DoL Director of Housing and Investment Property

DoL Director of Housing and Investment Property

Director of Housing and Investment Property London Diocesan Fund Candidate Information Pack

Introduction About Us The Vision & Strategy The Portfolio Job Description Benefits Diversity & Inclusion Key Dates

Introduction Dear Applicant, Thank you for taking the time to find out more about the appointment of the Director of Housing and Investment Property role. The Church of England in London is vibrant and at the heart of communities throughout the capital. The Diocese of London comprises parishes, chaplaincies, and missional communities in London north of the River Thames. At the London Diocesan Fund (LDF), we seek to do all that we can to support mission and growth in the Diocese of London, using our resources to help our parishes and worshipping communities serve over 4 million people. The Director of Housing and Investment Property is responsible for the LDF’s £1bn property portfolio. The primary purpose of the role is to ensure that all operational houses, parsonage developments and investment properties are managed effectively to maximise the missional and financial return. The successful candidate will be responsible for creating and leading a property strategy to support the new Diocesan vision and strategy which is currently being developed to follow on from Capital Vision 2020. The appointment of the Director of Housing and Investment Property is required due to the retirement of the current postholder in June 2020, following 20 years’ service. I hope that the following information provides greater detail regarding the Director of Housing and Investment Property appointment and I hope that you may consider applying. Richard Gough General Secretary, LDF

About Us We serve a population of over 4m people covering 277 square miles of Greater London north of the River Thames and west of the River Lea, from the Isle of Dogs in the east to Staines in the west and as far north as Enfield. In its current form, our Diocese covers 17 boroughs in Greater London, in whole or in part, and also the district of Spelthorne in Surrey. It is coterminous with the historic county of Middlesex. The area we serve is predominantly urban, although there are significant suburban areas and even rural parts to our northern and western fringes. Within the Diocese of London, there are: • 500+ worshipping communities • 1,000 clergy and ministers • 200 men and women in training for ministry

• 75,000 adults on electoral rolls • 70,000+ regular worshippers • 150 church schools • 52,000+ pupils

• 150+ chaplaincies in schools, colleges, hospitals, the Metropolitan Police, Heathrow, railways, prisons, theatres, the forces, football clubs, Canary Wharf, livery companies, shops and City institutions • £1,000,000s raised each year for charities around the world • 1,500,000+ visitors and worshippers in St Paul’s Cathedral each year

The Vision and Strategy for the Diocese The current vision and strategy, Capital Vision 2020, was launched in 2013 and is our collective vision, which emerged from conversations with nearly 2,000 people. It is nearing its natural close in 2020. The new vision (to 2030) and strategy (to 2025) is currently being developed and we plan to launch it in the second half of 2020.

The Portfolio The LDF’s overall Portfolio is valued at circa £1bn and is made up of the Operational Housing Portfolio and Investment Property Portfolio. The LDF manages its own property portfolio and supports parishes in managing their churches and buildings. With the retirement of the current Director of Property we have decided to separate these two activities. We will therefore be recruiting a fellow director to support the parishes in managing their churches and buildings. We are still defining this role and plan to recruit in 2020. The appointed Director of Housing and Investment Property will deputise where required until the incoming Director is selected and will work closely with them once they are appointed.

Operational Housing The operational housing portfolio incorporates the vital homes of the clergy as well as surplus/let assets and opportunity for parsonage development. The portfolio is subject to a rolling 5 year review to ensure that it is fit for purpose and cost efficient in additional to Quinquennial Repairs (cyclical 5 year repairs). Operational Property • 400+ houses of varying ages and sizes •Valued at circa £850m • Expenditure of circa £7m Let Operational Property • 130 properties •Gross income of £3m

Investment Property

LDF’s investment portfolio is valued at c.£100m and comprises of about 30 main assets including office, PRS, industrial, retail and leisure located throughout London and the South East. The current approved strategy seeks to increase income by a further re-shaping of the portfolio and asset management of existing properties.

•The portfolio comprises over 30 assets •Valued at circa £100m •Generates a gross income of £3.8m •Expenditure of £0.8m •Property Management function is supported by external property consultancies •Assets are located throughout London and the South East

Industrial & Logistics • 23% of portfolio weighted to the industrial sector following acquisitions in Basildon, Park Royal and Dartford • Further acquisitions planned •Major tenants include Selco, Halfords, Wolseley and Charlie Bigham’s • Assets include: –Selco, Basildon –Multi-tenanted industrial asset:Purley Way, Croydon –Matrix Trade Park, Dartford Central London Offices • 10% of the portfolio weighted to the office sector •Majority located in the City and West End • Key assets include properties on: –North Audley Street, West End –Cornhill, City –Gracechurch Street, City –Fleet Street, City

Central London PRS • 25% of portfolio weighted to the private rented residential sector • Sales planned to reduce weighting to 10% • Includes prime locations such as Chelsea, Pimlico and City, eg:

–Park Walk, Chelsea –St Mary at Hill, City –Vincent Square, Pimlico

Social Infrastructure • 16% of portfolio weighted to social infrastructure, including education and healthcare • Tenants include:

–Medical Centre, Bayswater –L’Ecole Bilingual, Paddington –Godolphin & Latymer School, Hammersmith

Retail & Leisure • 16% of the portfolio weighted to retail owing to more recent acquisitions in Putney, Tunbridge Wells and Hayes •Major tenants include Waitrose and Sainsburys • Central London leisure holdings in Marylebone, Putney, Mayfair and Whitechapel

Land • 10% of portfolio weighted to land • Site locations within the M25 include Enfield, Ruislip and Sunbury

Job Description

EMPLOYER: The London Diocesan Fund (LDF) JOB TITLE: Director of Housing and Investment Property RESPONSIBLE TO: General Secretary RESPONSIBLE FOR: Staff: 11 team members with 4 direct reports We work within an overall Diocesan vision and strategy. As Capital Vision 2020 draws to a close, we are currently creating our ambitious vision and plans for 2030. Within this, the overall purpose of the LDF is ‘to do everything we can to support the mission and growth of the church in London’. The Housing and Investment Property group plays a key role in helping us deliver this through providing great housing for our clergy, as well as generating significant income and capital from spare housing and our investment property portfolio. There is an occupational requirement that the job-holder is a Christian under the Part 1 of Schedule 9 to the Equality Act 2010. Overview

Main Responsibilities

Strategy and Leadership 1. Participate fully in the leadership of the Diocese as a member of the Senior Management Group, Joint Operations Team, and other bodies, through: a) Contributing to and, with others, shaping the overall strategy for the Diocese and the LDF b) Exemplary living out of the values and spirit of the organisation c) Doing everything possible to ensure the success of colleagues across the LDF and Diocese d) supporting the General Secretary in his/her leadership role 2. Develop, with direct reports and others as appropriate, the new property strategy to support the new Diocesan Strategy. Specifically: a) Ensure that the structure and activities of the H&IP group are aligned with strategic priorities and operational needs. b) Work with the Senior Management Group to ensure that appropriate governance procedures are in place for all aspects of the group’s work and that staff are working and reporting appropriately. Steer proposals through the relevant committees. c) Work with the Head of Environment and Sustainability to minimise our carbon footprint. 3. Provide leadership across the Housing and Investment Property group, encouraging cohesion and shared commitment to the group’s principles and objectives.

4. Develop the Housing and Investment Property group’s focus on forward planning, project management, communication (to a wide range of stakeholders) and customer service. 5. Ensure that each team is managed effectively and efficiently and that the agreed performance targets are achieved. Taking action if agreed targets are not on track to bring them back on track. Operational Housing 1. General Ensure that the team’s activities are underpinned by appropriate service levels agreements in respect of all major aspects of its work, in order to more clearly define and communicate the service level being sought. Ensure key suppliers deliver quality and value. Identify trends and strategic opportunities. 2. Rolling 5 yearly review of housing portfolio Review the suitability of properties to ensure that they are fit for purpose and cost efficient, identifying if the planning context has changed that would permit development to release capital or create more accommodation. 3. Quinquennial Repairs (cyclical 5-year repairs) Ensure that full plans and budgetary provision is made to ensure that all properties are surveyed 5 years after the previous survey and that the works required are undertaken the following year achieving best value and in a timely way.

4. Ingoing works (works undertaken to prepare the house for the next member of clergy) Ensure that ingoing works of an appropriate standard are carried out as soon as properties become vacant to enable us to let properties when vacant. 5. Reactive and minor works Ensure an appropriate timely response, identify trends and issues, resolve issues, communicate well with suppliers and customers. 6. The LDF aims to maximise returns from properties that are let longer term as well as maximising returns from the short term letting of vicarages when there is not a clergy person in post. Parsonage developments Identify opportunities, and maximise the capital returns from obtaining planning permission before then selling on the site. Our broad aim over the next 5 years, is to realise c £10m after costs. Investment property Develop the Investment Portfolio to increase the income and capital returns to benefit both current and future generations. The current approved strategy through to 2023 seeks to increase the net income from £3m in 2018 to £4m and increase capital above the rate of inflation. Property accounting and management information Ensure appropriate financial/>Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26

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