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A previous paper (Vol. 16 No. 3) examined the potential contribution of derivative products to the mitigation of some of the problems and risks associated with direct property investment. This paper analyses the property‐related derivative products that have been developed. Particular attention is paid to the products developed by Barclay de Zoete Wedd ‐ property index certificates (PIC), property index forwards (PIF) and property index notes (PIN) ‐ and property basket warrants issued by Goldman Sachs and SBC Warburg. It is argued that institutional attitudes to derivatives are key to their success. Previous research on this issue is reviewed. It is concluded that the development of PICs has “broken the ice” with investors and should generate increased interest in and use of derivative products in the property sector by UK and overseas institutional investors.

The purpose of this paper is to examine the extent and nature of use of formalised risk management tools and techniques by UK design consultants – chartered architects and chartered building surveyors – in conservation refurbishment projects.

Following a review of risk management literature, a detailed questionnaire is prepared and considered by a focus group. Post‐revision, nearly 700 postal questionnaires are distributed to chartered architects and chartered building surveyors specialising in conservation work in the UK. The questionnaire contains Likert‐scale and closed‐end questions. Response data is analysed using SPSS software.

The results highlight the divergent approaches employed by UK chartered architects and chartered building surveyors specialising in conservation refurbishment work, suggesting that a harmonised risk model would be appropriate and should be developed.

The results make an important contribution to understanding the dynamics within this under‐researched area of professional activity.

In the increasingly hostile operating environment, corporate real estate (CRE) executives are beginning to recognise the importance of sustainability within their freehold property portfolios. To assist in decision‐making, external valuations are regularly commissioned. The purpose of this paper is to examine the practical difficulties associated with incorporating sustainability criteria in the valuation methodology as valuation outcomes inform CRE decision‐making at strategic and tactical levels.

This paper takes the form of a detailed and critical literature review.

It is widely acknowledged that sustainability has become a key driver of many business decisions. Corporate entities can achieve a considerable range of tangible and intangible benefits from sustainable real estate in their freehold portfolios. While substantial progress has been made toward understanding the dynamics of the sustainable real estate market, the valuation of such assets is rather hampered by the comparative difficulties in achieving consensus regarding the sustainable criteria and how they should be objectively assessed.

The paper contributes to the broader appreciation of the theoretical and practical difficulties associated with identifying and assessing appropriate sustainable criteria. Importantly, the paper highlights the need for greater understanding of the criteria in the evolving valuation methodology framework.

The paper aims to offer a contribution to the development of conservation scheme management by examining some of the ethical dilemmas that are commonly encountered in conservation projects.

The approach is a detailed and critical review of existing literature and recent policy direction.

A practitioner's response to the various dilemmas will not only need to be conditioned by the codes of conduct of the various professional institutions but also through the explicit recognition of the very different set of ethical dilemmas that are encountered in conservation projects.

The paper contributes to the broader appreciation of the ethical dilemmas that may be encountered in contemporary conservation practice. The paper can inform conservation consultants, administrators, specialist trades, educators and the non‐specialist reader.

This paper has three principal aims: to briefly consider the term “depreciation” in the context of property values; to critically review the term “obsolescence” and two of its distinct forms; and to highlight the practical difficulties in pricing obsolescence using inflexible methodologies in a market place that is subject to evolving criteria.

The paper critically reviews existing literature and advice from international professional bodies.

The general conclusions are that despite the need to be more explicit in valuations, current methods are unable to address such detail. The guidance and advice offered by professional bodies need to be thoroughly revised. It is hoped that the progress being made in methodology will be incorporated in directed guidance to practitioners.

The paper offers an applied examination of an issue that has an impact on many aspects of contemporary real estate consultancy services.

The purpose of this paper is to examine the background issues that influence the level of central government funding of the care and maintenance of the provincial Anglican medieval cathedrals in England.

The paper presents a detailed review of the evolving government policy and funding agency practice. The paper critically examines the levels of financial support provided to specific cathedrals since the introduction of the Cathedral Repairs Grant and the Funding to Cathedrals schemes.

Since 1990, central government, via English Heritage and the Heritage Lottery Fund, has offered a comparatively modest level of financial support for the care and maintenance of provincial medieval cathedrals. Yet this funding is balanced by an increased bureaucratic process that ironically increases the cost of care. The budget for grant aid is being reduced annually, ceiling levels to grants are imposed regardless of the cost of the work and previously successful applicants are being excluded from future bidding rounds. More public funds should be available for the care programmes and the support should be more real than rhetorical.

The paper contributes to the broader appreciation of the funding system for the care and maintenance of the cultural built heritage under an evolving financial regime based on efficiency reviews. The paper highlights the longer‐term implications of the increased bureaucratic system.

The purpose of this paper is to draw attention to some of the practical difficulties that exist within the current regulatory framework that is guiding refurbishment practice with regard to improving energy efficiency and reducing carbon emissions.

The paper presents a critical review of Building Regulations Approved Document L2B, the current models for measuring energy and carbon emissions and third‐party certification schemes.

Sustainable refurbishment programmes can incorporate various measures and technologies to help to address the current efficiency and emission targets. Yet while specific improvements to energy efficiency and carbon emission may be technically possible, it seems that they are unnecessarily hampered by a series of hurdles.

The paper offers a detailed and applied consideration of three regulatory issues that can affect the achievement of sustainable measure targets in sustainable refurbishment projects.

The residential private rented sector (PRS) represents a major investment opportunity for individuals, corporates and institutions following the sector’s deregulation in 1988. Yet the sector retains historic perception problems by institutions. The development or expansion of a portfolio introduces a further range of costs and difficulties above those typically associated with acquisition in the commercial sector. Various mandatory and voluntary codes operate, acting as further regulatory factors. Difficulties with performance measurement, particularly indices, are highlighted and the applicability of financial market models is questioned.

The purpose of this paper is to examine the New Labour governments’ approach to amending the regime for the protection of heritage assets in England.

The paper critically reviews New Labour policy documents alongside contemporary research‐based literature.

The terms heritage, conservation and sustainability are increasingly regarded as synonyms. While providing initiatives for the built heritage, New Labour urban policy was set in the context of domestic economic and political restructuring and increased international environmental awareness. This has made managing the heritage environment at both national and local levels more challenging, an aspect that has been exacerbated by the New Labour government's introduction of performance targets and new operational languages.

The paper offers an applied consideration of three specific aspects of recent heritage protection direction.

Derivatives have been an expanding and controversial feature of the financial markets since the late 1980s. They are used by a wide range of manufacturers and investors to manage risk. This paper analyses the role and potential of financial derivatives investment property portfolio management. The limitations and problems of direct investment in commercial property are briefly discussed and the main principles and types of derivatives are analysed and explained. The potential of financial derivatives to mitigate many of the problems associated with direct property investment is examined.