Senior Asset Manager London Diocesan Fund Candidate Information Pack
Introduction About Us The Portfolio Job Description Benefits Diversity & Inclusion Key Dates
Introduction Dear Applicant, Thank you for taking the time to find out more about the Senior Asset Management post with the London Diocesan Fund. The Church of England in London is vibrant and at the heart of communities throughout the capital. The Diocese of London comprises parishes, chaplaincies, and missional communities in London north of the River Thames. At the London Diocesan Fund (LDF), we seek to do all that we can to support mission and growth in the Diocese of London, using our resources to help our parishes and worshipping communities serve over 4 million people. Reporting to the Director of Housing and Investment Property, the Senior Asset Manager is responsible for value add and development across the LDF’s £1bn property portfolio. The primary purpose of the Senior Asset Management role is to ensure that value and income is maximised throughout the housing and investment portfolios by way of proactive asset management, investment, disposal and development. The Senior Asset Manager will also be key to developing portfolio and asset strategies including delivery of a Net Zero Carbon objective. The Senior Asset Manager role offers the opportunity to be responsible for a substantial parsonage development programme and investment portfolio, within an organisation which has a direct impact on the lives of its local community. I hope that the following information provides greater detail regarding the Senior Asset Manager appointment, and we look forward to receiving your application.
Will Hagger Director of Housing and Property Investment
About Us We serve a population of over 4m people covering 277 square miles of Greater London north of the River Thames and west of the River Lea, from the Isle of Dogs in the east to Staines in the west and as far north as Enfield. In its current form, our Diocese covers 17 bor- oughs in Greater London, in whole or in part, and also the district of Spelthorne in Surrey. It is coterminous with the historic county of Middlesex. The area we serve is predominantly urban, although there are significant suburban areas and even rural parts to our northern and western fringes. Within the Diocese of London, there are: • 500+ worshipping communities • 1,000 clergy and ministers • 200 men and women in training for ministry • 75,000 adults on electoral rolls • 70,000+ regular worshippers • 150 church schools • 52,000+ pupils • 150+ chaplaincies in schools, colleges, hospitals, the Metropolitan Police, Heathrow, railways, prisons, theatres, the forces, football clubs, Canary Wharf, livery companies, shops and City institutions • £1,000,000s raised each year for charities around the world • 1,500,000+ visitors and worshippers in St Paul’s Cathedral each year
The Portfolio The LDF’s overall Portfolio is valued at circa £1bn and is made up of the Operational Housing Portfolio and Investment Property Portfolio. The LDF manages its own property portfolio and supports parishes in managing their churches and buildings. The Senior Asset Manager will ensure that value and income is maximised throughout the housing and investment portfolios by way of proactive asset management, investment, disposal and development. The Senior Asset Manager will also be key to developing portfolio and asset strategies including delivery of a Net Zero Carbon objective
Operational Housing The operational housing portfolio incorporates the vital homes of the clergy as well as surplus/let assets and opportunity for parsonage development. Operational Property • 400+ houses of varying ages and sizes • Valued at circa £850m • Annual expenditure of circa £8m Let Operational Property • 130 units • Gross income of circa £3m The Senior Asset Manager will be responsible for identifying opportunities for capital release or income generation/cost reduction across the operational housing portfolio through transactional, planning, development and leasing initiatives.
Investment Property
LDF’s investment portfolio is valued at circa £105m (Dec-2020) and comprises of about 30 main assets including industrial, retail, residential, alternative, office and land holdings throughout London and the South East. The current approved strategy seeks to increase income by a further re-shaping of the portfolio and asset management of existing properties as well as continued investment. The Senior Asset Manager will oversee rent reviews, lease renewals, planning and development strategies, disposals and acquisitions across the commercial portfolio.
•The portfolio comprises of nearly 100 assets, though around 30 account for over 90% of the value •Valued at circa £105m •Generates a gross income of £4.5m •Expenditure of £0.78m •Property Management function is supported by external property consultancies •Assets are located throughout London and the South East
Central London Offices • 8% of the portfolio weighted to the office sector •Majority located in the City and West End
Industrial & Storage • 27% of portfolio weighted to the industrial and storage sectors following acquisitions in Park Royal, Dartford, Croydon, Basildon, Reading, Rochester and Ashford • Further acquisitions planned • Noteable tenants include Selco, Halfords, Autocentres, Chapel Down, Wolseley and Charlie Bigham’s
Central London Residential • 16% of portfolio weighted to the private rented residential sector • Includes prime locations such as Chelsea, Pimlico and City
Social Infrastructure • 17% of portfolio weighted to social infrastructure, including education and healthcare • Tenants/assets include an NHS GP Surgery in Bayswater, and private schools in Paddington and Hammersmith
Retail & Leisure • 20% of the portfolio weighted to retail following acquisitions in Chesham, Putney, Tunbridge Wells and Hayes •Major tenants include Wickes, Waitrose, Sainsburys and Matalan • Central London leisure holdings in Marylebone, Putney, Mayfair and Whitechapel
Land • 12% of portfolio weighted to land • Site locations within the M25 include Enfield, Ruislip and Sunbury • 750 acre farm and mineral investment in Essex
Job Description EMPLOYER: The London Diocesan Fund (LDF) JOB TITLE: Senior Asset Manager RESPONSIBLE TO: Director of Housing and Investment Property
Overview
The Church of England Diocese of London is a geographic area roughly covering the area north of the River Thames and within the M25 motorway though just extending up to the River Lea in the east. The Diocese comprises 400+ parishes. The Diocese conducts its financial affairs through a number of corporate bodies. The main body is the London Diocesan Fund (“LDF”). The LDF is a charity, the principal activity of which is to serve and support the parishes and people within the Diocese. It does this operationally through the payment and housing of parish clergy and support to their ministry. The Housing & Investment Property department oversees both the LDF’s circa £1 billion, 600-unit, London operational housing portfolio and the LDF’s circa £105 million mixed-use investment property fund (industrial, retail, residential, alternative, office and land investments across London and the South East). Our estate is subject to a range of ecclesiastical and charity property legislation. Job summary This is a new role with a remit that extends over both the LDF’s operational housing and investment property estate. The Asset Manager will report to the Director of Housing and Investment Property and will work in close partnership with the Head of Housing (and the housing team) and the Investment Portfolio Manager.
There will be no direct staff reports. The Senior Asset Manager’s primary responsibilities are to: Operational Housing: • Support the ongoing development of our Housing Strategy including delivery of a Net Zero Carbon objective. • Identify ‘on-strategy’ operational housing sale targets and new acquisitions, and effectively lead and manage those transactions. • Identify other opportunities for capital release or income generation across the operational housing portfolio e.g. through planning, development and leasing initiatives, and implement those strategies. • Manage existing planning and development pipeline through to successful completion of projects. • Build close working relationships with Archdeacons who are key stakeholders in the development and execution of operational housing strategy, and communicate and engage well with all stakeholders at all times. Investment Property: • Support the implementation of the existing Investment Property Strategy. • Identify and implement value and income accretive asset management initiatives in respect of existing property holdings to maximise return, including but not limited to re-lettings, lease re-gears and renewals, obtaining planning consents, refurbishments, disposals and development. • Support the development of a strategy to reduce carbon emissions across the portfolio to achieve Net Zero Carbon as soon as practical. This role offers an exciting opportunity to take on a high level of responsibility within a small team, and to influence strategic change in a historic organisation. The ideal candidate will be MRICS with previous asset management experience (or possessing significant industry experience), including planning and development management.
Main Responsibilities The principal duties and accountabilities of the role are set out below: Operational Housing: 1) Support the Director of Housing and Investment Property and Head of Housing in the ongoing development on our Housing Strategy, including the development of a 2030 net zero carbon strategy. 2) Identify ‘on-strategy’ operational housing sale targets, negotiate with, persuade and secure support from key stakeholders, and effectively lead and manage those transactions. 3) Identify ‘on-strategy’ operational housing new acquisitions, negotiate with, persuade and secure support from key stakeholders, and effectively lead and manage those transactions. 4) Manage existing planning and development pipeline through to successful completion of projects (e.g. residential conversions, residential new build). 5) Identify other opportunities for capital release or income generation across the operational housing portfolio through planning, development and leasing initiatives, and implement those strategies. 6) Build close working relationships with Archdeacons who are key stakeholders in the development and execution of operational housing strategy, keeping them well-informed at all times of proposed initiatives and seeking to secure their support at an early stage. 7) Review planning application notifications received by the housing team in respect of operational properties, advise on strategy in respect of those notices, explore potential for scaffold and over-sail licences and appoint neighbourly matters surveyors to act on behalf of the LDF. 8) Communicate and engage well other stakeholders (e.g. clergy and parishes) at all times, clearly, accurately and empathetically communicating proposed initiatives to secure support.
Investment Property: 9) Support the Director of Housing and Investment Property and Investment Portfolio Manager in the implementation of the existing Investment Portfolio Strategy. 10) Support the Director of Housing and Investment Property and Investment Portfolio Manager in developing a new net zero carbon strategy for our investment property holdings, with a 2030 target. 11) Support the Director of Housing and Investment Property and Investment Portfolio Manager in updating and revising the Investment Portfolio Strategy as required to respond to changing portfolio and market conditions, and fund objectives. 12) Identify and implement value and income accretive asset management initiatives with the objective of maximising total returns (with a focus on income), including but not limited to: i) New lettings
ii) Lease renewals and re-gears iii) Obtaining planning consents iv) Refurbishments v) Disposals vi) Joint ventures
Generally: 13) Prepare property-specific asset management plans and undertake hold-sell analysis. 14) Prepare development and investment appraisals in support of business plans to demonstrate financial risks and returns of recommended strategies. 15) Act as development manager on direct LDF development activities, ensuring successful project delivery. 16) Ensure that all risks are identified, managed, reported and escalated as appropriate.
17) Consider the execution/procurement options for development projects and recommend the optimum delivery route, putting appropriate contracts and reliance documentation in place with the contractor and professional team. 18) Appoint and manage external consultants as necessary to assist in identifying/clarifying asset management opportunities and implementing strategies. 19) Coordinate, work with, and monitor the performance of appointed professional advisors including but not limited to managing agents, solicitors, valuers, planning consultants, project managers, etc. 20) Comply with relevant ecclesiastical legislation in all property dealings. 21) Ensure that neighbourly issues e.g. rights of light, party walls, noise, boundary disputes etc. and lease consents are managed appropriately. 22) Prepare reports for Diocesan Finance Committee (trustee body) approval to proposed transactions or major capital projects, and attend and present at meetings if necessary. 23) Prepare papers for, attend, and present at Property Guidance Group (non-executive property investment committee) meetings on investment property matters. 24) Monitor emerging legislation which might impact on strategy and keep wider team updated. 25) Monitor the respective performance of and outlook for the various property sectors to inform hold/sell decisions. 26) Support the effective management of our estate at all times e.g. correcting title registration defects when identified. 27) To work with and/or support the Parish Property Support department on development projects which include both parish and diocesan property. 28) Work closely with the finance team and administrative support as necessary. 29) Take part in regular supervision meetings and annual appraisals, with an openness to learning and development, and continuous improvement. 30) Willingly undertake other tasks commensurate with the job. The post-holder may be required to undertake any other duties that are commensurate with the role. Early morning, evening or weekend work may be required.
Person Specification
Essentials
• Previous asset management experience. • Experience overseeing the delivery of development and refurbishment projects. • Varied commercial property experience across a broad range of property types and uses. • Up to date with Commercial Landlord and Tenant legislation. • A proactive, creative and original strategic thinker, who can identify opportunities and develop strategies independently. • Experience in preparing investment and development valuations and appraisals including cash flows. • A diplomat, and excellent negotiator. • Thorough, effective user of IT. • Well-organized and administratively self-sufficient. • Excellent interpersonal, written and oral communications. • Demonstrates a good attention to detail. • MRICS. Desirables • Residential property asset management experience (in addition to commercial experience). • Experience of residential leasehold enfranchisement and lease
extension valuations/procedures. • Knowledge of Charity Act law. • Knowledge of ecclesiastical legislation.
Note: This job description does not form part of the employee’s contract of employment but is provided for guidance. The precise duties and responsibilities of any job may be expected to change over time. Job holders should be consulted over any proposed changes to this job description before implementation.
General Conditions Standards of Behaviour and Conduct
Staff are expected to act at all times with due consideration for others and in a manner befitting their position as employees of the Church and as
professionals, whatever their job. Health and Safety Responsibilities
All LDF staff are required to ensure that they understand and accept the legal duties placed on them by the Health and Safety at Work Act not endanger themselves or others by any act or omission on their part and by the Management of Health and Safety at Work Regulations to co-operate with colleagues and management in the control of health and safety at work. Therefore, staff are required to: • read, understand and abide by the LDF Health and Safety Policy; • make themselves familiar with accident and emergency proce- dures for their site; • inform their manager immediately of any health or safety deficiencies or dangerous situations or near misses; • set a good personal example in respect of health and safety. Confidentiality Staff must not pass on to unauthorised persons, any information obtained in the course of their duties without the permission of their line manager.
Benefits Pension: The appointed person will be eligible to join the occupational pension scheme, which is currently 15% employer contribution and min 3% employee contribution Health Insurance Working Hours: 35 hours per week - Monday to Friday 9am to 5pm exclusive of Public Holidays. Season Ticket Loan: Staff are eligible to apply for an interest free season ticket loan. Annual Leave: 27 days increasing to 30 days after 5 years’ service.
Diversity and Inclusion
We understand the benefits of employing individuals from a range of backgrounds, with diverse cultures and talents. We aim to create a workforce that: • values difference in others and respects the dignity and worth of each individual • reflects the diversity of the nation that the Church of England exists to serve • fosters a climate of creativity, tolerance and diversity that will help all staff to develop to their full potential We are committed to being an equal opportunities employer and ensuring that all employees, job applicants, customers and other persons with whom we deal are treated fairly and are not subjected to discrimination. We want to ensure that we not only observe the relevant legislation but also do whatever is necessary to provide genuine equality of opportunity. We expect all of our employees to be treated and to treat others with respect. Our aim is to provide a working environment free from harassment, intimidation, or discrimination in any form which may affect the dignity of the individual. Equal treatment amongst differing people from diverse backgrounds is one of the central precepts of the Church of England’s mission and theology. The Church of England values the richness which this equal treatment brings to the workplace.
Key Dates
The Diocese of London is being supported on this recruitment campaign by the search consultancy The Management Recruitment Group (MRG). To arrange a confidential briefing conversation please contact our advisor Stephanie Howe (stephanie.howe@mrgpeople.co.uk) MRG on 0203 962 9900. Applications should consist of a comprehensive CV and a covering letter (of not more than 2 pages). First stage interviews with MRG to take place w/c 6th December 2021. First stage interviews with Diocese of London are scheduled for w/c 13th December 2021. Second stage interviews with Diocese of London are scheduled for 20th December 2021.
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