Cluttons partnered with the Institute of Legacy Management, the membership body for legacy professionals – those responsible for the successful and sensitive administration of donors’ final gifts to charitable organisations – to host an event which explored the challenges charities face when they are left property. Whatever decisions are taken, they must ensure that they deliver against the objectives of the charity. Over 60 delegates attended the event, representing a wide range of UK charitable organisations.
Cluttons’ head of research, Sophy Moffat, head of residential agency, James Hyman, head of residential consultancy, Einar Roberts, and head of development agency, Sam Graham, joined legacy management and legal experts to discuss the importance of effective property asset management strategies in the charity sector.
In organisations where people are the focus and property is rarely central to the wider agenda, the discussion explored the importance of ensuring that the property asset strategy delivers against the charitable objectives and overarching mission.
In a market where house prices are flat thanks to on-going uncertainty and prices still have some way to go fall into line with earnings, choosing the right strategy for each property is paramount and requires expert advice from agents who really understand the local market to achieve best value, whether it is sale or let, refurbishment or development. Cluttons employs a twin track process to assess the best course of action depending on the condition of the property and whether there’s development potential which makes financial sense.
When it comes to developing properties, charities need to understand the different levels of risks involved in order to make disposal or development of properties in a portfolio more profitable. There are a number of options are open to charities, from sale without planning permission, through to securing full planning permission – a process which takes some time and incurs higher costs. An expert assessment of the best route to pursue is essential.
Cluttons is the market leading property consultancy to the charity sector, acting for clients such as Alzheimer’s Society, NSPCC, London City Mission, to name but a few.