Property Focus: The Interview – Peter Gallagher

In our new series of interviews with top professionals from across the property sector, TheBusinessDesk catches up with Peter Gallagher, partner at p3 property consultants.

What are your views of the current state of the commercial property and property development markets?

The country is still in deep economic recession and although sentiment seems to be trying to concentrate on more positive news, it would be foolish to think that better times for the property world are just around the corner. In fact if anything, things are probably worse now than we imagined they would be three months ago.

Everyone is looking for the ‘green shoots’, however, our view is that there is an awful lot of naive wishful thinking going on. Wanting to do deals and talking about doing deals is not the same as actually doing deals, and perhaps there are still too many that don’t get that this is not a temporary situation – this is going to be how things are for some time yet.

It may be a decade or more before we see another bull market and Darwin got it dead right when he said only those best able to adapt will survive.

What key challenges and pieces of legislation do you think will most affect your sector over the coming months?

The key challenges are to be able to identify who is going to be equipped to be active in the next property cycle and who is not – separating the dreamers who haven’t really got that things have changed forever, from the doers who really understand what risk taking is going to mean in the future and how to price it sensibly.

A piece of legislation that would have a wholly beneficial effect on the property sector would be to make the Governments Prompt Payment Code, by which signatories commit to pay suppliers within their agreed terms of business, mandatory.

Why do you think the North West is a good place to do business?

Because it has such a variety of commercial landscapes, array of local talent, exemplar developments and a robustness of spirit that sometimes challenges reason – all making each day uniquely exciting.

What is your favorite building/development in the North West and why?

Having worked for nearly 10 years on the planning, gestation, marketing, first phases of delivery and the initial defining lettings that established its credentials, I would without hesitation choose Spinningfields.

It says everything about Manchester the regional capital and exemplifies what a potent mix pure genius, vision, confidence, determination and dammed hard work can be. 
 
If you could improve anything in the region, what would it be?

This would be a very long list but extending the last couple of miles of motorway infrastructure into the very centres of both Liverpool and Manchester, linked to improving other communication links between these two great North West cities, such as high speed rail,  would be a decent contributor to achieving the 2025 vision of Manchester being a truly world class city region at the heart of a thriving North, with GVA levels to match those of London and the South East.

What was your first job and how did you enter your current line of work?

My first holiday job was as a grave digger’s assistant, which I hated and is probably why I didn’t go on to become a banker!

My first proper job was a short-term secondment to what was then known as Dunlop Heywood – one of Manchesters longest established and pre-eminent firms of Chartered Surveyors, which quickly turned into a 35 year love affair.

My current role as a principal in p3 property consultants is a product of surplus energy, an always positive outlook and having to watch helplessly as my first love was allowed to die of old age, confusion and a distant head office directed neglect.

What do you most enjoy about your job?

Pretty much what I have always enjoyed throughout my career. Making promises, solving problems, keeping promises and then getting paid for the privilege.

What barriers have you faced during your career and how have you overcome them?

In the course of a long and varied career I have faced pretty much all the prejudices. The most satisfying one to crack in the early days was to break down the presumption that only ‘gentlemen surveyors’ would ever amount to anything in the property world.

For instance one of the best young agents I ever recruited worked at weekends on a used car lot and was a natural salesman. If I’d explained this background to my boss at the time he would have had a kitten, but that young man is now a principal in his own firm and still regarded as one of the best agents in practice in this city.

What is the best piece of advice you’ve ever been given?

There is no such thing as bad weather – only inappropriate clothing.

And the worst?

Trust me – we’ll all do well out of this.