bluuebunny/crossref_metadata_2025 huggingface dataset:
Shopping centres marketing audit: the concept
Authors: Peek David J.
Published: February 2008

Over the past decade the property manager has had to learn to adapt to many new factors affecting his everyday thinking. Computerised management, the effects of inflation, energy cost and efficiency, new technology in building services, and new thinking on rent reviews have all done much to change the job description and the thinking of the property manager. All the signs suggest that the next ten years will bring even more change and he or she should be devoting time for attitudinal and educational preparation for the traumas yet to come. With this preparation in mind, this article is directed particularly at those responsible for the strategic management of shopping centres.
Positive property management — a new prospectus
Authors: Arnison C.J.
Published: February 2008

Property management has often been described as the Cinderella of the landed professions. It has had the image of being dull, pedestrian and undemanding. Bright and ambitious surveyors have often avoided property management work, believing that success and satisfaction are to be more readily found in property development or investment. This year, I shall complete twenty years in property, the last seventeen closely involved with property management. At no time has it been dull and often it has been very demanding.
The role of housing in urban property markets
Authors: Chiddick David
Published: February 2008

1. Introduction The most significant conclusions to emerge from a recent study of housing land1 were not with respect to residential development but to the role of housing in urban renewal. This paper will consider the facts and figures which brought the Joint Land Requirements Committee to these conclusions and then attempt to develop the arguments further to the point of suggesting commitment to a comprehensive renewal ethnic for the urban (not just housing) environment.
Hungarian property practices — A paradox
Authors: Walker Maxwell
Published: February 2008

A map maker tracing the history of the British peoples in their homeland over the last 1,000 years would at least have the advantage of virtually unchanging physical boundaries. To do the same with the Hungarian nation, nowadays land‐locked in central Europe, it would be necessary to show a succession of often drastic changes in both the size of the state and its external political associations. Through it all, the Magyar traditions have survived and they go a long way to explaining ways of life, especially in matters of property, which might appear paradoxical to the outside observer.
Unitisation
Authors: Maxted BSc MSc DipTP ARICS W.M.
Published: February 2008

This paper attempts to state the arguments in favour of a unitised market for commercial property investment. Unitisation involves the splitting up of the ownership of a single property into units which can then be freely traded in much the same way as stocks and shares on the stock market. At present there are two main sets of proposals relating to the introduction of a unitised property market. These will be briefly summarised and then a number of questions will be posed concerning valuation and property management aspects of unitisation.
New chimneys for old
Authors: Gomm Norman R.
Published: February 2008

Modern heating appliances often work inefficiently in houses built before 1966 — and sometimes in houses built since then. And that may be due to the chimney.
THE PROSPECT FOR RENTS AND PRIVATE INVESTMENT IN HOUSING
Authors: Fisher Peter
Published: February 2008

At the Conservative Party Conference of 1986, the Minister of State for Housing, Mr John Patten, outlined his intentions for a new Rent Bill to be included in his party's general election manifesto. This directs the spotlight onto rented housing and Mr Patten's slogan ‘the right to rent’ will no doubt lead to a lively discussion. This paper aims to contribute to the debate by reviewing two major housing reports as they relate to rents and making further suggestions.
PUBLIC POLICY AND THE PRIVATE RENTED SECTOR OF THE HOUSING MARKET
Authors: Ricketts Martin
Published: February 2008

Recent months have seen increasing public concern with the state of the housing stock in Britain. Symptoms of the malaise include physical decay, empty property, homelessness, geographical immobility of households, overcrowding, and large numbers of people in bed and breakfast accommodation. In the search for causes and cures, attention has been directed at the structure of tenures in the UK and in particular at the inefficient operation of the rented sector of the housing market. The UK is characterised by a relatively large municipally‐controlled rented sector, and a relatively small sector of private lettings, compared with many other advanced countries. Neither the public nor the private sector of the rented housing market seems at present capable of meeting the demand placed upon it. In particular, public policy over 70 years has systematically undermined the privately rented sector. From housing around 90 per cent of households in 1915, the sector has declined to a mere ten per cent in 1985. Two forces explain this extra‐ordinary collapse of private renting. Firstly, as more and more people have become taxpayers during the course of the 20th century, the advantages of receiving lightly taxed income ‘in kind’ by investing in owner‐occupied housing have become increasingly pronounced. Landlords pay tax on the income (including capital gains) derived from housing, owner‐occupiers do not. Secondly, some form of rent control or regulation has been in force for most privately‐rented property continuously since the early years of the First World War. The restriction of prices below market clearing levels in the private rented sector has inevitably discouraged supply, reduced repair and maintenance expenditures, hastened sales of hitherto rented property to owner‐occupiers, gravely impeded geographical mobility of households, distorted the allocation of available housing space, and exacerbated housing shortages (homelessness). As a long term component of social policy, rent control has almost nothing to commend it. Its predicted consequences can all be derived from the simplest application of microeconomic analysis, and many elementary textbooks use rent control as an outstanding example of the effects on markets of intervention in the process of price formation. However, in spite of the widely perceived disadvantages of rent control, it is a policy which it is very difficult to reverse. The purpose of this paper is to discuss briefly the main features of a scheme which was recently advocated by the present writer in a paper published by the Centre for Policy Studies.
STRATEGIC FACILITIES PLANNING
Authors: Swicegood S.
Published: February 2008

Businesses and institutions have to plan ahead constantly in order to have the right buildings at the right time and in the right place, to support their business plans and operations. Dealing with this at a late stage can result in increases in costs and reduction in profits. If it is handled at a low level in an organisation, achievement of major business objectives can often be thwarted by lack of the right premises or by ‘crisis facility planning’. A service called ‘Strategic Facilities Planning’ has been developed by the Heery organisation and is outlined here by its managing director.
THE 1987 USE CLASSES ORDER — DOES IT ACHIEVE ITS AIMS?
Authors: Sainer Titmuss , Peiser Fuller
Published: February 2008

In order to reduce the number of changes of use that would otherwise constitute ‘development’, successive Use Classes Orders have laid down the framework within which uses can be freely exchanged without constituting development. In 1985, the Government requested the Property Advisory Group (PAG) to review and make recommendations on ways in which the 1972 Order needed amendment. After further consultation the Government issued the Town and Country Planning (Use Classes) Order 1987. The Order took effect on 1st June, 1987, from which date the previous Order was revoked. The aim of the new order is: ‘(i) to reduce the number of classes while retaining effective control over changes of use which, because of environmental consequences or relationship with other uses, need to be subject to specific planning applications; and ’ (ii) to ensure that the scope of each class is wide enough to take in changes of use which generally do not need to be subject to specific control. Whether the Government has succeeded in its aims — and we have a serious reservation — will take time to evaluate. In the meantime, the 1987 Order is of immediate interest, particularly to business users of property. This paper seeks to identify the nature of the changes and their possible effect on existing leases. A table of the relationships between the 1972 and 1987 Orders is on pp. 251–53.
INTERNATIONAL REAL ESTATE DIVERSIFICATION — A VIABLE INVESTMENT STRATEGY
Authors: Sweeney Fiona M.
Published: February 2008

As 1987 progressed the reverberations of the Big Bang continued to send shock waves through the investment markets. One such wave, which emanated from ‘deregulation’, is enhanced international portfolio diversification opportunities for the investor. If real estate is to compete successfully with other investment media and other financial centres also in the process of deregulation, it must urgently adapt to meet this challenge. Property analysts must respond positively to this global investment market by providing new and diversified real estate investment opportunities for the investor — the alternative is to allow real estate attractiveness as an international investment option to sink into a decaying trough. As a response to this challenge, I recently undertook research into the potential benefits of diversifying funds into international real estate assets supported by the use of correlation analysis. The findings and implications are relevant to any institution or individual which has the resources globally to expand or establish a real estate investment portfolio.
PROJECT MANAGEMENT
Authors: Beard C.A.
Published: February 2008

A project is a means to achieve change. All projects are complex, dynamic, transient, even turbulent, because the process of change involves risk, uncertainty, an element of the unknown. A construction project comprises a series of activities which, in aggregate, achieve change in the built environment, or in the form or function of a building. These activities involve many different people with different interests working together consecutively or simultaneously to bring that change about.
REPAIR AND MAINTENANCE OF FLAT ROOFS
Authors: Milton B.
Published: February 2008

The repair and maintenance of flat roofs probably creates one of the greatest headaches for a property manager as well as giving a touch of migraine to the professionals and advisers concerned with flat roofing problems. It was probably 15 years ago when we all became aware of the failings in design, construction and maintenance of flat roofs erected in the mid‐sixties and early seventies. The Codes of Practice at the time informed us that flat roofs, if designed and constructed in accordance with the Codes, should be maintenance‐free! Unfortunately this was not the case. Flat roofs, even today, still remain unmaintained with maintenance only being considered when failure actually occurs, when something has to be done. This attitude and approach are changing and today property managers are very much more aware of the importance of keeping flat roofs maintained and in a good state of repair. The property manager can also take comfort from the vastly superior materials that are available on the market now as opposed to ten to 15 years ago. This, however, is not an excuse to become complacent about the obligations of maintaining flat roofs, indeed there is no less obligation now than there was ten years ago; the due process of maintenance must be followed. Maintenance of flat roofing should form part of the designers thinking when detailing and specifying a roofing system. Unfortunately, it is not always possible to achieve maintenance input in terms of design and specification. Consequently, maintenance for flat roofing is only considered on completion of the roof and it is at this stage that maintenance policy must be formulated.
A PARTNERSHIP FOR PEOPLE
Authors: Kingdom Housing Trust United
Published: February 2008

This paper reports on the building of 2,000 homes in five years by a combination of Sheffield City Council, the United Kingdom Housing Trust (UKHT), a £70m capital loan from the Nationwide Building Society and a consortium of British and foreign banks — and the people of Sheffield.
MODELLING THE TIME DIMENSION IN LOGISTICS
Authors: BRAITHWAITE ALAN
Published: February 2008

Time is an increasingly important element in logistics strategy development. Service reliability and performance can give a real competitive edge. They can also reduce inventory and total distribution costs. Marketeers are now looking to distribution to ‘add value’. Alan Braithwaite of Logistics Consulting Partners describes the use of a new software tool STELLA which can be applied to provide the time dimension in planning logistics.
SYSTEM TRENDS IN WAREHOUSE MANAGEMENT
Authors: PATTISON IAN
Published: February 2008

Distribution and logistics management is constantly on the lookout for new ways of both reducing cost and improving service. One of the key factors in achieving this over recent years has been the successful application of computer technology in providing better information and a greater degree of support for the physical operation.
DEVELOPMENT: AUTO INDUSTRY SETS THE PACE
Authors: SCHMIDT STEFAN
Published: February 2008

More than 33 million passenger cars were produced worldwide in 1987, 4.3 million of which were ‘Made in Germany’. In Germany the industry has taken the lead in recognising the importance of logistics for future competitiveness. Stefan Schmidt of BMW reviews the development of JIT in Japan and discusses its application in the automotive industry in the USA. He also presents the concept of materials supply at BMW and future developments in logistics.
IMPROVING FLOW IN THE WORKSHOP
Authors: PEYRONNET FRANCIS
Published: February 2008

Manufacturing companies are facing up to the challenge of reducing lead‐time and in‐process stocks, and increasing flexibility. Kanban methods are being seen as an essential tool in meeting the challenge. Francis Peyronnet, manager of Kanban and Production Control for Bendix Electronics, France, outlines the steps required for implementing Kanban links between several production workshops.
DISTRIBUTION: TECHNOLOGY FOR ADVANTAGE
Authors: SLATER ALAN
Published: February 2008

For decades distribution has been like a ‘sleeping giant’, content to carry on as in the past. Now it has received an awakening triggered by the information technology revolution. The result has been reduced costs and improved customer service. Alan Slater, managing consultant at Price Waterhouse discusses the importance of distribution information.
1992: A FORCE OF CHANGE FOR DISTRIBUTION
Authors: MORTIMER JOHN
Published: February 2008

The prospect of a single European market by 1992 will force manufacturers to examine their logistics chains in great detail. The result, according to Andrew Cardle of Network Distribution, could be a complete shake‐up in both manufacturing and distribution strategies. John Mortimer went along to find out more.
IMPLEMENTING DISTRIBUTION SYSTEMS
Authors: MASON PAUL I.
Published: February 2008

Many companies look to the use of information systems to support their distribution operations. Hoskyns' involvement with many companies in this area confirms that the most successful projects originate from clear commercial thinking at the project inception. Some of the key aspects often missing from projects are discussed in this article.
LEADERSHIP IS CONFERENCE KEYNOTE TOPIC
Authors: ROOKS BRIAN
Published: February 2008

The USA's Council of Logistics Management has long stressed its aim of promoting leadership. Reflecting this theme, its 25th anniversary conference was addressed by four recognised leaders in the field. Brian Rooks listened to their talks and extracted some of the messages and lessons they gave on leadership.
CLASSIFICATION AND DESIGN OF ORDER PICKING
Authors: GOETSCHALCKX MARC , ASHAYERI JALAL
Published: February 2008

Two researchers suggest a new approach to the most fundamental warehousing operation of all.
Integrated Logistics Systems with Distribution Resources Planning
Authors: Edwards Len , Lucas Robin
Published: February 2008

Planning systems are only as good as their interface with the distribution function. If distribution is having an adverse effect on the overall logistics system, then we have a “systems gap”. What is then needed is the use of distribution requirements planning (DRP), a powerful method with which to integrate the logistics systems of organisations.
Finding the edge on steel with stereoscopic vision
Authors: Loose Peter
Published: February 2008

A British company has developed a two‐camera system which can be used on‐line to find the precise width of steel strip. The system can be calibrated away from the hostile environment associated with steel works in which the unit will operate without special protection, apart from watercooling.
A design approach to total sensory robot control
Authors: Masuda Ryosuke , Hasegawa Kensuke , Gong Wei‐Ting
Published: February 2008

Various types of sensors such as tactile, proximity and visual, have been developed to give robots flexibility and adaptability. It is argued that for complex tasks the individual sensors need to be integrated into a total system. In this article a variety of sensors developed by the authors are presented as modules and a design approach for a total system is discussed.
Welding sensor uses structured light and 2D photocell
Authors: Bamba Takao , Maruyama Hisaichi , Ohno Eiichi , Shiga Yasunori
Published: February 2008

Vision sensor for arc weld seam tracking uses a projected line of light scan from a high power infrared LED, which is detected by a two‐dimensional position‐sensitive photocell. It is compact enough to be mounted on a robot hand and works well on surfaces of poor reflectivity.
Application of pattern recognition and image processing
Authors: Vanderheydt L. , Vuylsteke P. , Jansen P. , Oosterlinck A. , Van den Berghe H.
Published: February 2008

The Pattern Recognition and Image Processing group of the Leuven University is engaged in medical as well as in industrial projects. This paper is Part I of an overview of some of the industrial applications.
Robot‐assisted gauging of gudgeon pin
Authors: Peirce E.A. , Grieve R.J.
Published: February 2008

A robot‐linked inspection station for automatic gauging of gudgeon pins for surface finish, diameter and taper, has been set up as a demonstration unit at Brunei University, and has been shown to be reliable from the viewpoint of both instrumentation and robotic placement. It makes a simple reject or accept decision on surface finish and taper, but accommodates three tolerance bands on diameter.
The practical implementation of vision and signal processing
Authors: Brook R.A.
Published: February 2008

This paper examines current and likely future developments in signal and vision processing for practical applications, emphasising where possible the prospects for low‐cost high‐speed systems.
“Outstanding potential” shown by magnetoelastic force feedback sensors for robots
Authors: Vranish John M. , Mitchell Eugene , DeMoyer Robert
Published: February 2008

The US Naval Surface Weapons Center has made good progress in exploiting recent advances in magnetoelastic materials technologies and has designed magnetic circuits which are easily adapted to force feedback sensors. Preliminary designs have been completed for grip and torque sensor modules for an industrial robot.
Tactile sensor arrays·the other option
Authors: Severwright Jerry
Published: February 2008

Tactile array sensor systems have a number of capabilities which make them very applicable to industrial robot systems. Work on their development and the interpretation of the sensor data applicable to flexible assembly automation systems is now being carried out in a SERC collaborative project between Sussex University, School of Engineering and Applied Sciences, and Thorn EMI Central Research Laboratories.
A gripper for ultra·thin·walled tubes with a built·in force sensor
Authors: Tur‐Kaspa Y. , Robotix Sunrise , Lenz E.
Published: February 2008

Through a unique design and application of a photo‐elastic material a gripper was developed that was able to perform high precision assembly tasks with a robot on ultra thin‐walled(R/T300).
A multi·processor system for sensory robotic assembly
Authors: Mitchell I. , Whitehead D.G. , Pugh A.
Published: February 2008

The Robotics Research Unit at the University of Hull is engaged in work on robotic assembly problems using various sensory techniques.
Lasers probe gas flow in engines
Authors: Dale B.W.
Published: February 2008

A group of laser techniques developed at the AERE is proving a powerful aid to design of diesel and petrol engines and shows promise for other industries in measurement of gas flow, particulate motion and size, temperature and chemical composition. This article is based on a presentation by the author at the Lasers in Manufacturing conference last November.
Real·time radiology of critical engine components
Authors: Müllenberg D.
Published: February 2008

The special design of an economic inspection system for aero‐engine turbine blades and vanes with X‐ray fluoroscopy and numerically controlled sample handling is described.
Automatic freight calculation in a Japanese warehouse
Authors: Suzuki Jun
Published: February 2008

Over the past ten years about 200 computer‐controlled automatic sorting machines have been installed in Japan. The system described in this article, in use in a retail distribution centre, incorporates automatic ultrasonic volume measurement for calculation of freight charges, voice input, laser scanning and other sensing aids. Part of the system was described in this magazine in January 1981 — this article brings the story up to date.
Direct measurement of fragmentary velocity and stereo depth
Authors: Overington Ian
Published: February 2008

Methods for sensing optical flow and stereo depth must be robust for computer vision applications.
Automatic inspection detects PCB faults
Authors: Kochan Anna
Published: February 2008

A fully automatic visual inspection workcell for PCBs has been developed for DEC by Itek Optical Systems.
Sensors: making the most of piezo film
Authors: Victor Chatigny J. , Robb Lester E.
Published: February 2008

Piezo films – materials which produce an electrical charge when deformed — exhibit extremely unusual properties.
Biosensors — from concept to commercialisation
Authors: Albinson Rosemary
Published: February 2008

Rosemary Albinson, a staff scientist with Cambridge Consultants Ltd, discusses how biosensors are best developed and commercially exploited.
Allen‐Bradley's VIM cleans up simple vision
Authors: Loughlin Clive
Published: February 2008

Allen‐Bradley's low‐cost vision system — the Vision Input Module (VIM) is reviewed and compared to the Intelligent Framestore offered by Image Inspection.
Tutorial: line scan cameras
Authors: Loughlin Clive
Published: February 2008

Sensor Review covers an important component used in many industrial applications.
SENSORS DETECT FOOD CONTAMINATION
Authors: MacAndrew Alec , Harris Chris
Published: February 2008

Introduction Within the food industry today, there is an increasing trend towards the production of higher quality products. There are two major motivating factors behind this trend. First, growing public interest in the safety and wholesomeness of foodstuffs has led to increasingly stringent regulations in the EC, the USA and Japan. Second, more and more food companies are realising the financial benefits to be gained from better quality assurance and process control on the production line. By producing quality products through an efficient and controlled process, companies can increase their market share and reduce costs. The penalties to be paid for not paying sufficient attention to quality control can be very high — from a costly recall of a batch of a product to a long‐term fall in market share due to the loss of customer confidence in a brand name.
SENSE AND SENSIBILITY: A MATTER OF INTERPRETATION
Authors: Davies Bruce
Published: February 2008

A car capable of self‐diagnosis, a central heating system that actually keeps your house at a constant temperature, a pointer able to pick out individual atoms and a temperature sensor capable of detecting temperature changes that last only eight millionths of a second were just some of the revelations made at the Institute of Physics' Sensors Conference held in Edinburgh, 23–25 September 1991.
PIEZOELECTRIC CABLE
Authors: Marx Charles
Published: February 2008

A long, small diameter piezoelectric cable has become available for use as a sensor device. The long length of the cable is exciting in that measurement can take place anywhere along its length. This is an excellent characteristic when measuring the dynamic behaviour of a continuous system. Measuring at a point (for example using strain gauges) is often not satisfactory as the point may or may not correspond to a node (or nodes) associated with one or more modes of vibration of the system. By monitoring over a length however, this problem is overcome. The disadvantage with measuring over a length is that the output signal is a summation of all the events along the length and a quantity that does not indicate an exact position.
DISTRIBUTED FIBRE OPTIC TEMPERATURE SENSING
Authors: Orrell Peter R.
Published: February 2008

Since the introduction of the fibre optic distributed temperature system by York in 1986, the system has been successfully applied in a number of areas. The monitoring of hot‐spots in large power transformers and electricity cables to the analysis of the curing process in large concrete structures such as dams are some examples of where the technology is being used and is providing temperature data. Other more imaginative but nevertheless potentially feasible applications range from detecting black ice on roads to the monitoring of volcanic eruptions for the purpose of disaster prevention.
THE ENIGMA OF THE SHORT LEASEHOLD
Authors: BAUM ANDREW
Published: February 2008

Leasehold valuations are, as ever, an area of controversy. The 1980 Interim Report of the RICS Research Project into Property Valuation Methods can be seen as the climax of systematic and prolonged attacks upon the dual rate approach to leasehold valuation which have met with little or no resistance. In that report it was recommended ‘that the theoretical weaknesses of the conventional dual rate method be emphasised to all practitioners’.
APPRAISAL v VALUATION: SOME US DIFFERENCES
Authors: MACKMIN DAVID
Published: February 2008

A dispassionate view of the degree to which North American appraisal practice exceeds UK valuation practice in quality (if indeed it does) is hardly to be expected in a journal devoted to the latter of these two combatants. Such a venture is not attempted in this paper.
THE VALUATION OF DEVELOPMENT PROPERTIES
Authors: RATCLIFFE JOHN
Published: February 2008

This article, a full and general consideration of the Residual Method of Valuation, appears in three parts. Further parts follow in consecutive issues. Future issues of Journal of Valuation will feature papers with specific relevance to development. This three‐part paper marks the beginning of the series.
FINANCIAL ANALYSIS OF LEASING DECISIONS AND PROPERTY INVESTMENT
Authors: WARD C.W.R.
Published: February 2008

One of the curious features in the literature of property valuation is the lack of concern for general issues of valuation. The most obvious deficiency is the absence of serious discussion on risk‐adjusted discount rates, but another important and neglected issue is the analysis of leases as an investment decision from the lessee's viewpoint.
EQUIVALENT YIELD ANALYSIS
Authors: JONES I.G.
Published: February 2008

The valuation surveying profession has experienced in recent years a number of innovations in its technology. Perhaps the most popular of these innovations is the use of equated yield analysis in investment appraisal. However, there is one type of equated yield which has received little critical attention and yet is relatively easy to understand and is employed in practice with obvious benefits. It is the equated yield without growth, more commonly referred to as the equivalent yield. Occasionally defined as the overall or average yield, it is in any event an internal rate of return that may be found by discounting the varying cash flows at a constant discount rate.
WHITHER THE WILLING BUYER
Authors: RATCLIFFE JOHN
Published: February 2008

Over the last eight or nine years something closely akin to a revolution has taken place in the production of standards and guidelines intended both to assist the surveyor in day to day practice and to inject a measure of consistency into the market. Perhaps the most notable contribution has been made by the founding fathers of the Asset Valuation Standards Committee of the Royal Institution of Chartered Surveyors, without whose good offices the valuation profession might well have found itself subject to regulation externally imposed and its role diminished in the eyes of other professional advisors acting on behalf of business clients. One of the cornerstones of the Guidance Notes produced by the AVSC is its definition of open market value, and it is with the general concept of open market value, or rather with one particular aspect of it, that this brief note is concerned.
VALUATION OF VARIABLE RENTS: THE BRITISH EXPERIENCE
Authors: JONAS CHRISTOPHER
Published: February 2008

In this paper I outline the reasons for variable rents and examine the evolution of rent reviews in the UK. I look at the basis of our valuation practice and finally examine how, with the advent of portfolio analysis, such practice might develop.
DEVELOPMENTS IN FAIR RENT DETERMINATIONS
Authors: DOLING JOHN
Published: February 2008

Because the legislation has never provided rent officers with precise and unambiguous rules on which to base their fair rent calculations, the rationale underlying trends in fair rent levels has generally been difficult to discern. Evidence given to the House of Commons Environment Committee and interpretation of data released by the Department of the Environment, however, suggest that in recent years there has been a marked development in the interpretation of the statutory formula. Essentially this seems to have followed from a judgement that, overall, rents in some registration areas have been set at too low a level, and in practice the general level of rents in these areas has been rapidly increased.
THE VALUATION OF REVERSIONARY FREEHOLDS: A REPLY
Authors: GREAVES MICHAEL
Published: February 2008

In his article ‘The Valuation of Reversionary Freeholds: A Review’ Andrew Baum drew a comprehensive picture of conventional and modern valuation approaches to this topic. His conclusions were well founded, but appeared to be a bit harsh on the basic Discounted Cash Flow Approach which, in his article, seemed to emerge as the Rational Model of Sykes. This article hopes to show that the basic Discounted Cash Flow Approach can deal adequately with complex reversions without being cumbersome or without requiring major adjustments, as Baum's article implies, and that it has the benefit of being more explicit than the Real Value approach which still hides rental growth in ‘i’, the inflation‐proof discount rate.
THE IMPORTANCE OF INFORMATION IN ASSESSING VALUE
Authors: BROWN GERALD
Published: February 2008

Summary The ability of valuers to correctly assess available information and impound it into valuations is essential for the operation of an efficient property market. If valuers are doing a good job then they will take into consideration that information which is relevant to the type of valuation being undertaken. In this sense the market is efficient. No market is, however, completely efficient otherwise it would be impossible to earn abnormal returns. There is, therefore, sufficient incentive for investors to acquire costly information in order to improve performance. These issues are central to understanding the role of valuation models and clearly point to the need to improve both the collection and economic interpretation of information.
THE INFORMATION CONTENT OF PROPERTY VALUATIONS
Authors: BROWN GERALD
Published: February 2008

Utilising a sample of 135 properties with continuous returns data calculated at monthly intervals over the period from January 1979 to December 1982 an analysis is undertaken to test the efficiency of the UK commercial property market. The results show that the market is efficient at the weak form level and that valuers are doing a good job in impounding information. Significant positive serial correlation does exist at the portfolio level but this is probably induced by averaging. The empirical evidence would seem to imply that the property market conforms to the requirements of a fair game so that investors can only expect to earn high returns by taking on high risk.
THE MEASUREMENT OF PROPERTY INVESTMENT PERFORMANCE: SOME CONSIDERATIONS
Authors: HALL PATRICK
Published: February 2008

Property investment performance measurement is a vital defence for the property investment manager. This paper examines various points of detail in the use and interpretation of performance measurement results, recommending the use of internal rates of return as the means of measurement and making further specific points concerning the division of return into the causal factors of income and capital changes. Exhibits are provided in illustration of the proposed approach.
IS THERE A RESIDENTIAL VALUER IN THE HOUSE?
Authors: MACKMIN DAVID
Published: February 2008

This paper briefly examines the nature of residential valuations, questions the professional vigour with which such instructions are handled and raises a number of fundamental points that residential valuers need to be able to answer in the near future, if not to‐day. It concludes with the view that a statistical approach may be necessary in the future but will only be acceptable if based on accurate base data.
THE RISK OF PROPERTY TO THE INSTITUTIONAL INVESTOR
Authors: FRASER WILL
Published: February 2008

This paper investigates the risk incurred in UK property investment by the major investing institutions. The historic variability of investment returns from property is compared with that from long dated British government bonds (gilts) and ordinary shares (equities) using data from the JLW Property Index.1 A variety of definitions of risk are examined in order to assess the relative risk of property, considered both in isolation and as an integral part of the overall institutional portfolio. The investigation concludes that, since the late 1960s, property has involved significantly less risk than either of the two alternative investments.
THE APPLICATION OF EQUATED YIELD AND REAL VALUE APPROACHES TO MARKET VALUATION: 2
Authors: CROSBY NEIL
Published: February 2008

In Part One of this paper, the logical basis of the conventional approach was examined and found to be wanting. The contemporary approaches have a more logical basis but the application of technique has a serious flaw in the analysis stage. While the conventional techniques require no subjectivity at the analysis stage of the valuation process, the contemporary models require a subjective choice of an equated yield, prior to calculation of implied growth rate and capitalisation rate. This choice of equated yield must be made regardless of whether the comparable is rack rented or reversionary. In the use of comparables, both conventional and contemporary techniques do not have any serious flaws when the comparison is perfect. To be perfect the comparison must not only be similar in locational and physical characteristics, but it must also be identical in lease structure, that is to say it must have the same unexpired term and rent received to CRV ratio. Where the perfect comparison exists, investment valuation techniques are irrelevant: direct capital comparison can take over. The debate regarding the use of techniques for market valuation must therefore revolve around the use and manipulation of non perfect comparables and the second part of this paper investigates the objectivity and logic of the application of technique to the valuation of reversionary freehold investments.
AFTER TAX CASH FLOW ANALYSIS
Authors: ROBINSON JON
Published: February 2008

One form of property development incentive is the provision of tax shelters by way of tax depreciation allowances for buildings and parts of buildings. Since a tax depreciation allowance can only be claimed against income from the subject property, or from another source, in order to assess the effect of the allowance, some form of after tax analysis is required. After tax analysis for both capitalisation and cash flow techniques is described and illustrated. Furthermore, slices of equated yield attributable to the main components of return from real property are demonstrated.
A MANAGEMENT VIEW OF VALUATION AND INFORMATION TECHNOLOGY
Authors: GIBSON VIRGINIA
Published: February 2008

Management is acknowledged as becoming increasingly important for firms of chartered surveyors (RICS, 1985), yet very little research has been undertaken in this area. In order to open up the debate, this paper examines the areas of valuation and information technology from a management perspective and demonstrates how both of these areas relate to the resource structure and the decision making process of the organisation. It concludes by stating that chartered surveyors must take a wider view of their business environment and package of services, and develop appropriate management plans in order to meet the demands of the increasingly competitive financial market.
DEPRECIATION AND VALUATION ACCURACY
Authors: MILES JOHN
Published: February 2008

Valuation, whether for market purposes or for estimates of individual worth, are rarely proved inaccurate. However, this may be due to difficulties in proving error rather than reliability of valuation methods. If this is true, rationality is a more important test of a valuation method. Nonetheless, the potential for error can be simply illustrated by comparing valuers' assessments of value of straightforward and complex office investments. The complexity of the second example illustrated in this paper derives from the impact of depreciation, and the recommended approach is presented as a general solution to problems of valuing the increasingly common depreciating property investment.
FINANCING PROPERTY DEVELOPMENT
Authors: ORCHARD‐LISLE PAUL
Published: February 2008

Summary This paper, which was originally presented as the inaugural lecture of the Centre for Studies in Propety Valuation and Management at the City University in March 1987 analyses and explains the various options, both currently available and shortly to become available, which are open to a developer faced with the task of funding a particular scheme. To fulfil these objectives, a hypothetical retail mega‐development has been invented, realistic figures used and the various funding scenarios then applied to it, each on their own merit, with a view to selecting that which most suited the scheme. By way of introduction, the paper looks at the financial resources of the typical property company and then at the parameters which determine the commercial viability of a scheme. The main text then moves on to analyse each of the funding options available starting with short term borrowing, then looking at forward funding and commitment, then the mortgage alternative and finally a look towards the future with an explanation and application of unitisation to the hypothetical scheme. The paper concludes by comparing the various options set out above, giving the would be developer an indication of the merits and drawbacks of each.
IRREGULARITIES IN THE CAPITAL TAXATION OF ‘SHORT’ LEASEHOLDS
Authors: MACLEARY ALISTAIR
Published: February 2008

Capital Gains Tax (or an equivalent charge to Corporation Tax) applies to any profit derived from the disposal of any interest in property. Any gain accruing on disposal (or other chargeable event) is computed under specific and detailed rules provided for in taxation legislation. Because of the variety of circumstances which can arise on the disposal of an asset (transactions otherwise than at arm's length, certain deemed disposals, disposals involving the receipt of premia etc), special problems can be encountered in assessing the amount of tax due. Such a problem is the assessment of capital gain for taxation purposes on assets whose lives have limited duration. These are known as wasting assets and include leasehold interests in property which are terminable interests with (usually) zero residual value. This paper examines the problems connected with the valuation of short leaseholds (ie, leases with less than a 50‐year term to run) and demonstrates that the specific and detailed rules for the valuation of these interests for the purpose of assessing capital taxation are at best inadequate and potentially inequitable.
IDENTIFYING AND MOTIVATING KEY RESPONDENTS FOR MAIL OF YOUR COMPANY'S CUSTOMERS
Authors: Boote Alfred S.
Published: February 2008

Suppose you're the marketing director for an appliance manufacturer and you want to get some information from the customers or consumers who buy your kind of product. Will an offer of cash induce more cooperation from your respondents? Will a “gift” (a product of equal or greater monetary value) do as well or better than cash? Or can you get just as good results without any inducement other than an expression of appreciation? A lot of marketers are turning to mail surveys to get information about their custom‐ers, and they need answers to these questions. There's no point in spending more money than is needed, but then why take chances when the saving of a few dollars could doom the survey?
CASE STUDY: A DISADVANTAGED COMPETITOR IN A DECLINING INDUSTRY; MARKETING STRATEGIES AND NEEDS SEGMENTATION
Authors: Gelb Betsy D.
Published: February 2008

The disadvantaged competitor in a declining industry is exemplified by the small, private liberal arts college. Thus, marketing successes among such colleges are the exception — and worth examining. The author concludes from an informal study that those who succeed do so by using a “focus” strategy and by employing unusual efforts to involve in the buying process others beyond the conventional purchaser. Examples are offered of how other organizations who market “against the odds” might apply parallel approaches.
ON INCREASING THE RATE OF RESPONSE TO MAIL SURVEYS: A NEW APPROACH
Authors: Friedman Hershey H. , Arenstein Neil
Published: February 2008

Two methods for increasing the rate of response to mail surveys were tested: (1) the inclusion of a pen as a premium and (2) adding the postscript, “P.S. Please respond. Even answering two questions will help.” The results indicated that the pen premium did not result in a significant increase in response rate. The postscript did seem to evoke a higher rate of response.
TOWARD AN OPTIMAL MARKET TARGET: A STRATEGY FOR MARKET SEGMENTATION
Authors: Clancy Kevin J. , Lou Roberts Mary
Published: February 2008

There are few if any marketing concepts that have generated effort as voluminous and sustained as marketing segmentation. From the middle 1950's to the present, the topic has attracted both academicians and practitioners because of its inherent intellectual challenge and relevance to real world marketing decision making.
BRAIN WRITING FOR NEW PRODUCT IDEAS: AN ALTERNATIVE TO BRAINSTORMING
Authors: VanGundy Arthur B.
Published: February 2008

Among the many different methods used to generate new product ideas, group brainstorming has been one of the most popular. However, brainstorming has fallen into disfavor with many practitioners and researchers on the basis of such factors as the necessity for a skilled group leader, the potential for conflicts among members which can disrupt the process, and the possibility of one or more members dominating the discussion. Brainwriting, which is the silent, written generation of ideas by a group, is proposed as an alternative to brainstorming. Six different group brainiwriting techniques are described and suggestions given for the most appropriate use of each. It is concluded that both brainwriting and brainstorming will be useful in different situations and should be viewed as supplemental rather than primary sources of new product ideas. Furthermore, it is noted that idea generation is only part of the process. The best ideas in the world will be of little value if they are not implemented successfully.
BUSINESS TOOK THE WRONG LIFE CYCLE FROM BIOLOGY
Authors: Merle Crawford C.
Published: February 2008

Business has struggled for many years in an effort to utilize the product life cycle concept in marketing and business planning. Controversy has swirled around the concept, particularly in recent years, and business has pretty much decided that the concept is as dangerous in many situations as it is helpful in others. Several authors have encouraged its abandonment.
LINKING FUTURISTICS WITH MARKETING PLANNING, FORECASTING, AND STRATEGY
Authors: Michman Ronald D.
Published: February 2008

Throughout the 1960s the marketing concept was a dominant guideline that became a pervasive force within the entire organization. Strategic planning, with its emphasis on the formulation of the business mission, the identification of strategic alternatives, and contingency planning, became the direction of the 1970s. Therefore, it is surprising to find, after all this emphasis on the identification and satisfaction of customer needs and the necessity for planning and strategy, that few organizations have found a way to link future planning with marketing planning and strategy. Futuristics is the science or art of anticipating and planning for the future. In most firms, strategy is still developed for less than a threeyear period. There are only a small number of companies that have been able to link planning with the development of strategy in a time frame of more than five years. These firms have come to realize that: Business decisions have grown more complex as a result of a changing marketing environment, The only way to ensure profitability and survival is to provide an organizational structure that can develop long‐range planning.
BETTER PRODUCT STRATEGY THROUGH ALERT CHANNEL MANAGEMENT
Authors: Rosenbloom Bert
Published: February 2008

Getting product strategies to work out as planned is a tough job. One of the most frequently overlooked factors needed for effective product strategy implementation is channel member support at the wholesale and/or retail levels. Without strong support and follow‐through by these channel members, product strategies are much less likely to be successfully implemented. This article discusses five product strategies commonly used by consumer goods manufacturers, and discusses the channel management implications associated with each. By being alert to these product management/channel management interfaces, many of the problems of poor channel member support and follow‐through can be avoided.
THE ELDERLY: NEGLECTED BUSINESS OPPORTUNITIES
Authors: Visvabharathy Ganesan , Rink David R.
Published: February 2008

It is the intent of this article to show that the elderly, an important but neglected market segment, could be a viable segment for many businesses by the criteria of accessibility, responsiveness, identifiability, and size. This market itself comprises several segments, and these segments are identified. Finally, the article focuses on actions marketers can take in the component areas of marketing mix—product, price, promotion, place, and packaging—to meet the neglected needs of this consumer group. The paper emphasizes actions that not only contribute to the welfare of senior citizens, but are likely to be profitable as well.