Pictured: (l-r) Alastair Frew, Michael Orlik, George
Campion, Jonathan Clements and Ashley Hollinshead
London-centric investors are depressing the property market
outside of the M25 but failing to understand that it is in the
regions where the real recovery will be born, St Modwen's chief
executive Bill Oliver told Lodders Solicitors' annual property
conference.
The event, held at Henley Golf Club, heard headline comments in
a key speech from Mr Oliver and real estate legal and taxation
updates from Lodders and Deloitte speakers.
Mr Oliver said: "You can understand the flight to safety
mentality in London, especially with overseas money flooding into
the market, but is it sustainable?
"Back in the real world, occupier demand is low, and it is all
about occupier levels and footfall. Don't look for rental growth,
it simply isn't happening."
But he said there was also continuing uncertainty for new
development over the Government's planning policy.
"Every new government seems to feel the need to change the
planning system, almost as a rite of passage.
"There is a current 'presumption to refuse' planning and a major
change of attitude is needed," he said.
The seminar was also addressed by Lodders partner Alastair Frew
who discussed the implications of the Competition Act 1988.
"Where land agreements were originally exempted from the Act,
all land agreements are now subject to the Competition Act," he
said.
He also discussed the Water Industry (Schemes for Adoption of
Private Sewers) Regulations 2011 which came into force in July this
year, and its implications for developers and property owners. He
was joined by Lodders consultant Michael Orlik, a nationally
renowned authority on highways matters who gave an update on this
area of law.
Deloitte partners Ashley Hollinshead and Jonathan Clements
provided the tax and accountany input on joint ventures, lease
negotiations and changes to the REIT regime.
Jonathan Clements focused on the corporate tax implications in
lease incentives.
"Understanding the tax implications of the various kinds of
lease incentives can help both sides' negotiating position and help
to avoid nasty shocks afterwards," he said.
The seminar was chaired by George Campion, chairman of Lodders
Solicitors, a former partner at Deloitte. He thanked the speakers
and those who attended and had filled the room to capacity.
For more information about Lodders, please visit their website
here: www.lodders.co.uk