Property Focus: The Interview – Jonothan Holmes

PROPERTY Focus chats to Jonothan Holmes who heads up the national investment department with Savills in Birmingham, working closely with retail warehousing and leisure investment. He discusses dodgy accents and his desire to become an investment surveyor.

If you are interested in taking part in ‘The Interview’, please email tamlyn.jones@thebusinessdesk.com and click through to see all our previous Property Focus Interviews.

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

The commercial property market is currently on a gentle upward curve. The demand for prime and good secondary properties is improving but we will continue to see bumps in the road for poor secondary and tertiary. In terms of standard institutional stock, it will see stable if not spectacular returns over the next three years.

The development market is significantly restrained by the lack of debt capital. It is unlikely that development will return in the short or medium term unless there are a significant number of pre-lets enabling developers to seek debt financing or alternative funding structures.

There are real opportunities right now for cash rich buyers to purchase non-income producing site for development.

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

My biggest challenge is inertia in the property market and the subsequent low transaction levels this causes. A further challenge is the move towards banks owning their own stock and effectively becoming property companies. This is a bit transition for the market and needs careful management.

The pieces of legislation that will most affect the property sector over the coming months are the Bribery Act and its effect on client entertaining and the possible changes to upward only rent reviews.

3. Why do you think the West Midlands is a good place to do business?

Because of the geographic location, the population density and the connectivity to the rest of the country. In addition, the recent investment in infrastructure, including the redevelopment of New Street Station, makes Birmingham an appealing place to do business.

4. What is your favourite building/development in the West Midlands and why?

My favourite building is No. 1 Snow Hill in central Birmingham because it is the best office development outside Greater London and because Savills bought it for a German overseas client, CRI.

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

The perception outside of the region, the quality of housing stock on the fringes of the city and the accent.

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

One of the biggest barriers is difficult markets. I have found the only way to overcome this is to work harder than my competitors. I have also struggled with unreceptive clients but have long ago realised that sometimes the best thing to do is just move on.

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

I stared at CB Richard Ellis in September 1990 as a graduate surveyor. I knew from week one that I wanted to be an investment surveyor and spent the next three and a half years striving to secure a position.

8. What do you most enjoy about your job?

The things I enjoy most about my job are the people, the ability to have fun and the fact that performance is closely aligned with earnings.

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

Listen first.

10. And the worst?

Don’t change jobs.