Traps for the Unwary Asset Manager – A Nabarro Masterclass
Posted by Mark Robinson on 24th Nov 2016
I was recently asked to be a panellist on the final session of the above event hosted by REVO and Nabarro’s at their very impressive new office:
Unfortunately, I missed the morning, but in the afternoon session I had my curiosity/concerns tweaked by issues such as:
- KYC; do you appreciate that landlords really should do full checks on their tenants!? I’m sure most don’t.
- The Modern Commercial Lease; sounds good, is anyone really using it? A few queries I made afterwards would suggest not.
- The Modern Slavery Act; I think Ellandi now complies, FFS, we now have a weekly fruit bowl, Nutribullet and Brevil sandwich toaster! Seriously though, we may need to state this if we are part of longer supply chains.
- The 1954 Act; its rubbish and out of date. Next!
- Turnover leases; complete omnishambles, there is no industry standard at all.
In respect of the panel session, I tried to enliven events by being a little provocative, for a change.
Asked to comment on Trump and Brexit I stated that “Once in a generation events, take a generation to play out” and anyone who claims to know what is going on is “lying or a fool!”
Strangely enough, I took Rhodri “Elephant Gun” Davies from CBRE to task for only talking about the top 50 schemes in the UK, the majority of retail in the UK is very different.
And I almost had a seizure when one of the Nabarro’s panellists suggested that things are better now that the government has set out a clear path to Brexit!
To be fair, the most interesting (and bold) statement was from Rodders, who suggested that shopping centre turnover next year could recover to over £3bn. Odd that an agent should be talking up the market………