Partnerships in Urban Property Development

The author presents here a critical account of the whole range of partnerships in property development. The book moves beyond a theoretical overview and illuminates the reality of these schemes, showing, for example, exactly how the government is procuring schools, hospitals and roads. The author draws on his direct experience of running property partnerships and, using carefully researched case studies, presents the ′insider′ view.
Both public and private developments are addressed and considered from the funder, the developer and the tenant viewpoints. An analysis of how partnership schemes work is given, examining legal and economic issues, as well as assessing their impact on the urban infrastructure.

Spis treści:
About the Authors.
Acknowledgements.
1 The Public and Private Sectors.
The nature of partnership.
The public sector.
The state and private sector power.
Centralisation of power by government.
Power relationships with central area redevelopment.
The state and the private sector – the ′hollowed out′ state.
The state, globalisation and the corporations.
Government policy.
Development of government policy.
Exercise of state power.
Government and private companies.
References.
2 The Property Development Process.
Introduction.
The property market.
The supply of urban built space.
Finance and the development process.
Life cycles in buildings and their property development implications.
Public policy choices in the property market.
References.
3 Partnership Negotiations Using Property Development Appraisal Techniques.
The development decision.
Partnerships between public and private interests.
Assessing options.
Sensitivity analysis.
Key inputs in negotiations.
References.
4 The Private Finance Initiative.
History of the private finance initiative.
The PFI process.
Justification f or PFI.
Financing of PFI projects.
Value for money and procurement in PFI projects.
Risk and value for money.
Policy responses.
Design of PFI facilities.
Project changes.
Public sector ethos.
Comparative case study.
The PFI project.
Progress with PFI project.
The case study project.
Comparison with PFI procedures.
Cost time and performance.
Comparison with PFI project.
Conclusion.
CAPRICODE summary.
References.
5 Public–Private Partnerships in the Urban Development Experience of Dublin.
Background.
Engaging in public–private partnerships: from urban regeneration to PPP.
Evolving public–private inputs in urban renewal in Dublin.
The emerging role of public–private partnerships in 2008/2009.
References.
Website sources accessed 2007/2008.
DOE Urban renewal Legislation.
6 Property Funding Partnerships.
Introduction.
Debt or equity?
Lender’s risk avoidance ratios.
Corporate finance.
Rights issues.
Categories of project finance.
Sale and leaseback.
Rent–sharing leases.
Side–by–side leaseback.
Reverse sale and leaseback.
Documentation for profit sharing leases.
Rent–sharing leases–terms, risks and responsibilities.
Letting policy.
Capitalised sale and leasebacks.
Profit erosion with priority yield.
Timing.
Funding structure.
Return and yield.
Mortgages and debentures.
Profit sharing mortgages.
Default by mortgagor.
Forward sale or forward commitment.
Debt structure.
Interest rate hedging techniques.
Other corporate lending.
Other investment vehicles.
The charge to interest.
Profit erosion with priority yield documentation.
Management reality and conflict of objectives.
References.
7 Development Partnerships and Landowners.
Methods of site purchase.
Options.
Conditional contracts.
Overage and clawback.
Partner ships with local authorities.
Process.
The development brief.
Content.
The disposal documents.
Refurbishment.
Project A.
Contracts and documents.
Overage/lease and leaseback.
Equalisation agreements.
Types of agreement.
Deals with landowners.
Crystallising Section 106 costs.
Joint ventures.
Structures.
Management of the joint venture company.
Step in rights and joint venture termination.
Example of joint venture with syndicated funding package.
References.
8 International Trends in Public–Private Partnerships.
Evolving PPP programmes internationally.
Use of PPP internationally.
Accountability issues.
Political accountability.
National and international accountability.
Guidance on setting up institutionalised public–private partnerships.
Risk transfer.
References.
Websites accessed 2007/2008.
9 Economic Background and Future Trends.
References.
Index.

Nota biograficzna:
Nigel Dubben, MSc, BSc (Econ), MRICS, is Postgraduate Course Director in the School of Surveying at Kingston University. He was Development Surveyor for Slough Estates in the 1970s, a Partner in Conspectus Project Management in the 1980s and a Director of Grosvenor Waterside plc in the 1990s. He was also a Director of Hall, Pain and Foster before its takeover by Chesterton, now Atis Real, where he was Associate Director. He has been responsible for many development schemes, particularly in the retail sector and has managed major public and private sector projects.
Dr Brendan Williams lectures in Urban Development and Urban Economics at University College Dublin and is also Deputy Head of the School of Geography, Planning and Environmental Policy at UCD. In addition, he is a Chartered Planning and Development Surveyor who has worked on urban development projects in both a research and consultancy capacity in Ireland and internationally.

Ok&# 322;adka tylna:
The author presents here a critical account of the whole range of partnerships in property development. The book moves beyond a theoretical overview and illuminates the reality of these schemes, showing, for example, exactly how the government is procuring schools, hospitals and roads. The author draws on his direct experience of running property partnerships and, using carefully researched case studies, presents the ′insider′ view.
Both public and private developments are addressed and considered from the funder, the developer and the tenant viewpoints. An analysis of how partnership schemes work is given, examining legal and economic issues, as well as assessing their impact on the urban infrastructure.