Guidance system. From then on bicycles that have been parked for over 28 days (without a subscription) will be removed. In future, the ramp on the left will continue to make cycling possible. But the part of the building that the ramp will lead through is not there yet. Therefore, temporary stairs were placed to be able to reach the other floor that way, until the rest of the building is finished. The “sea” of 720 shared bicycles in the new Utrecht OV-Fiets rental station. Picture kindly sent to me by Utrecht Fietst after I told the world I wasn’t able to film these bicycles. The Utrecht ‘Stationsstalling’ (Station’s bicycle parking facility), as it is apparently called, will be officially opened on 21 August next by the Utrecht alderman for (the reconstruction of) the station area and two regional directors of both railway companies. This week’s video showing the new Utrecht bicycle parking facility.

Privacy through history and into the future

Privacy through history and into the future

Some recent research on developing trends for office design and how they affect the people who work in them led to an Greg Ferenstein’s insightful short thesis The History of Privacy covering the last few thousand years of privacy. What becomes apparent is that privacy is something that we have expected to take for granted, but that’s a relatively modern way of life, and that we seem to be headed back to a way of living that is more communal.

It’s not without downside though. Privacy is a given for most people in the West, and it won’t be given up lightly. On a practical level, workplaces have been moving away from the post-war open plan offices, back to cellular working and studies show an increase in personal and overall business productivity as a result.

With the rise of the internet is changing the attitudes of many Millennials. Often prompted by scarcity of space and the associated high rents people are turning to co-working space, and now even to co-living. The increased numbers of students going away to university has created a wide culture of living together in shared accommodation.

With the increasing housing market failure primarily brought about by the political nature of the planning system perhaps it’s only a matter of time before we see co-living being an ordinary occurance from university onward.

Pension Insurance Corporation invest £60m into University of Essex student accommodation

The University of Essex has struck a £60.6m deal with the Pension Insurance Corporation for investment into a new build 643 bed student accommodation development on the Colchester Campus. The latest deal adds to a previous £98m refinance package for existing accommodation for the University. PIC aim to hold the investment for the long term with nominations agreements with UoE to support the income profile.

The secured bonds are rated AA by S&P, with a guarantee from Assured Guaranty. The project sponsor is Uliving with Bouygues UK Limited as main contractor. TradeRisks arranged the deal for the bond issue. PIC has invested around £500 million in the student accommodation sector over the past three years.

Key points of the transaction:

  • The project is for construction of a 643 bed student housing development on the University of Essex Colchester campus
  • The inflation-linked debt structure and amortising profile maturing in 2063 is a good match for PIC’s pension liabilities
  • Bonds are rated AA by S&P, benefiting from a guarantee by Assured Guaranty

PIC has invested around £2.5bn in direct and bilateral deals, including with providers of student accommodation, universities, renewables and over £700m in social and affordable housing across the UK.

Northern UK cities see the best real world yields

Northern UK cities see the best real world yields

We seem to have been here before as we see that London is powering ahead with house price increases of a fifth over the last twelve months. Within the 32 London Boroughs the average home now costs £499k, creating an enormous gulf over the national UK average house price of £265k.

The knock on effect on rental yields in the capital means that both professional landlords looking for income and private investors looking for a pension have found that they are now relying on capital increases for a profit from their investment. This is of limited use when ongoing revenue is being caught, and of less use still if and when the Bank of England decide to increase the interest base rate from it’s current historic low of 0.5%

A new report for totallymoney.com indicates that average gross yields in Kensington are a mere 1.6% where the average priced property costs an extraordinary £2.25m. In contrast, the S1 postcode in Sheffield yields 11% from an average price of £70k. While capital growth will be limited the gross yield make the northern proposition an attractive one.

In May 2014 somebody went and entered me into the 2015 London Marathon, putting both reputation and knees at risk.

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