Virtual Current Property Issues 2023

KEY SUBJECTS

• COMMERCIAL LANDLORD AND TENANT CASE LAW UPDATE
• PROPERTY VALUATION: 2023 – A YEAR OF CHANGE
• CURRENT FLASHPOINTS IN COMMERCIAL PROPERTY
• PROPERTY RISKS, REALITIES AND RECOVERY IN 2023
• THE 2023 RATING REVALUATION – ANALYSIS, IMPACT AND ADVICE
• PLANNING: ‘BACK TO THE FUTURE?’

We are also going to include on the day a brief update on the MEES REGULATIONS in light of the 1 April 2023 deadline, to help clarify the position.

SPEAKERS

Lesley Webber, Consultant, Fieldfisher

Nick French, Real Estate Valuation Theurgy, Property Education

Suzanne Gill, Partner, Wedlake Bell LLP

Walter Boettcher, Head of Research and Economics, Colliers

Jerry Schurder, Partner and Business Rates Policy Lead, Gerald Eve LLP

Ian Anderson, Senior Director, Lichfields

CONFERENCE PROGRAMME

09.30am CHAIRMAN’S INTRODUCTION

COMMERCIAL LANDLORD AND TENANT CASE LAW UPDATE

• Back to the future? – The rent arrears cases on cinemas that couldn’t be used during Covid have reached the Court of Appeal: Bank of New York Mellon (International) Ltd v Cine-UK Limited [2022] EWCA Civ 1021
• Commercial Rent (Coronavirus) Act 2022 – What happens when landlord and tenant arbitrate under CRAC over Covid rent debts? TPIF (Portfolio No 1) GP LLP v Nuffield Health
• What’s in a Name? – When can and can’t a defective notice be rescued: O G Thomas v Amaethyddiaeth CYF v Owen Gwilym Thomas
• Sweeping up costs – What are the limits of “sweeper” clauses when it comes to recovering landlords’ costs from tenants: Dell v 89 Holland Park Management Ltd
• Comings and goings in Telecoms – Three appeals In the Supreme Court tackle whether a telecoms operator who has already installed equipment on a site can acquire new or better Telecommunications Code rights from the site owner: Cornerstone Telecommunications Infrastructure Ltd v Compton Beauchamp Estates
• Lease renewals under the Landlord and Tenant Act 1954
  • What happens when a County Court Judge decides the new rent under section 34: Old Street Retail Trustee (Jersey) Ltd v GB Healthcare Limited
  • How do the Courts approach requests to include “green” clauses in a new 1954 Act lease? Clipper Logistics plc v Scottish Equitable plc
• Rights and wrongs of Receivership – The High Court reviews the scope of a receiver’s powers and indemnity: Alma Property Management v Crompton

This list may be subject to amendment, addition or substitutions as more decisions of the courts become available

Lesley Webber, Consultant, Fieldfisher

PROPERTY VALUATION: 2023 – A YEAR OF CHANGE

In January 2022, the RICS published the Independent Review of Real Estate Investment Valuations and in the interim months has been consulting with the profession and other stakeholder on the appropriate implementation of the recommendations made relating to standards, process and methods.

We are entering a world where transparency, consistency and regulation are all bedfellows for good commerce and the valuation profession needs to embrace these traits in all property valuations. The RICS Red book in both its Global and UK supplement guises will be updated, after consultations, to incorporate the changes recommended by the review. This talk will discuss how this supports valuers in undertaking their work and how greater transparency benefits everyone involved.

The talk will also look at the new RICS (explicit) DCF Guidance note and the distinction between valuations and calculations of worth and why it makes sense that the property valuation profession starts to adopt explicit models, where appropriate, as their principal valuation model for such assets.

• Valuation Standards and the RICS Valuation Review
• Valuation Methods and the RICS Valuation Review
• Market Value vs Investment Value (Price vs Worth)
• The importance of regulation, consistency and professionalism in Valuation Reports

Nick French, Real Estate Valuation Theurgy, Property Education

CURRENT FLASHPOINTS IN COMMERCIAL PROPERTY

• Green leases – where are we now? How can you future proof your lease?
• Index-linked rents – tips and traps for rents linked to inflation
• Without prejudice and subject to contract – what does it really mean and when should you say this?
• Shrinking your footprint – what to look for in serviced offices/ co working agreements
• “We’d like to survey your roof”. What to do when the telecoms company comes knocking
• Foreign companies – obstacles to transactions under the new legislation

Suzanne Gill, Partner, Wedlake Bell LLP

PROPERTY RISKS, REALITIES AND RECOVERY IN 2023 

Risks remain visible in 2023, but the realities and potential for recovery may be understated linked as they are to a wide range of confusing political, economic and financial factors. The Chancellor’s Spring Statement will provide a point of departure for a discussion about inflation, monetary policy, interest rates and the impact on the economy and commercial property. Impacts from ongoing structural change will be clearer, especially the impact of ESG awareness.  Likewise, positive UK long-term prospects in comparison to other countries will be noted as well as notes on the relative performance of UK cities and the state of ‘levelling up’.

• Economic and financial backdrop – a ‘seesaw of sentiment’
• Market comments – latest market metrics across the UK occupier and investment markets
• An update on structural change: impact of hybrid working, e-commerce, AI and ESG on commercial real estate
• Short-term outlook – economic and commercial property outlook
• Long-term outlook – demographic growth and UK performance compared to its international piers
• Notes on UK regional development and the levelling up agenda

Walter Boettcher, Head of Research and Economics, Colliers

THE 2023 RATING REVALUATION – ANALYSIS, IMPACT AND ADVICE

The 2023 rating revaluation was the most redistributive ever – with significant sectoral and geographic shifts in rates bills. This session will analyse the impact and review the accuracy of the new assessments and consider the obstacles in the way of successful appeals. It will also cover the provisions of the Non-Domestic Rating Bill and the new reporting obligations to be imposed on businesses. And peek into the future with the possibility of a Labour government.

• Analysis of the 2023 rating revaluation – winners and losers
• To appeal or not?
• How do the new assessments affect rate liability
• Reliefs available for 2023/24
• The provisions of the Non-Domestic Rating Bill – major new reporting obligations on their way
• What changes might be expected from a Labour government

Jerry Schurder, Partner and Business Rates Policy Lead, Gerald Eve LLP

PLANNING: ‘BACK TO THE FUTURE?’

The appointment of Michael Gove as grandee ‘Secretary of State for Levelling Up, Housing and Communities and Minister for Intergovernmental Relations’ suggested a centralised system to deliver the promises of radical Planning Reform; with the Government driving development targets, the Local Plan process, and deriving greater influence in development to empower ‘top down’ influence ‘to level up’. However, with Gove being sacked as one of the last pieces of defiance by outgoing PM Boris Johnson, and with the summer recess and brief tenure of Liz Truss resulting in stasis, plans were shelved.

But Gove is back under new PM Rishi Sunak. Same department, same role, but increasingly it appears a changed narrative. Are we going ‘back to the future’ with a new era of Localism? If so, how will this impact the property industry?

This session will explain:

• What reforms are now likely to be pursued under the Localism Bill
• Other key issues anticipated, including those around biodiversity and embedded carbon
• How this is likely to impact the development industry
• Practical approaches to working with a potentially locally-focussed system

Ian Anderson, Senior Director, Lichfields

5.00pm CLOSE OF PROCEEDINGS