Property Focus: The Interview – Ray Arnall

How difficult is it to operate in the property sector at this time?

Transactional work is slow at the moment but is showing some signs of improvement. Development deals that have been stuck for years, especially those subject to planning or funding are now finally beginning to move.

The market is difficult but not impossible, making the North West similar to most regions outside of London. Banks are trying hard to lend, but with a degree of caution and on healthy loan-to-value ratios.

Looking into your crystal ball, what are your predictions for the industry over the coming months?

The market is expected to remain slow for the remainder of the year with a restriction on mortgage funds also likely. However, some less speculative, non-residential projects are likely to attract the funding they require. Healthcare and food manufacturing and supermarket/convenience stores are likely to buck the trend.

There are funds available for established businesses  but smaller builders are likely to continue to find funding difficult, especially in the short-term.

If you could improve anything in the region what would it be?

Definitely the weather! If not then I would encourage an improved public transport system, with investment in transport projects such as the roads, rail and tram systems as well as our communications infrastructure.

 
How does the North West commercial property compare to other regions in the UK?

We act for clients across the UK and have always found the North West to be a forward-looking and progressive region. Manchester City Council and a few others have shown a proactive approach, which has meant that regeneration projects are underway again.

What is the best project you’ve been involved in?

There have been many projects that compete for that title, but perhaps our recent involvement in many North West brownfield regeneration projects have given the greatest satisfaction.

What drives you to be the best in your field?

The satisfaction of achieving something genuinely worthwhile for the client is a huge driver for me. For example, some of the local regeneration projects have taken brownfield land and transformed it into houses for families and for mixed-use commercial/retail development.

 
What would be the biggest thing that could be done to improve the property sector in this region?

I think we need to see more grant funding and tax breaks for projects in the region with better private funding for enterprising schemes.

Increased breaks for stamp duty land tax, especially for more disadvantaged areas. VAT and Stamp Duty Land Tax on property transactions also needs to be simplified.

More generally, increased co-operation between the various councils to obtain major investment, especially in infrastructure projects such as bypasses or faster rail links, would  be beneficial.

Name the person who has most inspired you and the one who has had the biggest influence on your career.

There are a number of people who have inspired me but they would be embarrassed to be named. I have particularly drawn much inspiration from the biographies of well known climbers and adventurers such as Tilman and Harrer.

What are the best and worst pieces of advice you’ve been given?

The best piece of advice I have been given is that perseverance and patience always bear fruit.
I am not sure I have a ‘worst’ piece of advice; Advice is of differing quality and needs to be considered in the circumstances in which it is given.