New planning obligation support service launched by C&W and Sector Treasury Services
20 Oct, 2006, London
Cushman & Wakefield, the global property consultant, has formed a joint venture with leading local government financial adviser, Sector Treasury Services, to provide a new support service aimed at helping local authorities maximise the use of planning obligations and to improve the effectiveness and the implementation of Section 106 agreements.
Planning obligations are an increasingly difficult and complex area of local authority responsibility but also present an opportunity for local authorities to negotiate a contribution towards the additional strain placed on local services resulting from the proposed development.
By subscribing to the new service "POSS" (Planning Obligation Support Service), local authorities will gain access to a suite of services and systems that are required at all stages of the complex planning obligation negotiation process. These range from an initial health check, negotiation support, development appraisal analysis and technical support and advice, and continuing support.
In addition, Cushman & Wakefield and Sector Treasury Services are together, developing a national database of planning obligations agreements. Subscribers to the database known as "POD" (Planning Obligations Database) will be able to access existing planning obligations documents from across the UK. This will enable local authorities to access substantive comparable evidence from across the UK, thereby helping to establish and maintain the negotiating platform of the parties involved.
Mike Sudlow, Head of Public Sector at Cushman & Wakefield said; "This is the first time a support service has been available for local authorities dealing with this difficult and complex area planning obligations and initial interest has been extremely strong. POSS is unique and whilst it has been designed to assist local authorities in maximising the opportunities arising from planning obligations, the transparency and sharing of comparable evidence it brings to the sector will ultimately benefit all parties involved in new developments."
Jim Brooks, Executive Director at Sector Treasury Services said; "Having worked extensively with both large and small local authorities across the UK, we recognised that given the right support, the planning obligations process could be managed far more effectively ensuring the parties involved achieved the best returns available. By joining forces with Cushman & Wakefield we were able to marry our skills with their public sector property and planning expertise and have come up with a unique service that will transform the way this complex area of local authority responsibility is dealt with."
Notes to Editors:
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, Cushman & Wakefield has 189 offices in 57 countries around the globe, and more than 11,000 talented professionals. The firm delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, see www.cushmanwakefield.com
Sector Treasury Services: Sector is a wholly owned subsidiary of Capita. Capita is a FTSE100 company with revenues of over £1billion per year. Sector is the largest treasury management adviser in the public sector. Over 300 public organisations retain Sector to give financial advice relating to debt, investments, interest rates, cash flow, capital financing, asset financing etc. Sector provides technical accounting expertise and support on the complex financial framework which public organisations work under. This covers the wide spectrum of public finance from routine day to day transactions to the most complex financial arrangements, such as PFI. Sector's clients entrust Sector as the main adviser on over £30 billion of debt and over £5 billion of investments. Sector advises on around £1 billion of short term cash reserves.